Private placement

Genfit has raised gross proceeds of EUR 49.7 million in
a private placement to institutional investors, including in the United-states.
Genfit issued 2,116,567 new shares to international institutional investors at a
price of EUR 23.50 per share, i.e. a discount of 8,28% on the volume weighted
average price of the trading days from June 16, 2014 to June 20, 2014. The
offering represents 9.96% of the pre-transaction share capital and will bring the
total number of shares after the issuance to 23,374,238, representing a dilution
of 9,1% for the existing shareholders.
The capital increase was carried out without shareholders’ preferential
subscription rights according to Article L.225-136 of the French Commercial
Code and the fourth and fifth resolutions of the Shareholders General Meeting of
April 2, 2014.
The proceeds of this transaction will be used:
• to fund the clinical development of GFT505, including the completion of the
ongoing phase 2b study in NASH and the preparation of a clinical package to
support phase 3 initiation,
• to initiate, advance and/or accelerate the development of the pipeline
including advancing the pre-clinical and discovery-stage assets into later stages
of development should the data look promising,
• and for general corporate purposes.
The settlement-delivery of the new shares will take place on June 25, 2014. On
the same date, the new shares will be listed on Euronext Paris on the same line
as Genfit’s existing shares (ISIN Code FR0004163111). The new shares will be
fully fungible with Genfit’s existing shares. As the capital increase represents
less than 10% of Genfit’s outstanding share capital, no prospectus has been
established for the purpose of the listing of the shares on Euronext Paris.
Trout Capital, LLC acted as financial advisor to Genfit on the transaction