OXURION NV Secures EUR 10 Million Convertible Bond Financing from Kreos Capital and Pontifax Ventures
22 Novembre 2021 - 7:00AM
OXURION NV Secures EUR 10 Million Convertible Bond Financing from
Kreos Capital and Pontifax Ventures
Provides Additional Capital to further
Develop the Company’s Innovative Pipeline of Novel Clinical
Assets, THR-687 and THR-149
Leuven,
BE, Boston, MA,
US – November
22, 2021
–
07.00
AM CET – Oxurion NV (Euronext
Brussels: OXUR), a biopharmaceutical company developing next
generation standard of care ophthalmic therapies, with a clinical
stage portfolio in vascular retinal disorders, announces it has
entered into a EUR 10 million loan agreement with Kreos Capital and
Pontifax Ventures, which will take the form of convertible bonds
(the "Debt Financing").
Oxurion is focused on building a leading global
franchise in the treatment of retinal vascular disorders based on
the successful development of its two novel therapeutics. The net
proceeds of the Debt Financing will be used to provide working
capital to support Oxurion’s strategy to progress the development
of its two clinical stage assets, THR-687 and THR-149 currently in
Phase 2 clinical trials for diabetic macular edema (“DME”) (the
“Clinical Assets”).
THR-687 is a highly selective pan-RGD integrin
antagonist that is initially being developed as a potential first
line therapy for DME patients. THR-687 also has the potential to
deliver improved treatment outcomes for patients with wet
age-related macular degeneration (“wet AMD”) and macular
edema following Retinal Vein Occlusion (“RVO”). THR-149 is a potent
plasma kallikrein inhibitor being developed as a potential new
standard of care for the 40-50% of DME patients showing suboptimal
response to anti-VEGF therapy. Taken together, the Clinical Assets
hold the potential to address and grow the market currently
primarily being served by anti-VEGF therapy (DME, wet AMD, and
RVO), which is estimated to be +$12 billion (GlobalData).
Tom Graney, CFA, CEO
and CFO of Oxurion, “The access to
capital provided by this facility is designed to increase our
financial flexibility as we continue to advance our Clinical Assets
in Phase 2 for DME. We are thrilled that such sophisticated and
supportive healthcare investors as Kreos and Pontifax have
recognized the value of our Clinical Assets and our programs by
making this capital
infusion.” Chris
Church,
Principal at
Kreos Capital, added “We are
delighted to partner with Oxurion by providing this commitment of
capital as part of our strategy to invest in ground-breaking
innovations in life sciences. We recognize the significant
potential of both THR-687 and THR-149 and fully endorse Oxurion’s
plans for the development of these assets.”
Momi
Karako, Partner of Pontifax
Ventures, commented “Oxurion is developing a truly
innovative pipeline of novel assets, which are uniquely positioned
to disrupt and grow the more than $12 billion anti-VEGF market.
Pontifax is pleased to support Oxurion with growth capital and to
be a part of its exciting future.”
The secured debt facility with Kreos Capital and
Pontifax Ventures is for a total of EUR 10 million in the form of
convertible bonds, subject to customary closing conditions. The
bonds will have a 38-month term, consisting of at least eight
months of interest only payments followed by 30 monthly payments of
principal and interest. The bonds will accrue interest at a rate of
7.95% per annum. The loan agreement provides for a EUR 125,000
transaction fee and EUR 350,000 end of loan fee. The bonds will be
convertible into new ordinary shares at 140% of the 30 day VWAP on
the third trading day immediately preceding the date of the
notarial deed relating to the issuance of the
bonds.
Taken together with cash on hand, the Debt
Financing is not sufficient to execute the Company’s current
business plan for the next 12 months without the Company accessing
the further EUR 22.5 million available from the Negma Group during
that period under the funding program in place, which is subject to
certain conditions.
END
For further information please contact:
Oxurion NVTom GraneyChief Executive OfficerTel: +32 16 75 13
10tom.graney@oxurion.com Michaël DillenChief Business
OfficerTel: +32 479
783583michael.dillen@oxurion.com |
EU MEDiSTRAVADavid Dible/ Sylvie Berrebi/Frazer HallTel: +44 20
7638 9571oxurion@medistrava.com USWestwicke, an ICR
CompanyChristopher BrinzeyTel: +1 617 835
9304chris.brinzey@westwicke.com |
About Oxurion
Oxurion (Euronext Brussels: OXUR) is a
biopharmaceutical company developing next generation standard of
care ophthalmic therapies, which are designed to better preserve
vision in patients with retinal vascular disorders including
diabetic macular edema (DME), the leading cause of vision loss in
diabetic patients worldwide as well as other conditions, including
wet age-related macular degeneration (wet AMD) and retinal vein
occlusion (RVO).
Oxurion is aiming to build the leading global
franchise in the treatment of retinal vascular disorders based on
the successful development of its two novel therapeutics:
- THR-687 is a highly selective
pan-RGD integrin antagonist that is initially being developed as a
potential first line therapy for DME patients. Positive topline
results in a Phase 1 clinical study assessing THR-687 as a
treatment for DME were announced in 2020. Oxurion is currently
conducting a Phase 2 clinical trial (“INTEGRAL”) evaluating THR-687
in patients with DME. THR-687 also has the potential to deliver
improved treatment outcomes for patients with wet AMD and RVO.
- THR-149 is a
potent plasma kallikrein inhibitor being developed as a potential
new standard of care for the 40-50% of DME patients showing
suboptimal response to anti-VEGF therapy. THR-149 has shown
positive topline Phase 1 results for the treatment of DME. The
Company is currently conducting a Phase 2 clinical trial
(“KALAHARI”) evaluating multiple injections of THR-149 in DME
patients previously showing a suboptimal response to anti-VEGF
therapy. Following positive data from Part A of this Phase 2 study
(dose selection), the Company is enrolling subjects in Part B of
the study.
Oxurion is headquartered in Leuven, Belgium, and
is listed on the Euronext Brussels exchange under the symbol OXUR.
More information is available at www.oxurion.com.
About Kreos Capital
Kreos Capital is the leading growth debt
provider in Europe and Israel, backing high-growth companies
through every stage of their life cycle. Kreos targets investments
in all areas of the Technology and Healthcare sectors and, to date,
has committed in excess of €3.1 billion in more than 630 portfolio
company transactions, across 17 countries. With over $1.5 billion
in current funds under management Kreos can invest between $2.0
million and $100.0 million per transaction in both public and
private companies across stages.
About Pontifax Ventures
Founded in 2004, Pontifax is a
healthcare-dedicated venture capital firm with over $1.2 billion
under management. It seeks transformative, cutting-edge life
sciences technologies at all development stages. Its portfolio
comprises of about 100 companies that develop breakthrough
solutions to substantial unmet needs.
Important information about
forward-looking statements
Certain statements in this press release may be
considered “forward-looking”. Such forward-looking statements are
based on current expectations, and, accordingly, entail and are
influenced by various risks and uncertainties. The Company
therefore cannot provide any assurance that such forward-looking
statements will materialize and does not assume an obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events, or any other reason. Additional
information concerning risks and uncertainties affecting the
business and other factors that could cause actual results to
differ materially from any forward-looking statement is contained
in the Company’s Annual Report. This press release does not
constitute an offer or invitation for the sale or purchase of
securities or assets of Oxurion in any jurisdiction. No
securities of Oxurion may be offered or sold within the United
States without registration under the U.S. Securities Act of 1933,
as amended, or in compliance with an exemption therefrom, and in
accordance with any applicable U.S. state securities laws.
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