EQS-News
Newron announces agreement with the European Investment Bank (EIB) to extend the near-term tranche repayment dates of its 2018 financing agreement
- EIB extends repayment dates for Newron's financing agreement
- Tranches 1-3 due in 2025-2026 after pipeline milestones
- Agreement includes performance-based remuneration for EIB
EQS-News: Newron Pharmaceuticals S.p.A. / Key word(s): Financing Newron announces agreement with the European Investment Bank (EIB) to extend the near-term tranche repayment dates of its 2018 financing agreement |
EIB agrees to extend repayment dates of tranches one to three of its loan to the Company until end of 2025 and into 2026, after potentially significant pipeline milestones
Amended agreement envisages EIB will now receive certain performance-based remuneration
Milan, Italy, March 15, 2024, 07:00 am CET – Newron Pharmaceuticals S.p.A. (“Newron”) (SIX: NWRN, XETRA: NP5), a biopharmaceutical company focused on the development of novel therapies for patients with diseases of the central and peripheral nervous system (CNS), today reports agreement with the European Investment Bank (EIB) on an amendment to certain terms of its 2018 financing agreement.
Under the amendment, repayment of tranches one to three (out of a total of five) of the financing agreement with due dates from June 2024 to April 2025 will be shifted substantially, with tranche one now scheduled for November 25, 2025, tranche two for April 2026 and tranche three for June 2026. The due dates for tranches four and five will stay unchanged. On the amended tranches, Newron will start paying the agreed interest rates. The EIB will now qualify for certain performance-based remuneration. The agreement contains further terms and conditions. Details of the 2018 loan agreement can be found in Newron’s 2022 Annual Report which is posted on its website.
Roberto Galli, Newron’s CFO, commented: “We appreciate the support of the EIB in helping us align our contractual obligations under our loan agreement with them to the potential timing of certain upcoming significant value inflection points presented by our pipeline of innovative therapies. Here, we remain extremely excited by the emerging profile of our lead drug candidate evenamide, which is in final stages of clinical development for the potential treatment of patients suffering from schizophrenia, particularly those who are resistant to currently approved drugs and where clinical data to date has been exceptional.”