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.”
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:
Chief Executive Officer
Tel: +32 16 75 13 10
Chief Business Officer
Tel: +32 479 783583
Tel: +1 617 835 9304