Onxeo announces a capital increase of €7.3 million by private placement to Invus and Financière de la Montagne, the Company's historical shareholder
The funds raised will accelerate the development of Onxeo’s programs, and extend its cash runway into Q1 2022
Paris (France), June 9, 2020 – 7.30 am CEST - Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), (“Onxeo” or “the Company”), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage response (DDR), in particular against rare or resistant cancers, today announced the completion of a capital increase by private placement of new shares for a total amount of approximately 7.3 million euros, subscribed to by Invus Public Equities LP and Financière de la Montagne, the Company's historical shareholder. The funds raised will accelerate the development of Onxeo’s programs and extend its cash runway into Q1 2022.
"We are very pleased with this positive transaction for the Company and its shareholders. In addition to extending our financial visibility, this placement will enable Onxeo to accelerate the development of both AsiDNA™, notably on the clinical side, and OX401, the second candidate from PlatON™, for which we are finalizing the validation of the preclinical profile. These developments represent important milestones and real catalysts for value creation in the future. This placement is also an opportunity to welcome Invus, a well-known investor, as a key shareholder and testifies to the strong credibility of our Company. Thus, with Financière de la Montagne, a historical shareholder and unwavering supporter of the Company, we now have two reference shareholders with whom we look forward to work in close partnership, to transform the hope that AsiDNA™ represents in the fight against cancer resistance to treatment into concrete opportunities for patients”, commented Judith Greciet, Chief Executive Officer of Onxeo.
"The decoy agonist mechanism of Onxeo's drug candidates stands out in the field of DNA damage response. AsiDNA™ already has a strong preclinical and early clinical proof-of-concept. The REVocan trial, led by Gustave Roussy, one of the world leading cancer research institutions, is designed to answer AsiDNA’s efficacy in overcoming resistance to existing targeted therapies. Invus is a strong believer in Onxeo’s management team and is delighted to leverage its long-term evergreen capital structure to finance the company’s attractive clinical plans", said Khalil Barrage, Partner at Invus.
"We welcome this opportunity to renew our confidence and support for Onxeo, which now has a state-of-the-art research development portfolio and expert teams to lead its candidates to success. Financière de la Montagne has accompanied Onxeo's strategic evolution for many years, and it is a great pride to see the value proposition of this highly innovative French technology become a reality. Moreover, we are delighted to see Invus, a very experienced quality investor, join us in this financing", concluded Nicolas Trebouta, representing Financière de la Montagne.