NFL Biosciences announced on Friday that it had successfully completed its capital increase for over three million euros.

The biopharmaceutical company, which develops botanical medicines to treat dependencies and addictions, reports that it has received support from a diversified base of international and French professional investors for some 2.5 million euros.

In addition, the company raised 600 million euros from individual investors via the PrimaryBid platform, with an offer 2.3 times oversubscribed for a total expressed amount of 1.4 million euros.

In all, 3.1 million euros were raised at a price of 2.05 euros per share, representing a discount of over 20% to last night's closing price.

Following this dilutive fund-raising, the share price fell by more than 18% on the Paris Bourse on Friday.

The operation, which will result in the issue of 1.5 million new shares, will nevertheless enable NFL to secure its cash horizon until the end of the 2nd quarter of 2025, compared with the end of 2024 until now.

The capital is intended to enable the company to implement its Phase 3 clinical study on its main drug candidate, NFL-101, for smoking cessation.

The idea is also to set up a licensing partnership 'under the best possible conditions' with a view to advancing the development of NFL-301, a natural drug for the reduction of alcohol consumption.

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