Brief: GenSight Biologics Obtains Funding Of EUR 10 Million From Sofinnova Partners, Invus And UPMC Enterprises

Gensight Biologics SA

03/08/2023 06:34

Aug 3 (Reuters) - Gensight Biologics SA  SIGHT.PA :
    * GENSIGHT BIOLOGICS OBTAINS FUNDING OF EUR 10 MILLION FROM
SOFINNOVA PARTNERS, INVUS AND UPMC ENTERPRISES
    * NEW FINANCING OF EUR 10 MILLION CONSISTING OF TWO TRANCHES
OF
EUR 6 MILLION AND EUR 4 MILLION EACH IN FORM OF A BOND ISSUE
CONVERTIBLE INTO SHARES FOR FIRST TRANCHE AND AN ISSUE OF NEW
SHARES FOR SECOND TRANCHE
    * ANNOUNCED TODAY RESUMPTION OF TRADING OF COMPANY'S SHARES
FOLLOWING SIGNING OF A EUR 10 MILLION FINANCING AGREEMENT WITH
SOFINNOVA PARTNERS, INVUS AND UPMC ENTERPRISES ( "INVESTORS") (
"FINANCING") AND DREW DOWN FIRST TRANCHE OF FINANCING OF EUR 6
MILLION ("TRANCHE 1").
    * EACH TRANCHE WILL BE SUBSCRIBED FOR BY EACH INVESTOR PRO
RATA TO
ITS PARTICIPATION IN FINANCING, AS FOLLOWS: 35% FOR SOFINNOVA
PARTNERS, 35% FOR INVUS AND 30% FOR UPMC ENTERPRISES.
    * AS AT JUNE 30, 2023, COMPANY'S AVAILABLE CASH AMOUNTED TO
EUR
0.9 MILLION. AFTER COMPLETION OF TRANCHE 1, COMPANY EXPECTS TO
BE ABLE TO MEET ITS OBLIGATIONS UNTIL OCTOBER 2023.
    * COMPANY EXPECTS TO SEEK OTHER SOURCES OF DEBT OR EQUITY
FINANCING AS EARLY AS Q4 OF 2023, IN ORDER TO SUPPLEMENT ITS
WORKING CAPITAL REQUIREMENTS AND FUND ITS OPERATING EXPENSES
AFTER NOVEMBER 2023 AND FOR 2024
    * SETTLEMENT AND DELIVERY OF OCAS AND RECEIPT OF PROCEEDS IS
EXPECTED TO OCCUR ON AUGUST 4, 2023

Source text for Eikon:  ID:nBw86Kpbca 
Further company coverage:  SIGHT.PA 

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