AB Science announces the drawdown of the second tranche of 6 million euros under its financing agreement with the European Investment Bank
01 February 2023 - 4:17AM
PRESS RELEASE
AB SCIENCE ANNOUNCES THE DRAWDOWN OF
THE SECOND TRANCHE OF 6 MILLION
EUROS UNDER ITS FINANCING AGREEMENT WITH THE EUROPEAN INVESTMENT
BANK
Paris, January 31, 2023, 6pm CET
AB Science SA (Euronext -
FR0010557264 - AB) announced today that it has received payment of
€6.0 million as the second tranche of a €15 million loan from the
European Investment Bank (EIB).
As previously announced [1], the agreement
signed with the EIB provides a financing in two tranches of EUR 6.0
million and a third tranche of EUR 3.0 million, each subject to the
fulfillment of certain conditions precedent, which have been
satisfied for the first two tranches. Each tranche is accompanied
by the issue of warrants, the number of which is calculated in
relation to a reference price of 14 euros according to the
following formula : Number of warrants = Amount of the tranche /
(14 x m) with m = 3.7 for tranche 2. AB Science has already
announced the drawdown of the first tranche for EUR 6.0
million.
The second tranche, also of EUR 6.0 million, has
a maturity of five years and is therefore repayable in January
2028. It carries a capitalized annual interest rate of 7.0% and the
issuance of 115,830 warrants, each giving the right to subscribe to
one ordinary share of AB Science at 14.0 euros for 15 years. These
warrants represent 0.22% of the current capital of the Company (if
they were to be exercised in their entirety).
The EIB also has a put option at intrinsic value
(i.e. the difference between the stock market price and the
exercise price) allowing it to require the Company to repurchase
all or part of the warrants then exercisable but not yet exercised,
under certain circumstances (for example in the event of a change
of control or at the reimbursement date of the first tranche). In
addition, the Company has a right of first refusal to redeem any
warrants offered for sale to a third party, subject to certain
exceptions.
On the basis of 115,830 new shares of the
Company that could be issued upon exercise of all of these
warrants, the Company could potentially receive gross proceeds
amounting to 1,621,620 euros. There is no guarantee that the EIB
will exercise all or part of the warrants or that the Company will
receive any proceeds from the exercise of these warrants.
[1]: Press release of November 30, 2020 and
December 22, 2022
About AB ScienceFounded in
2001, AB Science is a pharmaceutical company specializing in the
research, development and commercialization of protein kinase
inhibitors (PKIs), a class of targeted proteins whose action are
key in signaling pathways within cells. Our programs target only
diseases with high unmet medical needs, often lethal with short
term survival or rare or refractory to previous line of treatment.
AB Science has developed a proprietary portfolio of molecules and
the Company’s lead compound, masitinib, has already been registered
for veterinary medicine and is developed in human medicine in
oncology, neurological diseases, inflammatory diseases and viral
diseases. The company is headquartered in Paris, France, and listed
on Euronext Paris (ticker: AB).
Further information is available on AB Science’s website:
www.ab-science.com.
Forward-looking Statements - AB
ScienceThis press release contains forward-looking
statements. These statements are not historical facts. These
statements include projections and estimates as well as the
assumptions on which they are based, statements based on projects,
objectives, intentions and expectations regarding financial
results, events, operations, future services, product development
and their potential or future performance.
These forward-looking statements can often be
identified by the words "expect", "anticipate", "believe",
"intend", "estimate" or "plan" as well as other similar terms.
While AB Science believes these forward-looking statements are
reasonable, investors are cautioned that these forward-looking
statements are subject to numerous risks and uncertainties that are
difficult to predict and generally beyond the control of AB Science
and which may imply that results and actual events significantly
differ from those expressed, induced or anticipated in the
forward-looking information and statements. These risks and
uncertainties include the uncertainties related to product
development of the Company which may not be successful or to the
marketing authorizations granted by competent authorities or, more
generally, any factors that may affect marketing capacity of the
products developed by AB Science, as well as those developed or
identified in the public documents published by AB Science. AB
Science disclaims any obligation or undertaking to update the
forward-looking information and statements, subject to the
applicable regulations, in particular articles 223-1 et seq. of the
AMF General Regulations.For additional information, please
contact:
AB ScienceFinancial
Communication & Media Relations investors@ab-science.com
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