Inventiva secures €21.4 million and completes the first tranche of the previously announced multi-tranche financing of up to €348 million

Core Points - Inventiva has successfully secured €21.4 million, completing the first tranche of a multi-tranche equity financing totaling up to €348 million announced on October 14, 2024 [1][2] - The funds from the first tranche will primarily support the Phase III NATiV3 clinical trial for lanifibranor, aimed at treating metabolic dysfunction-associated steatohepatitis (MASH) [1][2] - Mark Pruzanski has been appointed as the new Chairman of the Board, and Srinivas Akkaraju has joined the Board of Directors [1][8] Financing Details - The first tranche of the financing includes a gross amount of €21.4 million, with a net amount of €20.1 million allocated for clinical programs and corporate purposes [1][2] - The company plans to use approximately 85% of the net proceeds for the NATiV3 clinical trial and potential new drug application submission, with the remaining 15% for general corporate purposes [2][3] - The total capital increase from the financing includes €94.1 million from the issuance of new ordinary shares and prefunded warrants [2][3] Financial Position - As of September 30, 2024, Inventiva had cash and cash equivalents of €13.9 million, down from €26.9 million at the end of 2023 [3] - The company estimates an additional cash requirement of €120 million to €130 million to cover obligations until mid-December 2025 [3] - If the second tranche of the financing is completed, it could extend the company's financial visibility beyond 12 months [3] Governance Changes - The Board of Directors has acknowledged the separation of roles between the Chairperson and the CEO, with Mark Pruzanski taking on the Chairperson role [8][9] - The General Meeting approved a remuneration policy for the Chairperson and CEO, along with amendments to the remuneration policies for other executives [8] Shareholder Impact - Following the issuance of the T1 bis Shares and BSAs, the company's share capital will be €949,497.59, divided into 94,949,759 shares [9][12] - The issuance will affect the ownership structure, with existing shareholders experiencing dilution if they do not participate in the financing [12][10]