ExonHit cuts back secondary stock sale due to market conditions

New York, June 14 - ExonHit Therapeutics SA said it has halved the size of its planned secondary stock offering due to "the deterioration in stock market conditions."

Existing shareholders will now sell 1 million shares at €6.50 each, down from 2 million shares announced on June 7.

The greenshoe was halved to 0.25 million shares from 0.5 million shares.

Other terms, the timetable and an allocation of subscription warrants to existing shareholders remain unchanged.

As previously announced, stockholders will receive one warrant for each share they own. Combined, 10 warrants will give the right to buy a new share at a price of €7.80.

The warrants will be allocated on June 26 and will be listed and exercisable from June 27 to Jan. 19, 2007.

As before, for the secondary sale, the public will be able to subscribe through June 15 while a private placement for institutional investors will run through June 16.

ExonHit said the secondary sale will allow venture capital funds the opportunity to exit their investment while increasing the free float of the company's shares.

Sellers are FCPR Banexi Venture 3, Béarnaise de Participation, Banexi SCR, FCPR Natio-Vie Développement 3, Dresdner Kleinwort Wasserstein Ltd., Danske Bank, FCPI AGF Innovation, FCPI AGF Innovation 2, Sofinnova Capital II and FCPR Innovation 1996.

The subscription warrants will enable shareholders to participate in financing the company's new projects.

Euroland Finance is financial adviser and manager for the sale.

ExonHit, a drug and diagnostic discovery company, has headquarters in Paris.

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