Affimed Announces €25 Million Debt Financing Agreement with Silicon Valley Bank
January 11 2021 - 6:30AM
- €10 million available at closing and up to €15 million
available upon achievement of certain milestones
Heidelberg, Germany, January 11, 2021 – Affimed
N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company
committed to giving patients back their innate ability to fight
cancer, today announced that it has entered into a debt financing
agreement with Silicon Valley Bank German Branch (SVB) which
provides Affimed with up to €25 million in term loans.
“We are pleased to continue our relationship with Silicon Valley
Bank,” commented Angus Smith, Chief Financial Officer of Affimed.
“This financing will help support the broad development strategy
for our ICE® molecules as monotherapies and in combination with
natural killer cells and checkpoint inhibitors.”
“We’re delighted to continue our support for Affimed and its
mission to develop cancer treatments using its proprietary ICE®
platform,” said Nooman Haque, Head of Life Sciences &
Healthcare SVB EMEA. “For decades SVB has worked with leading life
sciences companies to improve their chances of success.”
“The completion of this transaction is another important
milestone in the continuing growth of SVB’s activities in Germany
and we’re proud to continue our relationship with one of the
landmark biopharma companies in the market,” added Oscar Jazdowski,
General Manager, SVB German Branch said.
Pursuant to the terms of the agreement, Silicon Valley Bank will
make loans of up to €25 million available in three tranches: €10
million available at closing, an additional €7.5 million upon the
achievement of certain conditions, including milestones related to
Affimed’s pipeline and market capitalization, and a third tranche
of €7.5 million upon the achievement of certain additional
conditions related to Affimed’s pipeline and liquidity. The loans
will bear interest at the greater of the European Central Bank Base
Rate and 0%, plus 5.5%, and Affimed is entitled to make interest
only payments through December 1, 2022, or June 1, 2023 if Affimed
draws on the third tranche of the loans. The loans will mature at
the end of November 2025. There are no financial covenants in the
agreement. Proceeds will be used to fund research and development
expenses for Affimed’s expanding pipeline and for working capital
purposes.
About Affimed N.V.
Affimed N.V. (Nasdaq: AFMD) is a clinical-stage immuno-oncology
company committed to giving patients back their innate ability to
fight cancer. Affimed’s fit-for-purpose ROCK® platform allows
innate cell engagers to be designed for specific patient
populations. Affimed is developing single and combination therapies
to treat hematologic and solid tumors. The company is currently
enrolling patients into a registration-directed study of AFM13 for
CD30-positive relapsed/refractory peripheral T cell lymphoma and
into a Phase 1/2a dose escalation/expansion study of AFM24 for the
treatment of advanced EGFR-expressing solid tumors. For more
information, please visit www.affimed.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, which are often indicated by terms such
as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,”
“intend,” “look forward to,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “will,” “would” and similar expressions.
Forward-looking statements appear in a number of places throughout
this release and include statements regarding our intentions,
beliefs, projections, outlook, analyses and current expectations
concerning, among other things, the potential of our ICE®
molecules, the value of our ROCK® platform, our ongoing and planned
preclinical development and clinical trials, our collaborations and
development of our products in combination with other therapies,
the timing of and our ability to make regulatory filings and obtain
and maintain regulatory approvals for our product candidates, our
intellectual property position, our collaboration activities, our
ability to develop commercial functions, clinical trial data, our
results of operations, cash needs, financial condition, liquidity,
prospects, future transactions, growth and strategies, the industry
in which we operate, the trends that may affect the industry or us,
impacts of the COVID-19 pandemic, the benefits to Affimed of orphan
drug designation and the risks, uncertainties and other factors
described under the heading “Risk Factors” in Affimed’s filings
with the Securities and Exchange Commission. Given these risks,
uncertainties and other factors, you should not place undue
reliance on these forward-looking statements, and we assume no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
Investor Relations Contact
Alexander FudukidisHead of Investor RelationsE-Mail:
a.fudukidis@affimed.comTel.: +1 (917) 436-8102
Media Contact
Mary Beth Sandin Head of Marketing and CommunicationsE-Mail:
m.sandin@affimed.com
Affimed NV (NASDAQ:AFMD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Affimed NV (NASDAQ:AFMD)
Historical Stock Chart
From Apr 2023 to Apr 2024