Brief: OSE Immunotherapeutics Enters Loan Agreement Of Up To Eur 25 Mln With European Investment Bank

Ose Immunotherapeutics SA

15/02/2021 06:56

Feb 15 (Reuters) - Ose Immunotherapeutics SA  OSE.PA :
    * OSE IMMUNOTHERAPEUTICS ENTERS A LOAN AGREEMENT OF UP TO
EUR 25
MILLION WITH EUROPEAN INVESTMENT BANK
    * THIS LOAN WILL FURTHER SUPPORT PROGRESS AND EXPANSION OF
OSE
IMMUNOTHERAPEUTICS' LEAD CLINICAL DEVELOPMENT PROGRAMS IN
DISEASES WITH HIGH UNMET MEDICAL NEEDS
    * LOAN FACILITY OF UP TO €25 MILLION IS DIVIDED INTO THREE
TRANCHES INCLUDING TWO TRANCHES OF €10 MILLION EACH AND A THIRD
TRANCHE OF €5 MILLION
    * THE FIRST €10 MILLION TRANCHE, UNCONDITIONAL AND WHICH OSE
WILL
REQUEST PAYMENT BEFORE THE END OF MAY 2021
    * THE FIRST TRANCHE  WILL HELP EXPAND THE CLINICAL
DEVELOPMENT OF
TEDOPI® IN COMBINATION WITH A CHECKPOINT INHIBITOR IN ADDITIONAL
CANCER INDICATIONS
    * FIRST TRANCHE WILL ALSO SUPPORT THE ENTRY INTO PHASE 1/2
OF
OSE-279, OSE’S PROPRIETARY ANTI-PD-1 ANTIBODY, IN A NICHE
ONCOLOGY INDICATION
    * THE REMAINING TWO TRANCHES OF €10 AND €5 MILLION,
AVAILABLE UPON
ACHIEVEMENT OF SPECIFIC CLINICAL MILESTONES, ARE PLANNED TO BE
USED TO ACCELERATE THE CLINICAL DEVELOPMENT OF THE COMPANY’S
OTHER PROGRAMS, IN PARTICULAR CD28 ANTAGONIST FR104 AND NEW
ANTI-CHEMR23 AGONIST OSE-230
    * HIS LOAN WILL CARRY A FIXED INTEREST OF 5% PER YEAR PAID
ANNUALLY, WITH A MATURITY OF FIVE YEARS (EACH DRAWDOWN IS
TREATED SEPARATELY IN TERMS OF MATURITY)
    * REPAYMENT OF EACH TRANCHE WILL THEREFORE BE MADE AT THE
END OF A
PERIOD OF FIVE YEARS AFTER THE DATE OF DISBURSEMENT OF THE SAID
TRANCHE
    * LOAN AGREEMENT IS SUPPLEMENTED BY AN AGREEMENT TO ISSUE
WARRANTS
TO THE EIB FOR THE FIRST TWO TRANCHES OF THE FINANCING, IN
PARTICULAR 850,000 WARRANTS FOR THE FIRST TRANCHE TO BE ISSUED
WHEN DRAWN
    * 550,000 ADDITIONAL WARRANTS COULD BE ISSUED IF THE SECOND
TRANCHE OF €10 MILLION IS DRAWN BY OSE IMMUNOTHERAPEUTICS

Source text for Eikon:  ID:nNDLc0tjyx 
Further company coverage:  OSE.PA 

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