Nanobiotix receives €14 million through the second tranche disbursement of financing from the European Investment Bank
- Proceeds strengthen balance sheet and cash visibility
- Payment triggered by the achievement of 2 key company milestones:
o Determination of the recommended dose at 22% of the tumor volume for head and neck cancers treatment following the end of Phase I clinical trial with NBTXR3
o Received positive evaluation of the clinical benefit/risk ratio of NBTXR3 in soft tissue sarcomas Phase III by the clinical expert mandated by the French medical device notified body, GMED
Paris, France and Cambridge, Massachusetts (USA), March 4, 2019 – NANOBIOTIX (Euronext: NANO – ISIN: FR0011341205), a clinical-stage nanomedicine company pioneering new approaches to the treatment of cancer, today announced that the Company received €14 million through the second tranche disbursement of the non-dilutive loan from the European Investment Bank (EIB), which was originally announced on July 26, 2018.
Ambroise Fayolle, vice-president of the European Investment Bank said, “We are pleased to continue to support the development of Nanobiotix which is proceeding according to the planned roadmap. The Bank of the European Union supports innovation in Europe and especially in the medical sector, as shown by our partnership with Nanobiotix."
Philippe Mauberna, Nanobiotix’s Chief Financial Officer, said: “This second disbursement from the European Investment Bank of €14 million allows us to strengthen our balance sheet and the Group’s cash visibility. This financing will allow us to advance our global development plan and continue the development of NBTXR3, a product candidate that could potentially benefit millions of patients.”
This second tranche was disbursed on the basis of achieving the following criteria:
- Determination of the recommended dose at 22% of the tumor volume for head and neck cancers treatment following end of Phase I clinical trial with NBTXR3
- Positive evaluation of the clinical benefit/risk ratio of NBTXR3 in soft tissue sarcomas Phase III by the clinical expert mandated by the French medical device notified body, GMED
The financing agreement allows Nanobiotix to borrow up to €40 million, of which the final, third tranche of €10 million can be disbursed up until July 26, 2020, subject to achieving a set of agreed performance criteria. The transaction with Nanobiotix was made possible by the support of the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, under which the EIB Group and the European Commission aim to act as strategic partners to boost the European economy’s competitiveness. This financing agreement will enable Nanobiotix to accelerate both the development of NBTXR3’s clinical trial in head and neck cancers and support its European go-to-market strategy.