CORRECT and REPLACE (1): NOXXON obtains a 17 million euro extension of a capital-linked facility with Atlas to advance NOX-A12 in glioblastoma and pancreatic cancer treatment programs

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BERLIN–(COMMERCIAL THREAD) – Regulatory news:

This press release corrects an earlier version published on December 29, 2021 and is updated to include a corrected appendix. The corrected press release reads as follows:

CORRECTED PRESS RELEASE(1): NOXXON SECURES 17 MILLION EUROS OF ENLARGEMENT WITH ATLAS TO ADVANCE NOX-A12 IN GLIOBLASTOMA AND PANCREATIC CANCER PROGRAMS

NOXXON Pharma NV (Euronext Growth Paris: ALNOX) (Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), today announced the extension of the agreement with Atlas Special Opportunities, LLC (ASO) for the additional supply of a maximum of € 17 million in equity-linked securities. In addition, NOXXON today issued 2,419 convertible bonds (including 44 convertible bonds issued under the transaction commission) for a total nominal amount of 2.419 million euros.

This capital increase further strengthens the financial visibility of NOXXON and allows us to focus on achieving key operational goals, including completion of phase 1/2 of NOX-A12 GLORIA brain cancer, advancement of the arms GLORIA expansion testing additional combinations and the launch of two new studies: a Phase 2/3 pivotal phase in glioblastoma and a Phase 2 in pancreatic cancer. In addition, the Extended Capital Facility, if fully utilized, provides sufficient financing capacity to fund operations for substantially all of 2022, according to the current business plan,said Bryan Jennings, CFO of NOXXON.

The flexible convertible bond agreement with ASO, originally disclosed on April 23, 2020 and amended on October 14, 2020, has now been amended again to increase its capacity. In total, 17 additional tranches with a nominal amount of € 1 million each will be added to the convertible bond when NOXXON draws the nominal amount currently available. The total remaining nominal capacity of the vehicle before this extension and today’s issuance amounts to € 10.45 million. Availability under the amended facility, including the extension of € 17 million, was € 27.5 million prior to today’s issuance.

All the characteristics, terms and conditions of the financing can be found in the press releases of April 23 and October 14, 2020 relating to the agreement and the dilutive potential of the latter amendment annexed to this press release. NOXXON maintains a summary table of convertible bonds issued in the Investors section of its website.

About NOXXON

NOXXON’s oncology-focused pipeline acts on the tumor microenvironment (TME) and the cancer immunity cycle by breaking down the tumor protective barrier and blocking tumor repair. By neutralizing the chemokines in TME, NOXXON’s approach works in combination with other forms of treatment to weaken tumor defenses against the immune system and allow greater therapeutic impact. NOXXON’s main program, NOX-A12, provided the final revenue data of a Keytruda® combined trial in patients with metastatic colorectal and pancreatic cancer published at the ESMO conference in September 2020 and July 2021, the company announced its phase 2 study, OPTIMUS, to further assess safety and efficacy NOX-A12 in combination with Keytruda from Merck® and two different chemotherapy regimens as second-line treatment in patients with metastatic pancreatic cancer. NOXXON is also studying NOX-A12 in brain cancer in combination with radiation therapy, which has been granted orphan drug status in the US and EU for the treatment of certain brain cancers. GLORIA, a trial of NOX-A12 in combination with radiation therapy in patients with newly diagnosed brain cancer who will not clinically benefit from standard chemotherapy, provided interim data from the first two cohorts showing consistent tumor reductions and objective tumor responses. The Company’s second clinical-stage active, NOX-E36, is a phase 2 TME active targeting the innate immune system. NOXXON plans to test NOX-E36 in patients with solid tumors. More information is available at: www.noxxon.com.

Keytruda® is a registered trademark of Merck Sharp & Dohme Corp.

Visit NOXXON on LinkedIn and Twitter.

About the GLORIA study

GLORIA (NCT04121455) is the phase 1/2 dose escalation study of NOXXON of NOX-A12 in combination with irradiation in patients with first-line glioblastoma (brain cancer) with a non-MGMT promoter. methylated (resistant to standard chemotherapy).

About the OPTIMUS study

OPTIMUS (NCT04901741) is NOXXON’s open-label, two-arm phase 2 study of NOX-A12 in combination with pembrolizumab and nanoliposomal irinotecan / 5-FU / leucovorin or gemcitabine / nab-paclitaxel in patients with ‘stable microsatellite metastatic pancreatic cancer.

Warning

Certain statements in this communication contain wording or terms that refer to future or future developments, as well as negations of such wordings or terms, or similar terminology. These are described as forward-looking statements. In addition, all information contained in this communication concerning the expected or future results of the business segments, financial indicators, changes in the financial situation or other financial or statistical data contains such forward-looking statements. The company cautions potential investors not to rely on such forward-looking statements as certain predictions of actual future events and developments. The company is neither responsible nor liable for updating this information, which only represents the inventory on the day of publication.

ANNEX

Table: Dilution potential of the convertible bond vehicle assuming a conversion price of € 0.27 per share

The description

Price per

to share

paid

Number of bonds

Converted

Actions

Has received

Nominal value

Converted to

Actions *

Dilution

Shareholder

starting with 1%

would then be

hold **

Existing Medium Tranche vehicle

€ 0.27

475

1,759,259

€ 475,000

2.30%

0.98%

New installment of

1 million euros

€ 0.27

1000

3,703,703

€ 1,000,000

4.73%

0.95%

The 17 new installments

€ 0.27

17,000

62 962 962

€ 17,000,000

45.77%

0.54%

Conversion of all

remaining without appeal

slices and 17 New

Slices

€ 0.27

27,450

101 666 666

€ 27,450,000

57.68%

0.42%

* Rounded up to simplify the presentation of amounts not used due to odd lots.

** The percentages indicated only take into account the dilutive effect of the transaction (s) specified in the Description column of the same row; these percentages are not cumulative with the lines above.

1 The press release of December 29, 2021 miscalculated and overestimated the dilutive potential of the convertible bond vehicle included in the appendix.



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