The funds will also help advance the company in its partnership with Japan’s DIC Corporation. The two signed a deal in September to jointly develop natural alternatives to food colorings.
“I would like to thank all of our shareholders, both old and new, for the support and continued faith they have shown in taking part in this capital increase,” says Philippe Lavielle, Chairman and CEO of Fermentalg. “Combined with the bond issue which will be subscribed by DIC Corporation by November 30, 2017 at the latest, the operation will give us the financial means needed to confidently pursue our strategic roadmap and bring our innovation to the markets.”
FoodIngredientsFirst reports that the offering was oversubscribed by 159%, with an issue of 6,997,715 new shares at a unit price of €2.50 (US$2.94).