Press release Biocartis Holdings Inc.

Recapitalization completed and product portfolio expansion

PRESS RELEASE - 22 November 2023, 10:00 CET

BIOCARTIS HOLDINGS INC.

RECAPITALIZATION COMPLETED AND PRODUCT PORTFOLIO EXPANSION

• The recapitalization of Biocartis was completed last week, strengthening the balance sheet with a new investment of €40 million and a €132 million conversion of debt to equity.
• Product portfolio expansion with the launch of three breast cancer products: the Idylla PIK3CA-AKT1 Mutation Assay and, in collaboration with our partner APIS, the APIS Breast Cancer Subtyping Kit and the APIS ESR1 Mutations Kit.
• Upcoming launches of thyroid and melanoma partner assays planned in Q4 2023.
  
  

Mechelen, Belgium, and Itasca (IL) United States 22 November 2023 – Biocartis Holdings Inc., the entity that now owns Biocartis NV and Biocartis US Inc., announces that its balance sheet recapitalization is complete. As part of this recapitalization plan, the balance sheet is substantially strengthened with the prior secured creditors of Biocartis Group NV, converting a significant proportion of debt into equity in Biocartis Holdings Inc.

In connection with the restructuring, approximately €132 million of debt was converted into equity, with the new lead shareholders of Biocartis Holdings Inc. also investing an additional €40 million of new cash. As previously announced, customers, suppliers, partners, employees and trade creditors of Biocartis NV and Biocartis US Inc. have not been impacted by the change in ownership of the Biocartis business.

Biocartis has also expanded its product portfolio with the launch of the Idylla PIK3CA-AKT1 Mutation Assay (RUO¹). PIK3CA is an important biomarker in the treatment of advanced breast cancer and research shows that it plays a key role in other cancer indications as well.² Through Biocartis’ partnership with APIS Assay Technologies, it simultaneously co-launched the APIS Breast Cancer Subtyping Kit (RUO) and the APIS ESR1 Mutations Kit (RUO). The APIS Breast Cancer Subtyping Kit is an advanced assay for characterizing³ early stage breast cancer in less than five hours, while the APIS ESR1 Mutations Kit supports detection of mutations in the estrogen receptor gene (ESR1) that are associated with resistance to endocrine therapy⁴.