Saniona extends track and amends loan deal with Formula North

[ad_1]

Saniona AB

PRESS RELEASE

September 302022

Saniona (OMX: SANION), a clinical-stage biopharmaceutical company, today announced that Saniona and Formula Nord Fokus A/S (North formula) have agreed to the change the terms of the loan contract of June 30th, 2021. Saniona a repaid SEK 15 million of the loan and the maturity date of the outstanding loan was changed of June 30, 2023 to January 31, 2024. The current cash should therefore finance the planned activities until January 2024.

Thomas Feldthus, Managing Director of Saniona, said, “We continue to make progress in our partnership efforts and I remain optimistic that we can build partnerships that will make us less dependent on financial markets. The amended loan agreement will allow us to continue these efforts under the best possible conditions without impacting the share capital. »

In July 2021, Saniona entered into a non-dilutive SEK 87 million term loan agreement with Formue Nord. Saniona has repaid SEK 15 million by September 30, 2022. As part of the repayment, Saniona and Formue Nord have agreed to amend the terms of the term loan agreement.

The duration of the loan has been extended by 7 months, which means that the maturity date of the loan has been changed from June 30, 2023 to January 31, 2024. A commitment fee of 3% will be paid to Formue Nord, which will result in a loan value of SEK 74.2 million as of September 30, 2022. The loan value will continue to accrue at a monthly interest rate of 1% until July 1, 2023, after which the monthly interest will change at 1.5%.

The amended loan terms mean that the current cash position is expected to fund planned activities until January 2024.

For more information please contact
Thomas Feldthus, CEO, +45 22109957; [email protected]

This information is what Saniona AB (publ) is required to make public under the EU Market Abuse Regulation. Eis the information has been submitted for publication, through the contact person listed above, to 12.30 THISSTonne 30 September 2022.

About Saniona
Saniona is a clinical-stage biopharmaceutical company whose mission is to leverage its expertise in ion channel targeting to discover, develop and deliver innovative treatments for rare diseases. The company’s most advanced product candidate, Tesomet™, has been in mid-stage clinical trials for hypothalamic obesity and Prader-Willi syndrome, serious rare disorders characterized by significant weight gain, disturbances in metabolic functions and uncontrollable hunger. These clinical trials are voluntarily suspended due to funding limitations and Saniona is actively exploring partnership opportunities. Saniona has developed a proprietary ion channel drug discovery engine based on IONBASE™, a database of over 130,000 compounds, of which over 20,000 are Saniona’s proprietary ion channel modulators. Using its expertise in ion channels, Saniona is advancing two proprietary ion channel modulators, SAN711 and SAN903. SAN711 has successfully completed a phase 1 clinical trial and is positioned for the treatment of neuropathic pain. SAN903 is in preclinical development for inflammatory and fibrotic disorders. Saniona is based in the Copenhagen area, Denmark, and is listed on the Nasdaq Stockholm Small Cap (OMX: SANION). Read more on http://www.saniona.com.

Attachment

[ad_2]
Source link

Comments are closed.