InnovaDerma PLC Allotment of Shares (1789U)

TIDMIDP

RNS Number : 1789U

InnovaDerma PLC

20 October 2017

LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

("InnovaDerma" or the "Company")

Allotment of Shares

InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, announces that it has resolved to allot 53,562 ordinary shares of EUR0.10 each (the "Ordinary Shares") to Biorenew Labs Inc ("BL"), subject only to Admission.

The Ordinary Shares are to be issued as settlement of fees due under a Product Commercialization Agreement between InnovaDerma, Innova Science Inc (a wholly owned subsidiary of InnovaDerma) and BL. Pursuant to the original Agreement of 2015, BL have assisted Innova Science Inc with the purchase of the Company's new hair loss helmet, associated IP and FDA registrations, branded as HeadMaster(TM) .

The Ordinary Shares will be allotted at an average price of US$4.2007 per share (equivalent to 337.64 pence per share, being the average exchange rate for the 5 days prior to the 19 September and 303.68 pence being the average exchange rate for the 5 days prior to the 17(th) October 20017 as under the Agreement).

25% of the Ordinary Shares will be subject to a lock in for a period of 90 days from the date of issue and a further 25% of the Ordinary shares will be subject to a lock in for a period of 180 days from the date of issue.

Application will be made for the Ordinary Shares to be admitted to listing on the standard listing segment of the Official List of the Financial Conduct Authority (the "FCA") and to be admitted to trading on the main market for listed securities of London Stock Exchange plc, (together "Admission"). Allotment of the Ordinary Shares and Admission is expected to take place on 26 October 2017.

Following Admission, the Company will have a total of 14,319,133 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the FCA.

Further Enquiries

 
 Innovaderma                                  [phone] 
  Haris Chaudhry/Joe Bayer                             0071 
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 finnCap Ltd                                [phone] 
  Geoff Nash/Giles Rolls/Kate Bannatyne                0500 
  Alice Lane - Corporate Broking            www.finncap.com 
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 Cardew Group 
  Shan Shan Willenbrock 
  David Roach                               + 44 (0)20 7930 
  Joe McGregor                                         0777 
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About InnovaDerma

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in life sciences, beauty and personal care products. InnovaDerma has presence in Europe, US, Australasia, Asia and Africa.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 20, 2017 02:53 ET (06:53 GMT)