The "equivalent to 95.8 per cent of the total 296,376,535 registered shares offered in the rights issue" has been exercised, announced Evolva in a statement. The ingredients manufacturer will receive 65 million francs from this rights offering and 21 million francs from a private placement.
“With more than CHF 100 million cash in the bank, streamlined operations, and a clear focus on driving commercial success of our first three products (stevia, nootkatone and resveratrol), we are now well positioned to bring next-generation health, wellness, and nutrition ingredients to the world,” commented CEO Simon Waddington in the statement.
Evolva identified three approaches to sharpen its strategic focus. Central to them is the marketing of three key products. The company anticipates total revenue generation of around 40 million francs to 60 million francs by 2021 from nootkatone and resveratrol.
In September, it received a contract from the U.S. government to develop nootkatone into a new form of protection against insects, which can also be used against mosquito-borne diseases like Zika.
Reveratrol can be used to promote healthy skin ageing. Evolva’s partner company Cargill plans to launch a sweetener based on stevia in the coming year. With this focus, Evolva plans to break even in four to six years.
The recent offering has secured the further development required. The first trading day of the new registered shares is expected to occur on Friday 10 November.