BioSenic provides First Quarter 2024 Business Update

PRESS RELEASE – REGULATED INFORMATION

Mont-Saint-Guibert, Belgium, May 24, 2024, 17.00am CET – BioSenic (Euronext Brussels and Paris: BIOS), the clinical stage company specializing in serious autoimmune and inflammatory diseases and cell therapy, today announces its business update for the first quarter, ended 31 March 2024.

Key highlights

• In January 2024, BioSenic signed a new subscription agreement for a maximum EUR 1.2 million convertible bonds facility, arranged by ABO Securities through its affiliated entity Global Tech Opportunities 15.
• In January 2024, Dr Carole Nicco has been promoted to Chief Operating Officer (COO) in addition to her position as Chief Scientific Officer (CSO).
• In January 2024, BioSenic's subsidiary, Medsenic SAS, signed a binding term sheet with Phebra PTY Ltd. related to an adaptation of the License Agreement and the MDA signed in May 2021.
• In January 2024, BioSenic filed for a U.S. patent for JTA-004, a viscosupplement in clinical development, following new evidence of its efficacy in a recently defined subtype of osteoarthritis (OA).
• In January 2024, BioSenic has been granted a patent by the Canadian Intellectual Property Office to expand protection of the arsenic trioxide (ATO) platform. The patent, titled “Use of metal ions to potentiate the therapeutic effects of arsenic”, covers the use of ATO platform in combination with metal ions such as copper.
• In February 2024, BioSenic raised EUR 500,000 via a private placement.
• In March 2024, BioSenic published an open-access article describing an optimized schedule for administration of oral arsenic trioxide (OATO) treatment for chronic graft-versus-host disease (cGvHD), based on an earlier post-hoc analysis of Phase II data.
• In April 2024, BioSenic submitted a global restructuring plan covering the years 2024-2030 to the enterprise Court of Nivelles.

Financial highlights

• Net cash at the end of March 2024 amounted to EUR 0.38 million ⁽¹⁾.
• The operating cash burn for the full year 2024 is in the range of EUR 4.50-5.50 million and a financing cash burn of approximately EUR 0.80 million. BioSenic anticipates having sufficient cash to carry out its business objectives until Q3 2024, assuming (amongst other) a debt restructuration in line with the plan submitted to the enterprise Court of Nivelles.

Outlook for the remainder of 2024