Oxurion Issues EUR 2.8 million in Bonds for Tranche 1 (A) of Funding Program with Atlas Special Opportunities LL
Leuven, BELGIUM, Boston, MA, US – March 20, 2023 – 11:30 pm CET – Oxurion NV (Euronext Brussels: OXUR) a biopharmaceutical company developing next generation standard of care ophthalmic therapies, with clinical stage assets in vascular retinal disorders, has announced the completion of Tranche 1 (A) of funding under the Subscription agreement with Atlas Special Opportunities LLC. On March 14, 2023, the Company issued 112 convertible bonds to Atlas totaling EUR 2,800,000, including EUR 800,000 in bonds for the transaction commission.
Under the terms of the Subscription Agreement, Atlas has committed to subscribe to up to EUR 20.8 million in mandatorily convertible bonds over a 24-month period at Oxurion’s discretion. The conversion price is set at an eight percent discount to the average VWAP over the three lowest days in the ten consecutive trading days prior to the conversion notice.
Tom Graney, CEO of Oxurion, said: “We appreciate Atlas’s financial support as we move forward in recruiting the final 25% of patients for the Phase 2, Part B KALAHARI trial evaluating Oxurion’s THR-149 for treating the up to 50% of patients with diabetic macular edema (DME) for whom the current standard of care is suboptimal. Following our recent update on our recruitment progress with this trial, we look forward to potentially to demonstrate the efficacy of our therapy in addressing this large unmet need.”
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 16 75 13 10
Mary T. Conway
Tel: +1 617 835 9304