Brief: Poxel Issues Bonds For Up To EUR 30 Mln, Sees Clinical Trial Results In Q4

Poxel SA

05/11/2019 07:18

Nov 5 (Reuters) - Poxel SA  POXEL.PA :
    * POXEL OBTAINS ADDITIONAL FUNDING TO ADVANCE PIPELINE
PROGRAMS
    * FINANCING OF UP TO EUR 30 MILLION THROUGH A BOND LOAN WITH
IPF
PARTNERS
    * DRAW DOWN OF FIRST TRANCHE OF EUR 6.5 MILLION EXPECTED IN
NOVEMBER 2019
    * CASH BALANCE AT YEAR-END 2019 EXPECTED TO BE ABOVE EUR 35
MILLION
    * FINANCING CONSISTS OF THREE SEPARATE BOND TRANCHES: EUR
6.5
MILLION, EUR 10 MILLION AND EUR 13.5 MILLION, FOR A TOTAL AMOUNT
OF EUR 30 MILLION
    * THIS EUR 30 MILLION FINANCING WITH IPF PARTNERS
STRENGTHENS OUR
FINANCIAL POSITION AND EXTENDS OUR CASH RUNWAY INTO 2022
    * MATURITY: 5 YEARS FROM DRAWDOWN FOR EACH OF TRANCHE ONE
AND
TRANCHE TWO AND 4 YEARS FROM DRAWDOWN FOR TRANCHE THREE
    * INITIAL PAR VALUE: EUR 1 PER BOND
    * FOR PXL065, WE EXPECT RESULTS FROM PHASE 1B TRIAL IN Q4
2019
    * FOR PXL065, EXPECTS TO INITIATE NEXT PHASE OF DEVELOPMENT
IN
FIRST HALF OF 2020 FOLLOWING MEETING WITH U.S. FDA ON 505(B)
REGULATORY PATHWAY

Source text for Eikon:  ID:nBwgzn6ya 
Further company coverage:  POXEL.PA 

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