BioAlliance Pharma SA (Euronext Paris – BIO), an innovative Company specialized in the development of drugs in orphan oncology diseases, today announced the setup of a €10 million loan granted by its top shareholder, Financière de la Montagne.
A BioAlliance Pharma shareholder since 2008, today its top shareholder and member of its Board of Directors, Financière de la Montagne thus confirms its commitment to the Company.
This loan helps strengthen the financial resources of BioAlliance Pharma, and those of Onxeo following completion of the company’s merger with Topotarget. In particular, the loan supports its R&D programs, including the international phase III clinical trial with Livatag® in primary liver cancer.
The loan is granted for a one-year period, until July 31st 2015, in the form of a shareholders’ current account and will bear a 15% interest payable at maturity. Capital and interest are repayable in cash, or in shares in case the company launches a capital increase prior to the end of the loan agreement. The debt incorporated for the subscription to the capital increase would then be increased by a 25% premium.
“With this funding operation, Financière de la Montagne demonstrates once again its confidence in the Company’s strategy, capacity for growth and value creation, and I would like to warmly thank our leading shareholder for this.”, comments Judith Greciet, CEO of BioAlliance Pharma. “This support allows us to fully commit to our vision to become a leader in the field of orphan oncology diseases with the creation of Onxeo”.