BioAmber Free of Corporate Debt

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In Montreal, BioAmber has reimbursed its CDN$25 million loan ($19.3 million) with Bridging Finance, and, in the process, has eliminated its corporate debt.

BioAmber has also closed its previously announced public offering of 3,684,212 shares of common stock together with warrants to purchase 1,842,106 shares of common stock, at a price to the public of US$4.75 per share and associated warrant, as well as the full exercise of the underwriters’ option to purchase an additional 552,632 shares of common stock and additional warrants to purchase 276,316 shares of common stock.

Gross proceeds were US$20.1 million, and the expected net proceeds are approximately US$18.6 million, after deducting expenses, underwriting discounts, and commissions.  The warrants are exercisable at a price of US$5.50 per share of common stock, have a term of four years, and are exercisable upon the date of issuance.