BioSenic provides further update on negotiations with its main creditors

 INSIDE INFORMATION

Agreement with the main creditors of BioSenic for a standstill running until October 2023

Mont-Saint-Guibert, Belgium, July 10^th, 2023, 7.00 am CEST – BIOSENIC (Euronext Brussels and Paris: BIOS), the innovative company addressing unmet medical needs in the areas of innate immunity, inflammation and organ/function repair, today announces a further update on its financial arrangements with its main historical creditors, Patronale, Monument and the European Investment Bank. BioSenic aims at renegotiating its main financial debts, inherited from Bone Therapeutics. This is required for BioSenic to successfully launch a new fundraising, in the form of a private placement in Q 3-4 2023.

For the debt renegotiation, our mediator, Yves Brulard, has achieved a standstill agreement from the main historical creditors for a period of 3 to 4 months. BioSenic will therefore be able to keep a good pace to develop its lead projects, while negotiating a long-term solution to access to the levels of financing required for all its preclinical and clinical programs.

Given this agreement with the main creditors and the one obtained on 30 June 2023 with Global Tech Opportunities 15 to secure short-term financing on the basis of the existing convertible bond program, BioSenic anticipates having sufficient cash to carry out its business objectives until October 2023.

Prof. François Rieger, CEO of BioSenic and President of the Board said: "BioSenic inherited significant debts from Bone Therapeutics prior to the reverse merger with Medsenic. Over the first semester of 2023, BioSenic has invested significant corporate resources in balancing and developing its programs along the lines set out in last year's merger terms. A necessary process for a restructuration of the main debts is now underway and we make sure that all our financial partners can gather together and contribute to the best conditions of future success of the company on its present lead programs”.

About BioSenic

BioSenic is a leading biotech company specializing in the development of clinical assets issued from: (i), the allogeneic cell therapy platform ALLOB and (ii) the Arsenic TriOxide (ATO) platform. Key target indications for the platforms include Graft versus Host Disease (GvHD), Systemic lupus erythematosus (SLE), Systemic Sclerosis (SSc) and high-risk tibial fractures.