[ad_1]
LEIDEN, The Netherlands & CAMBRIDGE, Mass., December 30, 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, today announced that it has amended its convertible debt financing agreement entered into in 2020 with Kreos Capital (“Kreos”) and Pontifax Medison Debt Financing (“Pontifax”).
The amended agreement gives ProQR access to convertible debt financing of up to an additional $ 90 million in three new tranches of $ 30 million each that will mature over a period of 54 months and have a period of up to $ 90 million. interest only of 33 months. The three new tranches replace the two unused tranches under the original convertible debt financing arrangement.
“This amendment further strengthens our balance sheet and gives us access to additional operating capital to support preparations as we prepare for potential commercialization,” said Smital Shah, Commercial and Financial Director of ProQR. “If fully utilized, this facility extends our cash flow track through 2024, beyond a number of 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, which is a 50% premium over the average closing price of the l share of the Company during the 7 trading days preceding the signing. ProQR also has the option of converting the loan into its ordinary shares, at the same conversion price, if the shares of the Company reach a predetermined threshold.
In connection with the amendment and the drawdown of the first new tranche, ProQR has agreed to issue amendment warrants at closing to purchase up to a total of 83,767 and 293,185 from affiliated entities of Pontifax and Kreos, respectively, of its common shares at an exercise price of $ 11.94 per share, which is a 50% premium over the average closing price during the 7 trading days preceding the signing. . In addition, upon the drawdown of each of the new second and third tranches, ProQR will issue additional warrants to Pontifax and Kreos to purchase a total number of common shares with a total exercise price of $ 750,000 each. of these issues of additional warrants exercisable for a number of common shares equal to $ 750,000 divided by 1.5 times the average closing price of the common shares of ProQR during the 7 trading days preceding the drawdown of the tranche concerned.
About ProQR
ProQR Therapeutics is dedicated to changing lives by creating transformative RNA therapies for the treatment of serious rare genetic diseases such as congenital Leber 10 amaurosis, Usher syndrome and retinitis pigmentosa. Based on our proprietary RNA repair platform technologies, we are developing our pipeline with patients and their loved ones in mind. Learn more about ProQR at www.proqr.com.
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 lifecycle. Kreos targets investments in all areas of the tech and healthcare sectors and, to date, has committed more than 3.2 billion euros in more than 640 portfolio company transactions, in 17 countries. With more than $ 1.5 billion in funds under management, Kreos can invest between 2 and 100 million euros per transaction in public and private companies at all stages. Learn more about Kreos Capital at www.kreoscapital.com.
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 technologies in life sciences at all stages of development. Its portfolio includes a hundred companies that develop revolutionary solutions for substantial unmet needs. Pontifax Medison Debt Financing is Pontifax’s risky debt fund. Learn more about Pontifax at www.pontifax.com.
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”, “might”, “estimate”, “expect”, “objective”, “Intend”, “look forward to”, “might”, “plan”, “,”, “,! These forward-looking statements include those relating to our credit facility with Pontifax and Kreos and the use of the proceeds thereof, our financial condition and cash flow path, and preparations to market. Forward-looking statements are based on the beliefs and assumptions of management and on information available only to 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 documents filed 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 others, 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 down or interrupted by the COVID-19 pandemic; the likelihood that our clinical programs will be completed on time and the use of our contract research organizations and the predictability of the timely recruitment of subjects and patients to advance our clinical trials and maintain their own operations; our dependence on subcontractors to supply materials for research and development and the risk of disruption of supply from a subcontractor; the possibility that future data will modify the initial and preliminary results of early-stage clinical trials; the unpredictability of the length and results of regulatory review of applications or authorizations that are necessary to initiate and continue to advance and advance our clinical programs; the ability to obtain, maintain and realize the expected benefits of collaborations with partners; possible corruption, inability to obtain and costs of obtaining intellectual property rights; possible safety or efficacy issues that may emerge as new data is generated through 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 associated with 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, unless required by law. .
ProQR Therapeutics SA
Investor contact:
Sarah kiely
ProQR Therapeutics SA
T: +1 617 599 6228
[email protected]
Where
Hans vitzthum
LifeSci Advisors
T: +1 617 430 7578
[email protected]
Media contact:
Robert stanislaro
FTI Council
Phone. : +1 212 850 5657
[email protected]
[ad_2]
Source link
