ABIVAX: Abivax receives € 5m non-dilutive financing from Société Générale as State Guaranteed Loan
/ Key word(s): Financing
Abivax receives € 5m non-dilutive financing from Société Générale as State Guaranteed Loan
PARIS, France, June 15, 2020 - 06:00 p.m. (CEST) - Abivax SA (Euronext Paris: FR0012333284 - ABVX), a late stage clinical biotechnology company harnessing the immune system to develop novel treatments for inflammatory diseases, viral diseases and cancer, announces today that it has received € 5m in non-dilutive financing from Société Générale in the form of a loan guaranteed by the French state (PGE - Prêts Garantis par l'Etat).
This € 5m loan is structured with an initial maturity of 12 months at a 0.25% interest rate and an option for up to 5 years extension. This non-dilutive loan extends Abivax's cash runway into early 2021.
Prof. Hartmut Ehrlich, M.D., CEO of Abivax, said: "The financing granted by Bpifrance, now complemented by Société Générale, allows Abivax to maintain the rapid development pace of our ongoing and planned clinical study programs. Patient recruitment is progressing well and according to our expectations for our clinical trials with ABX464, i.e. Phase 2b in ulcerative colitis and Phase 2a in rheumatoid arthritis, as well as for the Phase 1/2 trial with ABX196 in hepatocellular carcinoma. We will soon be treating the first patient in the COVID-19 study with ABX464, which will be conducted in Europe as well as Brazil and possibly additional countries in Latin America, where the pandemic still has not reached its peak. In parallel, Abivax is already preparing for potential marketing authorizations and global commercialization of ABX464 for the treatment of high-risk COVID-19 patients."
Didier Blondel, Chief Financial Officer of Abivax, added: "Beyond the € 36m funding from Bpifrance, this € 5m funding from Société Générale is extending our cash resources until early 2021. In the short-term, to be able to fully execute on its corporate objectives and to maintain its current development plans and timelines, Abivax is planning to secure at least € 30m additional financing. We remain in regular discussion with a number of stakeholders to evaluate these additional financing opportunities, and we continue to focus on non-dilutive options."
This press release contains forward-looking statements, forecasts and estimates with respect to certain of the Company's programs. Although the Company believes that its forward-looking statements, forecasts and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors that have been deemed reasonable, such forward-looking statements, forecasts and estimates are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements, forecasts and estimates. A description of these risks, contingencies and uncertainties can be found in the documents filed by the Company with the French Autorité des Marchés Financiers pursuant to its legal obligations including its registration document (Document de Référence). Furthermore, these forward-looking statements, forecasts and estimates are only as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements. Abivax disclaims any obligation to update these forward-looking statements, forecasts or estimates to reflect any subsequent changes that the Company becomes aware of, except as required by law.
15.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.