Oxurion Announces Amendment to Funding Program with Negma Group for EUR 6 Million in Funding
September 02 2022 - 5:00PM
Oxurion Announces Amendment to Funding Program with Negma Group for
EUR 6 Million in Funding
Leuven, BELGIUM, Boston, MA, US
– September 2,
2022 – CET
10:30PM
– 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 amended its
mandatory convertible bonds issuance and subscription agreement
announced on April 6, 2021 (“funding program”) with the Negma
Group, a financial institution focused on supporting growth and
capturing value through a multi-strategy approach. The proceeds
will be devoted to Oxurion’s KALAHARI Phase 2, Part B clinical
trial. The trial is currently underway and is evaluating THR-149,
its novel therapeutic for second line therapy, against market
leader aflibercept in the treatment of diabetic macular edema (DME)
for the 40-50% of DME patients that get suboptimal response to
standard of care anti-VEGF therapy, with top-line data expected mid
next year.
The amendment allows Oxurion access to EUR 6
million in cash in four monthly tranches to be called at the
Company’s discretion without application of a cooling off period or
liquidity requirement. Negma agrees to subscribe to up to 2,400
bonds, at a 20% discount to the volume-weighted average price over
15 trading days preceding conversion and will receive a commitment
fee of EUR 700,000 in bonds. The remaining portion of the initial
EUR 30 million funding program will be suspended until the end of
2022 and remains available thereafter under the initial terms and
conditions, which is expected to be EUR 19 million. For more
information, the Company refers to the board report, which is
available on the “Investors” section of the Company’s website.
“As DME is the leading cause of blindness
amongst working age adults, there is an urgent need to novel
therapeutics like THR-149,” said Tom Graney, CEO of Oxurion. “In
the first part of our two-part Phase 2 clinical trial, THR-149
demonstrated a gain in visual acuity of greater than nine letters,
in a post-hoc analysis in this difficult to treat patient
population, that was sustained for at least four months after the
last injection. We are delighted to have the Negma Group continue
to support our approach to developing the next generation standard
of care for retinal disorders.”
About Oxurion
Oxurion (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.
Important information about
forward-looking statements
Certain 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: +32 479 783583michael.dillen@oxurion.com |
USConway CommunicationsBeth
Kurthbkurth@conwaycommsir.com ICR WestwickeChristopher
BrinzeyTel: +1 617 835 9304Chris.Brinzey@westwicke.com |
- OXUR Negma 2022.0902 press release FINAL
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