Oxurion Receives First EUR 1 Million under Amended Atlas Funding Program
EUR 3.5 Million in Unconditional Funding Allowing Company to Achieve Topline Data from KALAHARI Trial
Leuven, BELGIUM, Boston, MA, US – September 18, 2023 – 8 am 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 5 of funding under the Subscription Agreement with Atlas Special Opportunities LLC (“Atlas”).
On September 15, 2023, the Company issued 40 convertible bonds with a value of EUR 1 million to Atlas. This Tranche is the first installment of the EUR 3.5 million in unconditional funding agreed with Atlas allowing the Company to reach the topline data of the Phase 2, Part B of the KALAHARI trial, which is expected by the end of 2023.
Under the terms of the amended Subscription Agreement, Atlas has waived the market capitalization and liquidity conditions for up to EUR 3.5 million in mandatorily convertible bonds to be issued before the topline data is received by the end of 2023.
Under the Funding Program, Atlas has committed to 20 million in funding over a 24-month period, of which it has now subscribed to EUR 9 million (leaving a remainder of EUR 11 million of which the conditions are waived for EUR 2.5 million).
Tom Graney, CEO of Oxurion, said: “Given Atlas’s steadfast support, Oxurion is confident of reaching the topline data from the KALAHARI trial without the need for additional capital. This trial is evaluating THR-149 versus market leader aflibercept, and Oxurion hopes to demonstrate the superior efficacy of THR-149 in treating the up to 50% of patients with diabetic macular edema (DME) for whom the current standard of care is suboptimal. We look forward to sharing the topline results from this trial as DME remains the leading cause of blindness for working-aged people and THR-149 holds the promise of addressing this large unmet need.”
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 16 75 13 10
Mary T. Conway