Dechert LLP advised Cellnovo, an innovative biotechnology company, on the success of its IPO in compartment C of the Euronext regulated market in Paris, raising €31.56 million through capital increase.

Completed on July 9, the deal set the Open Price Offering and the Global Placement price at €10.63 per share. The total number of shares issued will be 2,969,557 resulting in the €31.56 million capital increase. Based on a total of 10,683,873 shares to be admitted to the market and a price of €10.63 per share, Cellnovo’s market capitalization will be €113.6 million at the end of the operation.

Based in the UK and in France, Cellnovo has developed and markets a second generation insulin patch pump that helps make life easier for type 1 diabetics. Compact, tubeless, intuitive and entirely connected, Cellnovo’s insulin pump comprises a mobile touchscreen controller with an integrated blood-glucose meter. While certain aspects of diabetes management still require an action from the patient, this unique device allows optimal management of insulin injections whilst ensuring extensive freedom of movement and peace of mind for patients. Thanks to the automatic transmission of data, it also allows the patient’s condition to be continually monitored by family members and healthcare professionals.

Corporate partner François Hellot led the Dechert team with assistance from corporate associates Guillaume Briant and Alexia Delahousse. Additionally, Marianne Schaffner (partner) and Pierre-Olivier Ally (associate) advised on IP aspects while Bruno Leroy (partner) and Antoine Le Touzé (associate) gave counsel on tax aspects. Corporate partners Graham Defries and Patrick Lyons and corporate associate Jodie Valler-Feltham also took part in this matter from Dechert’s London office.