- Financing of up to EUR 30 million through a bond loan with
IPF Partners
- Draw down of the first tranche of EUR 6.5 million expected
in November 2019
- Cash balance at year-end 2019 expected to be above EUR 35
million
POXEL S.A. (Euronext – POXEL - FR0012432516), a
biopharmaceutical company focused on the development of innovative
treatments for metabolic disorders, including type 2 diabetes and
non-alcoholic steatohepatitis (NASH), announced today that it has
obtained additional funding in the form of a bond loan from IPF
Partners, a leading alternative financing provider in the
healthcare sector.
The financing consists of three separate bond tranches: EUR 6.5
million, EUR 10 million and EUR 13.5 million, for a total amount of
EUR 30 million. The first tranche (EUR 6.5 million) is expected to
be drawn down in November 2019. Under the conditions described
below, Poxel may draw down the second tranche (EUR 10 million) by
March 31, 2020 and the third tranche (EUR 13.5 million) by December
31, 2021.
“This EUR 30 million financing with IPF Partners strengthens our
financial position and extends our cash runway into 2022, a date
that potentially brings us through partner-related milestones as
well as royalty income from Imeglimin sales in Japan. It also
allows us to continue to advance our two clinical-stage NASH
programs through key data readouts and inflection points,” said
Thomas Kuhn, CEO of Poxel. “PXL770 is currently in a Phase 2
program and we expect results from a PK/PD trial in the first
quarter of 2020 and results from a Phase 2a efficacy and safety
study in the second quarter of 2020. For PXL065, we expect the
results from the Phase 1b trial in the fourth quarter 2019 and
expect to initiate the next phase of development in the first half
of 2020 following the meeting with the U.S. Food and Drug
Administration on the 505(b)(2) regulatory pathway.”
Bond Financing Highlights and Terms
On October 24, 2019 the Company’s board of directors approved
the bond financing with IPF Partners using the delegation granted
to it by the 17th resolution of the shareholders’ meeting of May 9,
2019 in accordance with article L. 225-138 of the French Commercial
code.
Highlights
- Up to EUR 30 million senior secured bonds to be issued by the
Company in three separate tranches: EUR 6.5 million (tranche one);
EUR 10 million (tranche two); and EUR 13.5 million (tranche
three).
- Initial par value: EUR 1 per bond.
- Issue date: Tranche one is expected to be drawn down in
November 2019. Poxel may draw down tranche two by March 31, 2020
subject to achieving positive results for the Phase 3 TIMES
clinical trials in Japan for Imeglimin and tranche three by
December 31, 2021 subject to obtaining Pharmaceuticals and Medical
Device Agency approval of Imeglimin in Japan.
- Each tranche is comprised of a certain amount of warrants as
described below.
- Maturity: 5 years from drawdown for each of tranche one and
tranche two and 4 years from drawdown for tranche three.
- Interest: EURIBOR + 6.5% cash margin for tranche one and
tranche two, and + 6% cash margin for tranche three, +2% PIK margin
for all tranches.
- Redemption: First installment deferred for an 18-month period
for each of tranche one and tranche two and a 12-month period for
tranche three; early redemption possible at any time, subject to an
early redemption fee; accelerated redemption in case of certain
standard events of default, including a six months cash
covenant.
- Security: Customary security interests granted to the benefit
of the bondholders, including a pledge on certain intellectual
property rights should a nine months cash covenant not be met.
Main Terms of the Warrants
One warrant will be attached to each bond. These warrants will
give right to a number of shares to be issued upon exercise of the
warrants equal to EUR 1.95 million, EUR 1.50 million and EUR 1.05
million, respectively, at the drawdown of each of tranche one, two
and three, divided by the relevant strike price.
This represents a total of 15% coverage on the EUR 30 million
bond issuance, representing 610,583 potential new shares and 2.09%
of the Company’s outstanding share capital fully diluted (based on
the share price at the date of this press release minus a 5%
discount). The warrants include customary anti-dilution provisions
to the benefit of the bondholders.
