BERLIN--(BUSINESS WIRE)--Regulatory News:
NOXXON Pharma N.V. (Euronext Growth Paris: ALNOX) (Paris:ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), announced today that the previously disclosed convertible bonds (see press releases of June 15 and August 1, 2018) have been listed on the Euronext Access market in Paris as notes convertible into NOXXON shares (the Notes). In parallel with this listing, NOXXON secured an additional €420,000 as an investment in the Notes. This brings the total invested in the Notes to €1,000,000.
The Notes carry an interest rate of 7%, payable in NOXXON shares upon conversion, and may be converted at either the investor’s or the company’s option provided that certain conditions are met. Investors may convert their Notes to NOXXON shares on October 1, 2018, or later. The company may convert all outstanding Notes to NOXXON shares at or after the maturity date, June 30, 2020, or immediately prior to a merger, acquisition or other change of control event. In the above cases, conversion of the Notes to NOXXON shares will occur at the volume weighted average price (VWAP) of NOXXON shares on Euronext Growth in the last 10 trading days of the previous calendar quarter. The company may also convert all outstanding Notes to NOXXON shares at the terms of a qualifying equity financing round. Full terms and conditions of the Notes can be found in the appendix to this press release and on the NOXXON website (www.noxxon.com).
“We greatly appreciate the additional support of the new European institutional investors that joined this financing. Having successfully raised the maximum amount of €1,000,000 that was authorized under this convertible loan vehicle, we will now focus on completing the ongoing trial testing NOX-A12 and Keytruda® in pancreatic and colorectal cancer patients, defining the next steps in these indications, and financing a NOX-A12 Phase I/II clinical trial in first-line glioblastoma patients testing a combination of NOX-A12 with radiotherapy where we have strong support from brain tumor experts and a powerful set of preclinical data. The company continues to be in active discussions with institutional investors and will seek to raise additional capital in the near-term as noted in our Annual Report 2017,” commented Aram Mangasarian, CEO of NOXXON.
Assuming the immediate conversion of the entire principal amount of €1,000,000 of the listed Notes at a price of €2.46 per share (the 10-day VWAP from August 27 to September 7, 2018), dilution for the existing shareholders pursuant to the conversion of these Notes into ordinary shares would be approximately 7.83% assuming the issuance of 406,236 ordinary shares.
About NOXXON
NOXXON’s oncology-focused pipeline acts on the tumor microenvironment (TME) and the cancer immunity cycle by breaking the tumor protection barrier, blocking tumor repair and exposing hidden tumor cells. Through neutralizing chemokines in the tumor microenvironment, NOXXON’s approach works in combination with other forms of treatment to weaken tumor defenses against the immune system and enable greater therapeutic impact. Building on extensive clinical experience and safety data, the lead program NOX-A12 will deliver top-line data from a Keytruda® combination trial in metastatic colorectal and pancreatic cancer patients in 2018. The company plans to initiate further studies with NOX-A12 in brain cancer in combination with radiotherapy, for which an orphan drug status has been granted in the US and EU. The company’s second asset, NOX-E36 is a Phase 2 TME asset targeting the innate immune system. NOXXON plans to test NOX-E36 in pancreatic cancer patients both as a monotherapy and in combination. Further information can be found at: www.noxxon.com
Keytruda® is a registered trademark of Merck Sharp & Dohme Corp.
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Disclaimer
Certain statements in this communication contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this communication regarding planned or future results of business segments, financial indicators, developments of the financial situation or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for updating such information, which only represents the state of affairs on the day of publication.
