The funds will finance the clinical study of phase 2 in progress with the SENSE-111 in the vestibular neuritis acute, and the launch of the phase 2 study with SENSE-401
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Montpellier, July 3, 2017 18: 45 (CEST) – Sensorion (FR0012596468 ALSEN / Eligible PEA-PME), a biotechnology company specializing in the treatment of diseases of the inner ear, today announced the optimization of the terms and conditions of its program of convertible bonds, in particular thanks to a funding commitment of 10 Million of the company’s u.s. investment by Yorkville Advisors Global, LP.
Yorkville is committed to making Sensorion a total of 10.0 Million euros in two tranches for a maximum amount of 5 Million each and renounces the benefit of share subscription warrants attached to the convertible bonds. Yorkville has exercised today, at the request of Sensorion, $ 500 warrants resulting in the issuance of 5 Million bond. The second tranche will be exercised at the request of Sensorion no later than December 19, 2017.
“The improvement of the terms and conditions of our program OCABSA is very beneficial for our company and for our shareholders and reflects the good relationships that we have established with Yorkville,” said Nawal Ouzren, Director-General of Sensorion. “The funds that Yorkville has committed to provide under this agreement will be used to fund our phase 2 study underway with the MEANING-111 in the vestibular neuritis acute, and the launch of the phase 2 study with SENSE-401 in hearing disorders. We are pleased to have enhanced our financing arrangements where Yorkville renounces the benefit of the warrants, and we focus now on the implementation of our comprehensive clinical program. ”
The terms and conditions integrals of the agreement are presented in detail in the appendix to this press release, including the respective obligations of Sensorion and Yorkville.
About Sensorion
Sensorion is a biotechnology company specializing in the treatment of the pathologies of the inner ear such as severe dizziness, tinnitus or hearing loss. Two products are in clinical development, the MEANING-111 in phase 2 in the vestibular neuritis acute, and the SENSE-401 has completed a phase 1 study. Based within the Inserm, the Company has strong experience in pharmaceutical R&D and a technological platform to complete to develop medicines for first-in-class easily administrable, in particular oral, for the treatment and prevention of hearing loss and the symptoms of attacks of vertigo and tinnitus. Based in Montpellier, Sensorion has received financial support from Bpifrance, through the funds InnoBio and Inserm Transfert Initiative.
Sensorion is listed on Alternext Paris since the month of April 2015. www.sensorion-pharma.com.
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