Allarity Therapeutics Draws Down the Third Tranche Under Its Convertible Note Agreement with Negma Group LTD and Park Partners GP

Press Release       

 
Hørsholm, Denmark (22 December 2020) – Allarity Therapeutics A/S (“Allarity” or the “Company”) today announced that it has called upon the third tranche of SEK 10 million under its existing financing facility with Negma Group LTD and Park Partners GP (“Negma/Park”), in line with the terms from the financing agreement communicated on 31 March 2020. The transaction is carried out through a private placement of convertible notes. It is the third tranche out of a flexible financing agreement allowing Allarity Therapeutics to request up to a total of SEK 100 million.

This financing, under the called tranche, serves as a foundation to provide financial resources for the Company to continue execution of its strategy to further progress development of its three high-priority pipeline programs, including IXEMPRA, stenoparib and dovitinib.

Highlights about the transaction:

• 100 notes with a principal amount of SEK 100,000 per note corresponding to in aggregate SEK 10 million.
• Proceeds to Allarity Therapeutics amount to SEK 10 million.
• There are no interest payments in relation to the convertible notes.
• Maturity of 12 months.
• Conversion price is 95% of the reference price. The reference price is the lowest closing volume weighted average (VWAP) share price of the 7 consecutive trading days prior the receipt of a conversion request, excluding trading days on which the closing VWAP is lower than 90 % of the average closing VWAP over the pricing period otherwise calculated.

For more information please see the press release regarding the financial agreement published 31 March 2020.

About Allarity Therapeutics
Allarity Therapeutics (Nasdaq First North Growth Market Stockholm: ALLR.ST) develops drugs for personalized treatment of cancer guided by its proprietary drug response predictor technology, the DRP platform. The company has a mature portfolio of six drug candidates, including compounds in the pre-registration stage. The product portfolio includes: stenoparib (2X-121), a PARP inhibitor in Phase 2 for ovarian cancer; dovitinib, a pan-TKI in post-Phase 3  for renal cell carcinoma; IXEMPRA (Ixabepilone), a microtubulin inhibitor approved in the U.S. for the treatment of breast cancer;  LiPlaCis, a liposomal formulation of cisplatin in Phase 2 trials for breast and prostate cancer;  2X-111, a liposomal formulation of doxorubicin under manufacturing for Phase 2 in breast cancer; and Irofulven, a DNA damaging agent in Phase 2 for prostate cancer.