ProQR Announces Amendment to Convertible Debt Financing Agreement with Pontifax Ventures and Kreos Capital



LEIDEN, Netherlands and CAMBRIDGE, Mass., Dec. 30 11, 2021 (GLOBE NEWSWIRE) — ProQR Therapeutics NV (Nasdaq:PRQR) (“ProQR”), a company dedicated to changing lives through the creation of transformative RNA therapies for genetic eye diseases, announced today that it has changed its 2020 convertible debt financing agreement with Kreos Capital (“Kreos”) and Pontifax Medison Debt Financing (“Pontifax”).

The amended agreement gives ProQR access to up to an additional $90 million of convertible debt financing in three new tranches of $30 million each that will mature over 54 months and have an interest-only period of 33 months. The three new tranches replace the two undrawn tranches under the original convertible debt financing agreement.

“This amendment further strengthens our balance sheet and gives us access to additional operating capital to support preparations as we move towards potential commercialization,” said Smital Shah, chief commercial and financial officer of ProQR. “If fully utilized, this facility extends our cash trail through 2024, beyond a number of important milestones, as well as the potential launch of our first product.”

Pontifax and Kreos may elect to convert the new tranches into ProQR common stock at any time prior to redemption at a conversion price of $11.94 per share, a 50% premium to the average closing share price of the Company during the 7 trading days preceding the signature. ProQR also has the option to convert the loan into its common shares, at the same conversion price, if the shares of the Company reach a predetermined threshold.

In connection with the Amendment and the drawing of the first new tranche, ProQR has agreed to issue at the closing of the Amendment warrants to purchase up to an aggregate of 83,767 and 293,185 from affiliated entities to Pontifax and Kreos, respectively, of its common stock at an exercise price of $11.94 per share, representing a 50% premium to the average closing price for the 7 trading days prior to signing. In addition, upon the drawing of each of the new second and third tranches, ProQR will issue to Pontifax and Kreos additional warrants to purchase an aggregate number of common shares with an aggregate exercise price of $750,000, each issuance of additional warrants. exercisable for a number of common shares equal to $750,000 divided by 1.5 times the average closing price of ProQR common shares during the 7 trading days preceding the drawing of the relevant tranche.

About ProQR

ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA therapies for the treatment of serious rare genetic diseases such as Leber 10 congenital amaurosis, Usher syndrome and retinitis pigmentosa. Based on our proprietary RNA repair platform technologies, we develop our pipeline with patients and their loved ones in mind. Learn more about ProQR at

About Kreos Capital

Kreos Capital is the leading provider of growth debt in Europe and Israel, supporting high growth companies at every stage of their life cycle. Kreos targets investments in all areas of the technology and healthcare sectors and, to date, has committed more than €3.2 billion in more than 640 transactions with portfolio companies, in 17 countries. With more than $1.5 billion in funds under management, Kreos can invest between €2 million and €100 million per transaction in public and private companies at all stages. Learn more about Kreos Capital at

About Pontifax

Founded in 2004, Pontifax is a dedicated healthcare venture capital firm with over $1.2 billion under management. It seeks transformative and cutting-edge life science technologies at all stages of development. Its portfolio includes approximately 100 companies that are developing breakthrough solutions to address significant unmet needs. Pontifax Medison Debt Financing is Pontifax’s venture debt fund. To learn more about Pontifax, visit

Forward-looking statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “target”. , “intend”, “look forward to”, “may”, “plan”, “potential”, “predict”, “project”, “should”, “fly”, “would” and similar expressions. These forward-looking statements include those relating to our credit facility with Pontifax and Kreos and the use of proceeds therefrom, our financial condition and cash flow, and marketing preparations. Forward-looking statements are based on management’s beliefs and assumptions and on information available to management only as of the date of this press release. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks, uncertainties and other factors in our filings with the Securities and Exchange Commission, including including certain sections of our annual report filed on Form 20-F. These risks and uncertainties include, among other things, the cost, timing and results of preclinical studies and clinical trials and other development activities by us and our collaborative partners whose operations and activities may be slowed or stopped by the COVID-19 pandemic; the likelihood that our clinical programs will be completed on schedule and reliance on our contract research organizations and the predictability of timely subject and patient enrollment to advance our clinical trials and maintain their own operations; our reliance on subcontractors to supply materials for research and development and the risk of disruption of a subcontractor’s supply; the possibility that future data will alter the initial and preliminary results of early-stage clinical trials; the unpredictability of the timing and results of regulatory review of applications or approvals that are necessary to initiate and continue to advance our clinical programs; the ability to secure, maintain and realize the expected benefits of collaborations with partners; possible alteration, inability to obtain and costs of obtaining intellectual property rights; potential safety or effectiveness issues that may emerge as new data are generated in research and development; our ability to maintain and manage our loan facility with Pontifax and Kreos, general business, operational, financial and accounting risks, and risks relating to litigation and disputes with third parties. In view of these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. except as required by law. .

ProQR Therapeutics SA

Investor contacts:
Sarah Kiely
ProQR Therapeutics SA
Phone. : +1 617 599 6228
[email protected]
Hans Vitzthum
LifeSci Advisors
Phone. : +1 617 430 7578
[email protected]

Media Contact:
Robert Stanislar
FTI Council
Phone. : +1 212 850 5657
[email protected]

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