Onxeo Obtains Non-Dilutive Financing of 5 Million Euros in the Form of State Guaranteed Loans
This financing extends the Company's cash horizon to the 3rd quarter of 2022
Paris (France), January 28, 2021 – 6 pm CET – Onxeo S.A. (Euronext Growth: ALONX; Nasdaq First North: ONXEO), 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 announces that it has secured a €5 million financing with a group of French banks, in the form of State Guaranteed Loans.
This non-dilutive financing is part of the measures put in place by the French government to support French companies in the context of the COVID-19 pandemic. It will enable the Company to strengthen its cash position and extend its financial visibility through the 3rd quarter of 2022, taking into account programs already planned.
Nicolas Fellmann, Chief Financial Officer of Onxeo, commented: "We are very pleased with the commitment alongside our banking partners as well as Bpifrance and we would like to thank them. This significant financing allows the company to gain financial visibility good economic terms, while we are currently experiencing a challenging context. This funding secures the progress of our R&D programs with AsiDNA, which is currently being evaluated in two ongoing trials, and OX401, a new drug candidate from platON™ which has a particularly promising profile.”
The loans are 90% guaranteed by the French government and have a maturity of 12 months. At the end of this initial period, the Company may, at its discretion, defer repayment of the principal amount for up to five additional years.