Exercise price: The relevant strike price is calculated as the
30-day average share price traded on Euronext Paris, prior to the
issue date for each tranche respectively, with a 5% discount.
Exercise period: The period starting from the subscription date
of the bonds to which the relevant warrant is attached to the date
falling seven years after the signing of the bond financing.
Use of Proceeds
The Company intends to use the proceeds primarily to advance its
pipeline programs and other general corporate purposes. This
financing with IPF Partners has no impact on the current
partnerships of the Company.
About IPF Partners
IPF Partners is a leading alternative financing provider focused
on the healthcare sector with over €200 million under management.
IPF invests directly in emerging pharma/biotech, digital health,
medtech and diagnostics companies. Founded in 2011 by a seasoned
multi-disciplinary team combining over fifty years of finance and
investment and over thirty years of healthcare experience, IPF
provides bespoke, medium-term financing solutions. For more
information visit www.ipfpartners.com.
About Poxel SA
Poxel is a dynamic biopharmaceutical company that uses
its extensive expertise in developing innovative drugs for
metabolic diseases, with a focus on type 2 diabetes and
non-alcoholic steatohepatitis (NASH). In its mid-to-late
stage pipeline, the Company is currently advancing three drug
candidates as well as earlier-stage opportunities.
Imeglimin, Poxel’s first-in-class lead product, targets
mitochondrial dysfunction. Together, with its partner Sumitomo
Dainippon Pharma, Poxel is conducting the Phase 3 Trials of
IMeglimin for Efficacy and Safety (TIMES)
program for the treatment of type 2 diabetes in Japan. Poxel also
established a partnership with Roivant Sciences for Imeglimin’s
development and commercialization in countries outside of the
partnership with Sumitomo Dainippon Pharma, including the U.S. and
Europe. PXL770, a first-in-class direct adenosine
monophosphate-activated protein kinase (AMPK) activator, is in a
Phase 2a proof-of-concept program for the treatment of NASH. PXL770
could also have the potential to treat additional metabolic
diseases. PXL065 (deuterium-stabilized R-pioglitazone), a
mitochondrial pyruvate carrier (MPC) inhibitor, is in Phase 1
clinical testing and being developed for the treatment of NASH.
Poxel also has additional earlier-stage programs targeting
metabolic, specialty and rare diseases. The Company intends to
generate further growth through strategic partnerships and pipeline
development. Listed on Euronext Paris, Poxel is headquartered in
Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan.
For more information, please visit: www.poxelpharma.com.
All statements other than statements of historical fact included
in this press release about future events are subject to (i) change
without notice and (ii) factors beyond the Company’s control. These
statements may include, without limitation, any statements preceded
by, followed by or including words such as “target,” “believe,”
“expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,”
“project,” “will,” “can have,” “likely,” “should,” “would,” “could”
and other words and terms of similar meaning or the negative
thereof. Forward-looking statements are subject to inherent risks
and uncertainties beyond the Company’s control that could cause the
Company’s actual results or performance to be materially different
from the expected results or performance expressed or implied by
such forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191104006134/en/
Poxel SA
Jonae R. Barnes Senior Vice President, Investor
Relations and Public Relations jonae.barnes@poxelpharma.com +1 617
818 2985
Aurélie Bozza Investor Relations & Communication Director
aurelie.bozza@poxelpharma.com +33 6 99 81 08 36
Investor relations / Media - EU/US Trophic Communications
Stephanie May or Joanne Tudorica may@trophic.eu or
tudorica@trophic.eu +49 89 238 877 34 or +49 171 185 56 82
Investor relations / Media - France NewCap Alexia Faure /
Arthur Rouillé poxel@newcap.eu +33 1 44 71 94 94
Poxel (EU:POXEL)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Poxel (EU:POXEL)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024