Advicenne Announces the Second Tranche Drawdown of Its Non-dilutive Financing Agreement With the EIB
- Immediate contribution of €5 million in cash from the second tranche of the €20 million global agreement signed in July 2019
- Confirmation of financial visibility until the fourth quarter of 2023
PARIS--(BUSINESS WIRE)--Regulatory News:
Advicenne (Euronext Growth Paris ALDVI - FR0013296746), a specialty pharmaceutical company dedicated to developing and commercializing innovative treatments for those suffering from rare renal diseases, today announced the receipt of €5 million of the second tranche of the loan agreement with the European Investment Bank (EIB). This agreement, signed in July 2019, covers a total amount of €20 million. A first tranche of €7.5 million had been drawn in August 2020.
This 5-year term loan tranche bears a single-digit annual interest rate partly payable annually and partly capitalized and is part of the global agreement with the European Investment Bank, details of which are available in the 2021 Universal Registration Document published on April 29, 2022.
This second tranche strengthens the Company's cash position, which amounted to €7.29 million as of June 30, 2022. Thanks to this new non-dilutive contribution, Advicenne confirms its financial visibility until the fourth quarter of 2023.
"The drawdown of this second tranche of non-dilutive financing is strengthening our financial visibility and will enable us to support the very strong growth of Sibnayal® sales in France and in certain European territories. At the same time, this financial reserve puts us in an ideal position to negotiate new distribution alliances in new countries under the best possible conditions and to serenely seek a U.S. partner for our flagship product in the US", stated Didier Laurens, Chief Executive Officer of Advicenne.
Advicenne (Euronext: ALDVI) is a specialty pharmaceutical company founded in 2007, specializing in the development of innovative treatments in Nephrology. Its lead product Sibnayal® (ADV 7103) has received its Marketing Approval for distal renal tubular acidosis in EU and the UK. ADV 7103 is currently in late-stage development in cystinuria in Europe and in dRTA and cystinuria in the US and in Canada. Headquartered in Paris, Advicenne, listed on the Euronext Paris stock exchange since 2017, has now been listed on Euronext Growth Paris since its transfer on March 30, 2022. For additional information see: https://advicenne.com/.
This press release contains certain forward-looking statements concerning Advicenne group and its business, including its prospects and product candidate development. Such forward-looking statements are based on assumptions that Advicenne considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the 2021 Universal Registration Document filed with the French financial market authority on April 29, 2022 (a copy of which is available on www.advicenne.com) and to the development of economic conditions, financial markets, and the markets in which Advicenne operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Advicenne or not currently considered material by Advicenne. The occurrence of all or part of such risks could cause actual results, financial conditions, performance, or achievements of Advicenne to be materially different from such forward-looking statements. Advicenne expressly declines any obligation to update such forward-looking statements.
Didier Laurens, CEO
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