SAN DIEGO and VANCOUVER, British Columbia, Sept. 14, 2018 /PRNewswire/ -- Sophiris Bio
Inc. (NASDAQ: SPHS) (the "Company" or "Sophiris"), a
biopharmaceutical company studying topsalysin (PRX302), a
first-in-class, pore-forming protein, in late-stage clinical trials
for the treatment of patients with urological diseases, today
announced that it has met the requirements within its existing
loan and security agreement with Silicon Valley Bank ("SVB") to
extend the interest only periods between September 30, 2018 and March 31, 2019. The Company will begin making
interest and principal payments starting on April 1, 2019 and ending on the final payment
date of September 1, 2021. The
extension of this interest only period allows the Company to shift
principal payments of $1.2 million,
which would have been due during the periods between September 30, 2018 and March 31, 2019, to periods after April 1, 2019.
As previously announced under the terms of the Loan and Security
Agreement, the Company may, at its sole discretion, borrow from SVB
up to an additional $3.0 million
following the achievement of one of two milestone events which must
occur prior to December 31, 2018.
These milestone events are: (1) the Company receives net
proceeds from the sale of the Company's common shares of not less
than $20.0 million and (2) the
Company obtains positive final Phase 2b data in its on-going Phase 2b localized prostate cancer study, and at the
conclusion of the study the Company has determined to continue to
advance development in that indication. The Company has previously
announced that it expects to obtain final Phase 2b data from its on-going Phase 2b localized prostate cancer study late in the
4th quarter of 2018.
About Sophiris
Sophiris Bio Inc. is a late-stage
clinical biopharmaceutical company developing topsalysin (PRX302)
for the treatment of patients with urological diseases. Topsalysin
is in Phase 2 clinical development for the focal treatment of
localized prostate cancer as well as Phase 3 clinical development
for the treatment of the lower urinary tract symptoms of benign
prostatic hyperplasia (BPH). Topsalysin is a highly potent ablative
agent that is selective and targeted in that it is only activated
by enzymatically active PSA which is found in high concentrations
in the transition zone of the prostate and in and around prostate
tumor cells. For more information, please visit
www.sophirisbio.com.
Certain statements included in this press release may be
considered forward-looking, including the timing of expected trial
results and any implications on our future ability to satisfy the
milestone in our credit facility and borrow additional funds. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those implied by such statements,
and therefore these statements /should not be read as guarantees of
future performance or results. All forward-looking statements are
based on Sophiris' current beliefs as well as assumptions made by
and information currently available to Sophiris and relate to,
among other things, risks relating to clinical development,
including risks relating to the timing of the receipt of data and
risks that the data will not be consistent with interim data or
data from earlier clinical trials, anticipated financial
performance, business prospects, strategies, regulatory
developments, market acceptance and future commitments. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Due to risks and uncertainties, including the risks and
uncertainties identified by Sophiris in its public securities
filings; actual events may differ materially from current
expectations. Sophiris disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise
Company
Contact:
|
|
Peter
Slover
|
|
Chief Financial
Officer
|
|
(858)
777-1760
|
|
|
|
Corporate
Communications and Media
Contact:
|
Investor
Contact:
|
Jason
Spark
|
Bill
Slattery, Jr.
|
Canale
Communications
|
Burns
McClellan
|
(619)
849-6005
|
(212)
213-0006
|
jason@canalecomm.com
|
bslattery@burnsmc.com
|
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SOURCE Sophiris Bio Inc.