BOSTON and MONTREAL, Dec. 22,
2023 /CNW/ - enGene Holdings Inc. ("enGene," Nasdaq:
ENGN), a clinical-stage genetic medicines company whose lead EG-70
program is in a pivotal study for BCG-unresponsive non-muscle
invasive bladder cancer (NMIBC), announced today that it has
entered into an amended USD $50
million loan agreement (the "Loan Agreement") with Hercules
Capital, Inc. (NYSE: HTGC) ("Hercules"). Under the Loan Agreement,
which has a term of four years, $22.5
million has been advanced to enGene under a non-revolving
term loan and, subject to certain clinical and financial
milestones, up to a further $27.5
million in loan proceeds may be available subject to
satisfaction of certain terms and conditions.
"We are thrilled to expand our relationship with Hercules
Capital and obtain additional resources to support our development
efforts," said Jason Hanson, Chief
Executive Officer of enGene. "We believe that EG-70 could transform
how patients with BCG-unresponsive NMIBC are managed, and the
proceeds from this term loan facility will further support the
development of this program in BCG-unresponsive NMIBC and
additional clinical applications. We expect that the capital
obtained will meaningfully extend the Company's cash runway, with
cash supporting operations well beyond the anticipated EG-70
interim data readout."
"Hercules Capital is pleased to collaborate once again with
enGene as it advances EG-70 as an entirely new genetic medicine
approach to treat NMIBC. This new, increased commitment from
Hercules exemplifies our approach as long-term capital partners to
our portfolio companies and reflects our dedication to financing
innovative life sciences companies through development and into
commercialization," said R. Bryan
Jadot, Senior Managing Director and Group Head of Hercules
Capital. The proceeds of the Term Loan Facility will be used for
working capital and general corporate purposes of the Company, as
well as to refinance enGene's existing indebtedness under the
original loan agreement with Hercules dated December 30, 2021.
Under the terms of the agreement, the principal amount
outstanding and all accrued but unpaid interest under the Term Loan
Facility shall be repaid on or before January 1, 2028 (or such later dates as to which
the maturity date may be extended from time to time in accordance
with the terms of the Loan Agreement).
About enGene
enGene is a clinical-stage biotechnology
company mainstreaming genetic medicines through the delivery of
therapeutics to mucosal tissues and other organs, with the goal of
creating new ways to address diseases with high clinical needs.
enGene's lead program is EG-70 for patients with non-muscle
invasive bladder cancer (NMIBC) with carcinoma in situ (Cis) who
are unresponsive or naïve to treatment with Bacillus
Calmette-Guérin (BCG) - a disease with a high clinical burden.
EG-70 is being evaluated in an ongoing Phase 2 pivotal study. EG-70
was developed using enGene's proprietary Dually Derivatized
Oligochitosan (DDX) platform, which enables penetration of mucosal
tissues and delivery of a wide range of sizes and types of cargo,
including DNA and various forms of RNA. enGene became a publicly
traded company effective November 1,
2023, upon the completion of a business combination with
Forbion European Acquisition Corporation, a special purpose
acquisition company. For more information, visit enGene.com.
Forward-Looking
Statements
Some of the statements contained in this press release may
constitute forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, and "forward-looking information" within the meaning
of Canadian securities laws (collectively, "forward-looking
statements"). enGene's forward-looking statements include, but are
not limited to, statements regarding enGene's expectations, hopes,
beliefs, intentions, goals, strategies, forecasts and projections.
The words "anticipate", "appear", "approximate", "believe",
"continue", "could", "estimate", "expect", "foresee", "intend",
"may", "might", "plan", "possible", "potential", "predict",
"project", "seek", "should", "would", and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements may include, for example, statements
about: up to a further $27.5 million
in loan proceeds being available subject to satisfaction of certain
terms and conditions, enGene's goal of mainstreaming gene therapy,
and the near-term potential to have a meaningful impact in the
lives of patients living with BCG-unresponsive NMIBC .
Many factors, risks, uncertainties and assumptions could cause
the Company's actual results, performance or achievements to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, the Company's ability to
recruit and retain qualified scientific and management personnel,
establish clinical trial sites and patient registration for
clinical trials and acquire technologies complimentary to, or
necessary for, its programs; the Company's ability to address
diseases with high clinical needs; the Company's ability to retain
commercial rights to EG-70 in the United
States and commercialize EG-70 independently, while
selectively partnering outside of the
United States; the Company's plans and ability to secure
regulatory approval, to execute product development, manufacturing
process development, preclinical and clinical development efforts
successfully and on anticipated timelines; enGene's ability to
design mainstream gene therapy and bring genetic medicines to
community clinics across the globe; and other risks and
uncertainties detailed in filings with Canadian securities
regulators on SEDAR+ and with the U.S. Securities and Exchange
Commission ("SEC") on EDGAR, including those described in the "Risk
Factors" section of the Company's Current Report on Form 8-K, filed
with the SEC on October 31, 2023
(copies of which may be obtained at sedarplus.ca or
www.sec.gov).
You should not place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
enGene anticipates that subsequent events and developments will
cause enGene's assessments to change. While enGene may elect to
update these forward-looking statements at some point in the
future, enGene specifically disclaims any obligation to do so,
unless required by applicable law. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved.
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SOURCE enGene