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     137  0 Kommentare GenSight Biologics Renegotiates Financial Obligations and Provides Operational Updates

    Regulatory News:

    GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today announced the renegotiation of certain financial obligations, securing its financial position and improving short-term flexibility. The Company also provided operational updates.

    In connection with its two recent successful capital increases in February 2024 and May 2024, the Company initiated discussions with its creditors. As a result of these discussions, the Company and its creditors have renegotiated the terms and conditions of certain financial obligations.

    “We continue to make progress in optimizing financial management to support our objectives, and we are grateful to our banking partners and creditors for their continued collaboration in our journey,” commented Laurence Rodriguez, Chief Executive Officer of GenSight Biologics. “The renegotiated terms will give GenSight additional operating flexibility as it works on its priorities.”

    Renegotiation of the terms of state-guaranteed loans

    The Company and its creditor banks (BNP Paribas, CIC and Bpifrance) (the "Banks"), previously agreed to suspend the payment of the principal, subject to certain conditions. The parties have now agreed to extend the maturity of the loans until December 2024 and to adopt a new payment schedule for the outstanding principal and interest, featuring 6 monthly instalments with gradual amortization (5% of outstanding principal per month over July, August and September 2024, and then 28.3% over October, November and December 2024).

    Renegotiation of the terms for the convertible bonds with Heights Capital

    As previously announced, an additional amendment to the price limit set forth in the terms and conditions of the convertible bonds issued on December 28, 2022, to Heights Capital (the "2022 OCA”) was presented to the shareholders at the annual shareholders’ general meeting ("AGM") held on May 29, 2024, and was approved as the 30th resolution of the AGM. This new price limit equals to €0.3272 (the "Price Limit"1).

    The Company and Heights Capital previously decided to suspend the quarterly amortization payments for the redemption of the 2022 OCAs. In recently concluded discussions, the Company and Heights Capital have agreed that (i) the frozen quarterly amortization payments will be paid in accordance with the additional amortization rights mechanism contained in the terms and conditions of the 2022 OCAs and (ii) the quarterly amortization payment of the 2022 OCAs will resume through the issue of new shares by the Company starting from the amortization payment for June 28, 2024.

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    GenSight Biologics Renegotiates Financial Obligations and Provides Operational Updates Regulatory News: GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system …