Transgene Resumes Trading on Euronext Paris After Major Fundraising

Transgene (Euronext Paris: TNG), a clinical-stage biotechnology company focused on designing and developing virus-based immunotherapies for the treatment of cancer, has officially resumed trading on the Euronext Paris exchange. The resumption follows a brief, planned suspension that allowed the company to successfully complete a significant capital increase, securing approximately €105 million in new funding. This strategic financial maneuver is set to accelerate the development of its promising pipeline of individualized cancer vaccines.

The Trading Suspension and Resumption

Trading of Transgene shares was temporarily halted at the company's request before the market opened on November 26, 2025. This proactive measure was taken to ensure a fair and orderly market process during the finalization of a major fundraising operation.

The suspension was lifted, and trading recommenced at the market opening on November 27, 2025. The resumption was accompanied by a detailed announcement of the successful capital increase, providing clarity to investors and the market regarding the company's strengthened financial position and strategic path forward.

Deep Dive into the €105 Million Fundraising

The core reason behind the trading halt was a successful private placement and capital increase that significantly bolstered Transgene's financial resources. This move was crucial for funding the next stages of its ambitious clinical programs.

Key Figures of the Capital Increase

The fundraising was structured as a reserved offer to specific French and international institutional investors. The key financial details are as follows:

• Total Funds Raised : Approximately €105 million in gross proceeds.
• Shares Issued : A total of 141,433,349 new ordinary shares were issued.
• Subscription Price : The new shares were priced at €1.02 each.
• Share Dilution : This issuance represents 106.5% of the company's share capital before the operation, a significant dilution aimed at securing a long-term financial runway.
• Discount : The subscription price represented a 25% discount to the closing share price immediately preceding the suspension.

Major Backers and Investor Confidence

A critical aspect of this fundraising was the strong participation from existing major shareholders, signaling deep confidence in Transgene's technology and long-term vision.

• Institut Mérieux , the company's largest shareholder, heavily backed the initiative by subscribing for approximately €70 million.
• Other key investors, including the Dassault Group , also participated, collectively contributing over €10 million.

This robust support from cornerstone investors provides a strong vote of confidence and ensures the stability needed to pursue capital-intensive research and development.

Strategic Implications: Fueling a New Era of Cancer Immunotherapy

The newly raised capital is not just about financial stability; it is strategic fuel intended to propel Transgene's most advanced and promising clinical programs forward. The funds are primarily earmarked for the development of its individualized therapeutic cancer vaccines.

Accelerating the myvac® Platform

A significant portion of the funds will be dedicated to advancing Transgene's proprietary myvac® platform . This innovative technology is used to develop personalized cancer vaccines tailored to the unique genetic profile of a patient's tumor. The lead candidate from this platform is TG4050 .

Focus on TG4050 for Head and Neck Cancer

The primary clinical focus for the new funding will be the continued development of TG4050, an individualized vaccine for patients with head and neck cancer. The capital will support ongoing and future clinical trials aimed at demonstrating the efficacy and safety of this cutting-edge treatment. Success in these trials could represent a major breakthrough in personalized cancer therapy.

Market Reaction and Investor Outlook

Upon resumption of trading, Transgene's share price experienced a significant adjustment, falling approximately 14%. This reaction, while appearing negative, is a typical and logical market response to a large capital increase.

The table below illustrates the key price points involved in the operation:

The price drop is primarily attributable to two factors:

1. Arbitrage : The market price naturally adjusts to a level closer to the discounted subscription price of the new shares.
2. Dilution : The issuance of a large number of new shares means the company's value is now spread across a much larger share base, reducing the value per share in the short term.

Future Outlook

With a secured financial runway, Transgene is now well-positioned to execute its clinical strategy without immediate financial constraints. The focus for investors will shift to upcoming clinical milestones and data readouts from the TG4050 trials. While the short-term market reaction reflects the financial mechanics of the fundraising, the long-term success of the company will be dictated by the scientific and clinical validation of its immunotherapy platforms.

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