BioSenic reaches agreement on binding term sheets with main creditors to restructure past financial debts - Seite 2

Completion of the refinancing of the loans granted by Patronale, Monument and the EIB will be subject to BioSenic raising sufficient new equity for BioSenic to continue its operations including the initiation in Q2 2024 of a Phase 3 clinical trial of its lead Oral ATO therapeutic candidate targeting cGvHD.  

These voluntary agreements, which will be submitted to the competent Belgian Enterprise Court for homologation as part of a freely accepted settlement procedure, increase BioSenic’s financial stability to continue to develop critical therapies for patients with none or few alternative options, and demonstrate the trust of BioSenic’s main creditors. The pending stated confidence of the Chairman of the Enterprise Court will establish that BioSenic has a sound prospect of business development and viability and that the agreements are feasible without prejudicing the rights of third parties over the assets of BioSenic. This will bring Yves Brulard's mandate to reach a negotiated agreement with the main historic creditors of Bone Therapeutics to an end.

These agreements give also the opportunity to BioSenic to participate intensively in the ongoing development of the regional network and should meet the requirements of the Walloon Region's multiannual research programs. BioSenic also obtained an agreement with the ABO Securities subsidiary, Global Tech Opportunities 15, to secure short term financing on the basis of its existing convertible bond program.

François Rieger, PhD, Chairman and Chief Executive Officer of BioSenic said: "BioSenic has achieved ongoing financial stability to continue its development programs with the optimal restructuring of the debts inherited from Bone Therapeutics. Since the reverse merger operated last October 2022, the main financial organizations involved in the past programs of the company that became BioSenic were evaluating the chances to reorganize and renew both the structure and the programs of the company. This has been successfully recognized by the present term sheets, and gives long term financial stability to BioSenic. We can now concentrate on clinical accomplishment and innovation, for the full benefit of patients that are expecting new therapies for inflammatory, degenerative or autoimmune diseases, for which our ATO or cell repair platforms will provide decisive progress.”