Oxurion Announces Subscription Agreement with Atlas Providing the Company with Up To €20 Million in Funding
02 March 2023 - 06:01PM
Oxurion Announces Subscription Agreement with Atlas Providing the
Company with Up To €20 Million in Funding
Oxurion
Announces Subscription Agreement
with
AtlasProviding
the Company with Up
To €20 Million
in Funding
Amendment of
Kreos/Pontifax Agreement to
reduce total debt
Leuven, BELGIUM, Boston, MA, US
– March
2, 2023
8:00 am CET – Oxurion NV
(Euronext Brussels: OXUR) a biopharmaceutical company developing
next generation standard of care ophthalmic therapies, with
clinical stage assets in vascular retinal disorders, announced
today that it has entered into a Subscription Agreement for
Convertible Bonds with Atlas Special Opportunities, LLC (the
Investor), providing for up to €20 million in financing (the
“Subscription Agreement”).
Under the terms of the Subscription Agreement,
the Investor has committed to subscribe to up to €20 million in
mandatorily convertible bonds over a 24-month period at Oxurion’s
discretion. The conversion price is set at an eight percent
discount to the average VWAP over the three lowest days in the ten
consecutive trading days prior to the conversion notice. The
Company will pay a fee of €800,000 in bonds, which will be issued
together with the first tranche, raising the total amount of the
available bonds to €20.8 million.
The funding will be provided in nine tranches,
with the first tranche including a Part A of €2.8 million
(including the fee) and Part B of €2 million, and subsequent
tranches of €2 million each with a cool-down period of 22 trading
days between tranches (except for between Part A and Part B of the
first tranche where there is no cool down period).
Provided the conditions precedent are met, the
decision to issue one or more tranches is at the discretion of the
Company. Certain of the conditions precedents are not within the
Company’s control, including that the Company’s total trading
volume in the prior 22 trading days exceeds €1.5 million and that
its average market capitalization exceeds €4 million (or €2 million
for a €1 million tranche).
Tom Graney, CEO of Oxurion, said: “We appreciate
the financial support and vote of confidence that Atlas has given
us by entering into the Subscription Agreement, which will enable
Oxurion to move forward in completing our Phase 2, Part B KALAHARI
study of THR-149. THR-149 is a novel therapy for the up to 50% of
patients who respond suboptimally to current standard of care
treatment for Diabetic Macular Edema (DME). We are eager to have
the opportunity potentially to demonstrate the efficacy of our
therapy in addressing this large unmet need.”
Mustapha Raddi, Founder and Managing Partner of
Atlas Capital Markets, said: “We are very excited to embark on this
journey to partner with Oxurion to strengthen its balance sheet as
we have recognized the strong potential of its lead clinical
candidate THR-149. We are confident Oxurion’s management team will
achieve remarkable milestones for patients around the world. Atlas
has built a decade long track record of supporting European biotech
companies; our aim is to be a reliable supporter of our biotech
partners to deliver important scientific progress.”
Kreos/Pontifax amendment
In addition, Oxurion has amended the terms of
its convertible bond loan agreement with Kreos Capital and Pontifax
Ventures, originally signed on November 22, 2021 (amended on June
30, 2022), to reduce
the Company’s debt by approximately €1 million
by making a prepayment in exchange for a corresponding reduction in
its cash covenant and other benefits.
About OxurionOxurion (Euronext
Brussels: OXUR) is a biopharmaceutical company developing next
generation standard of care ophthalmic therapies, which are
designed to improve and better preserve vision in patients with
retinal disorders including diabetic macular edema (DME), the
leading cause of vision loss in working-age people, as well as
other conditions. Oxurion intends to play an important role in the
treatment of retinal disorders, including the successful
development of THR-149, its novel therapeutic for the treatment of
DME. THR-149 is a potent plasma kallikrein inhibitor being
developed as a potential new standard of care for the up to 50% of
DME patients showing suboptimal response to anti-VEGF therapy.
Oxurion is headquartered in Leuven, Belgium, with corporate
operations in Boston, MA. More information is available at
www.oxurion.com.
About AtlasAtlas Capital
Markets (“ACM”) is an investment fund based in London, founded in
2012 by Mustapha Raddi. In 2016 Atlas Capital Markets created joint
venture investment vehicles Atlas Special Opportunities LLC (“ASO”)
and Arena Structured Private Investment (“ASPI”) with Arena
Investors LP, a credit specialist asset manager based out of New
York with $4 billion under management. Since 2022, ACM has
signed a co-investment agreement with the international investment
bank Macquarie. ACM’s management has decades of experience and
has successfully executed more than 80 transactions worldwide.
For more information, www.atlascapitalmarkets.com.
Important information about
forward-looking statementsCertain 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 any
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.
For further information please
contact:
Oxurion NVTom GraneyChief Executive OfficerTel: +32 16 75 13
10tom.graney@oxurion.com Michael DillenChief Business
OfficerTel: +32 16 75 13 10michael.dillen@oxurion.com |
USConway CommunicationsMary T.
Conwaymtconway@conwaycommsir.com ICR
WestwickeChristopher BrinzeyTel: +1 617 835
9304Chris.Brinzey@westwicke.com |
- Oxurion Atlas agreement.030223
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