Oxurion Announces Second Amendment to Negma Funding Program
25 Enero 2023 - 01:59AM
Oxurion Announces Second Amendment to Negma Funding Program
Oxurion
Announces Second
Amendment to
Negma Funding
Program
Leuven, BELGIUM, Boston, MA, US
– January
25,
2023
8:30 am –
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 further amended its mandatory convertible bonds
issuance and subscription agreement with the Negma Group (“funding
program”).
Since the start of the funding program in
September 2021, Negma has subscribed to EUR 11 million in
convertible bonds. Pursuant to the amendment, Negma agrees to
subscribe to up to EUR 4 million (1,600 bonds) in three tranches to
be called at Oxurion’s discretion. The initial funding program
totaled EUR 30 million in two parts, and pursuant to the amendment,
Oxurion and Negma have mutually agreed to wind-down the funding
program after the completion of the first part, which reduces the
total funding under the funding program to EUR 15 million. Negma
has waived the liquidity requirement and agreed to a reduced cool
down period of 15 trading days, allowing Oxurion to access the full
EUR 4 million over less than two months starting in February 2023
(provided the other terms and conditions of the agreement and the
bonds are met).
While Oxurion continues to carefully manage its
cash requirements, the Negma funding alone is not sufficient to
finish Oxurion’s ongoing KALAHARI Phase 2, Part B clinical trial.
Oxurion therefore continues to seek additional funding through
debt, equity, or non-dilutive funding to support the KALAHARI
trial. The KALAHARI trial is evaluating THR-149, Oxurion’s novel
therapeutic for second line therapy, against market leader
aflibercept, for the treatment of diabetic macular edema (DME) for
the 40-50% of DME patients that respond suboptimally to standard of
care anti-VEGF therapy. The KALAHARI trial has recruited more than
50% of the patients and topline data is currently expected before
the end of 2023.
“The urgency for novel therapeutics like THR-149
that could treat DME, the leading cause of blindness in working age
adults, remains critical,” said Tom Graney, CEO of Oxurion. “Recent
interim analysis of Part B of our two-part Phase 2 clinical trial
of THR-149 indicated that our study should continue. We are on
track to have topline results later this year as we advance 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 NV Tom GraneyChief Executive Officer Tel: +32 16 75 13
10tom.graney@oxurion.com |
USConway CommunicationsMary T.
Conwaymtconway@conwaycommsir.com |
Michael DillenChief Business Officer Tel: +32 479
783583michael.dillen@oxurion.com |
ICR Westwicke Christopher Brinzey Tel: +1 617 835
9304Chris.Brinzey@westwicke.com |
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