BioAlliance Pharma SA (Euronext Paris – BIO), a company dedicated to specialty and orphan oncology products, today announces the achievement of the reserved capital increase and the payment of the €1 million milestone, as provided in the commercialization agreement signed with the Therabel Group for Loramyc® in Europe.
Therabel has actually subscribed for the maximum amount authorized by the General Assembly Meeting of June 29, 2011, i.e. 680.000 new shares, with a 15% premium over the last 20 business days preceding the operation (€3.65 per share).
Moreover, Therabel has finalized end of December 2011 the discussions with the Italian health authorities (Agenzia Italiana del Farmaco) regarding the price and the reimbursement for Loramyc®; publication in the Italian official journal should occur shortly. In this context, BioAlliance will receive from its partner an additional payment indexed on futures sales of Loramyc® in Italy up to a maximum amount of €500.000.
BioAlliance has received more than €11 million (royalties excluded) of which €3.5 million in 2011 since the signature of its partnership agreement with Therabel. An additional €1 million payment is planned end of 2012.
“The approval from the Italian health authorities is a significant step in the European expansion of Loramyc® and opens the way to the product’s commercialization in Italy”, declares Judith Greciet, CEO of BioAlliance Pharma. “These achievements underline the dynamics and the quality of our partnership with Therabel and guarantee our future successes. These funds substantially reinforce our cash reserves and will contribute to develop our R&D programs”.