To NASDAQ OMX Copenhagen A/S
Announcement No. 07-12 / Copenhagen, 2 May, 2012
Copenhagen, Denmark – 2 May, 2012 - Topotarget A/S (NASDAQ OMX: TOPO) has announced that 1,025,000 warrants have been issued to Employees, Management and the Board of Directors.
The programme comprises a total of 1,025,000 warrants of which 550,000 will be issued to employees, 300,000 to the company’s executive management and 175,000 will be issued to the company’s board of directors. The aim of the issue is to give an incentive to individuals covered by the program to work towards a positive business performance and, by extension, an increase in the company's value and the market price of the company's shares.
Each warrant entitles the holder to subscribe one share of nominal DKK 1 in the company against cash contribution of DKK 2.75. The exercise price corresponds to the average price of the company's shares over the last ten trading days prior to the issue. Using the Black-Scholes model, the market value of the warrant programme can be calculated at DKK 1.90 per warrant. The calculation is based on a volatility of 75% and a risk-free interest rate of 1.25%.
The warrants vest in blocks of 25%, 25% and 50% on 1 May 2013, 2014 and 2015 respectively. Warrants may be exercised within a period of seven years from the date of grant. The exercise period for each block is fixed at fourteen days after the publication of the company's annual report for 2013, 2014 and 2015 and thereafter fourteen days after subsequent full-year and half-year reports. The last exercise of the granted warrants has been fixed at fourteen days after the publication of the company's annual report for 2019.
In accordance with Section 28a of the Danish Securities Trading Act, the company hereby makes public that the following members of the company’s board of directors and managerial employees received warrants:
| Board of Directors: | |
| Bo Jesper Hansen (chair) | 50,000 warrants |
| Jeffrey H. Buchalter | 25,000 warrants |
| Ingelise Saunders | 25,000 warrants |
| Anker Lundemose | 25,000 warrants |
| Gisela Schwab | 25,000 warrants |
| Karsten Witt | 25,000 warrants |
| Management: | |
| Francois Martelet, CEO | 200,000 warrants |
| Anders Vadsholt, CFO | 50,000 warrants |
| Axel Mescheder, CMDO | 50,000 warrants |
Topotarget A/S
For further information, please contact:
Francois Martelet, CEO Direct: +45 39 17 83 41; Mobile: +45 51 32 83 41
Anders Vadsholt, CFO Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55
Background information
About Topotarget
Topotarget (NASDAQ-OMX: TOPO) is an international biopharmaceutical company headquartered in Copenhagen, Denmark, dedicated to clinical development and registration of oncology products. Topotarget focuses, in collaboration with Spectrum Pharmaceuticals, Inc., on the development in pivotal studies of its lead drug candidate, belinostat, which has shown positive results as a monotherapy treating hematological malignancies and positive results in solid tumors. Belinostat may be used in combination with full doses of chemotherapy, and is in a pivotal trial within PTCL (peripheral T-cell lymphoma). For more information, please refer to www.topotarget.com.
Topotarget A/S Safe Harbor Statement
This announcement may contain forward-looking statements, including statements about our expectations of the progression of our preclinical and clinical pipeline including the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Topotarget A/S cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: The risk that any one or more of the drug development programs of Topotarget A/S will not proceed as planned for technical, scientific or commercial reasons or due to patient enrolment issues or based on new information from non-clinical or clinical studies or from other sources; the success of competing products and technologies; technological uncertainty and product development risks; uncertainty of additional funding; Topotarget A/S' history of incurring losses and the uncertainty of achieving profitability; Topotarget A/S' stage of development as a biopharmaceutical company; government regulation; patent infringement claims against Topotarget A/S' products, processes and technologies; the ability to protect Topotarget A/S' patents and proprietary rights; uncertainties relating to commercialization rights; and product liability exposure. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
