Verseon Corporation Verseon closes US$ 22.7M mortgage (2278R)
13 Juin 2018 - 8:03AM
UK Regulatory
TIDMVSN
RNS Number : 2278R
Verseon Corporation
13 June 2018
June 13, 2018
Verseon Corporation
("Verseon" or the "Company")
Verseon closes US$ 22.7M mortgage for its headquarters in
Fremont, CA
FREMONT, Calif.-Verseon, a technology-based pharmaceutical
company, today announces that its wholly owned subsidiary, VRH1
LLC, has closed a US$ 22.7 million financing (the "Financing") with
MCREIF SubREIT LLC (t/a Money 360) secured on the Company's
custom-built research, development, and operations facility in
Fremont, California (the "Facility"). Of the total amount of the
Financing, US$ 21.7 million has been received on closing, with an
additional US$ 1 million available to be drawn at a future date for
facilities-related expenses.
The Financing is an interest-only mortgage facility which
carries an annual interest rate of 8.0 percent and is repayable
after 24 months, with an option to extend for up to a further 12
months. The documentation entered into in relation to the Financing
contains customary financial covenants and is based on a
loan-to-value of approximately 50 percent. The proceeds of the
Financing will be used for Verseon's drug programs and
operations.
The Financing leverages Verseon's strong balance sheet and
realizes a portion of the value created through the acquisition and
development of the Company's facility in Fremont to free up
operating cash while allowing the Company to retain ownership of
its assets.
About Verseon
Verseon Corporation (www.verseon.com, AIM: VSN) is a
technology-based pharmaceutical company that pairs a proprietary,
computational drug discovery platform with a comprehensive in-house
chemistry and biology workflow to develop novel therapeutics that
are unlikely to be found using conventional methods. The Company is
applying its platform to a growing drug pipeline and currently has
four active drug programs in the areas of anticoagulation, diabetic
macular edema, hereditary angioedema, and oncology. The
anticoagulation program is scheduled to enter phase I clinical
trials in 2018.
-Ends-
For further information, please contact
Verseon Corporation www.verseon.com
+1 (510) 225
Sebastian Wykeham / Tina Schlafly 9000
Cenkos Securities (NOMAD and
Joint Broker)
+44 (0) 20
Neil McDonald / Beth McKiernan 7397 8900
Cantor Fitzgerald Europe (Joint
Broker)
Marc Milmo / Phil Davies / +44 (0) 20
Callum Butterfield 7894 7000
For financial and business media enquiries, please contact
Buchanan Communications Ltd
(PR Advisers)
Henry Harrison-Topham / Jamie +44 (0) 20
Hooper 7466 5000
For trade and pharma media enquiries, please contact
Vane Percy & Roberts
+44 (0) 1737
Simon Vane Percy 821 890
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements, which
are generally statements that are not historical facts.
Forward-looking statements can be identified by the words
"expects," "anticipates," "believes," "intends, " "estimates,"
"plans," "will," "outlook," and similar expressions.
Forward-looking statements are based on management's current plans,
estimates, assumptions and projections, and speak only as of the
date they are made. We undertake no obligation to update any
forward-looking statement in light of new information or future
events, except as otherwise required by law. Forward-looking
statements involve inherent risks and uncertainties, most of which
are difficult to predict and are generally beyond our control.
Actual results or outcomes may differ materially from those implied
by the forward-looking statements as a result of the impact of a
number of factors.
This information is provided by RNS, the news service of the
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END
MSCFKNDKABKKDAD
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June 13, 2018 02:03 ET (06:03 GMT)
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