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     293  0 Kommentare Santhera Secures up to CHF 69 million in Royalty and Debt Financing to Fund Operations to Cash Flow Break-Even


    Ad hoc announcement pursuant to Art. 53 LR

    A conference call will be held on June 19, 2024, at 14:00 CEST / 13:00 BST / 08:00 EDT. Details are at the end of this news release.

    • Funding underpins the advancement of AGAMREE (vamorolone) roll-out and growth in Europe and the pursuit of further developmental initiatives
    • Financing includes up to USD 38 million from R-Bridge, an affiliate of CBC Group, in exchange for a partial monetization of royalty payments received by Santhera in North America and China
    • Santhera also received a commitment for a CHF 35 million senior secured term loan from Highbridge, subject to customary conditions
    • Near-term maturing private convertible bonds to be converted (CHF 4 million) or extended (CHF 7 million) to August 2025
    • Proceeds from financing to be used to repay listed convertible bonds maturing August 2024 and fund strategic priorities and operations to cash flow break-even

    Pratteln, Switzerland, June 18, 2024 – Santhera Pharmaceuticals (SIX: SANN) announces that it has entered into committed financing arrangements that, when consummated, will provide Santhera with gross funding totaling approximately CHF 69 million to drive growth, repay maturing bonds and extend cash runway through to the first half of 2026, at which point Santhera expects to be cash flow break-even.

    “We are very pleased to have achieved significant financing goals for Santhera and our shareholders through these initiatives. The new financing is non-dilutive to shareholders, the royalty monetization is partial and capped, leaving upside potential to Santhera, and the debt repayment schedule aligns well with our growth expectations,” said Andrew Smith, Chief Financial Officer of Santhera. “Importantly, it addresses our near term debt obligations and provides us with sufficient funding to drive market launches and growth of AGAMREE in Europe and to pursue additional development programs for AGAMREE.”

    Royalty monetization financing for AGAMREE totaling up to USD 38 million with R-Bridge
    Santhera is monetizing 75% of the future royalty income streams (net of any agreed payment obligations of Santhera to ReveraGen and Idorsia) from its licensing agreements for AGAMREE with Catalyst Pharmaceuticals, Inc. for North America and with Sperogenix Therapeutics Ltd. for China, in respect of net product sales occurring from July 1, 2024. R-Bridge will pay USD 30 million upfront upon closing of the transaction, less certain fees, and, in addition, staged sales-related milestone payments that, if achieved, would result in total payments to Santhera of up to USD 38 million.

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    Santhera Secures up to CHF 69 million in Royalty and Debt Financing to Fund Operations to Cash Flow Break-Even Ad hoc announcement pursuant to Art. 53 LR A conference call will be held on June 19, 2024, at 14:00 CEST / 13:00 BST / 08:00 EDT. Details are at the end of this news release. Funding underpins the advancement of AGAMREE (vamorolone) roll-out and …