Biophytis obtains a new loan structure of 10M € with Kreos Capital
PARIS, FRANCE and CAMBRIDGE, MA / ACCESSWIRE / November 22, 2021 / Biophytis SA (NASDAQ: BPTS) (Euronext Growth Paris: ALBPS) (the “Company” or “Biophytis”), a clinical-stage biotechnology company focused on developing therapies that slow down degenerative processes associated with aging, including severe respiratory failure in patients with COVID-19, today announces that the Company has entered into a new loan structure with Kreos Capital.
Stanislas Veillet, CEO of BIOPHYTIS, said: “This transaction allows us to finance the final stages of our phase 2-3 COVA study in COVID-19, mainly for an emergency use authorization registration with the FDA and conditional use with the EMA, and the manufacture of registration lots of Sarconeos (BIO101). This new financing structure with KreosCapital shows the good relations that the two Parties have maintained since 2018. ”
The total loan of 10 million euros was concluded on November 19, 2021 and consists of four tranches of respectively 2.5 million euros, 3.0 million euros, 2.5 million euros and 2.0 million euros. euros. The first two tranches were drawn when the contract was signed on November 19. 2021, the third tranche may be drawn until December 31, 2021, and the last tranche may be drawn until March 31, 2022. In addition, Kreos Capital will receive Biophytis share subscription warrants (“subscription warrants of share “or” BSA “) for a total of approximately € 1 million.
Main characteristics of bonds
Of the € 10m, € 7.75m will be in simple bonds and € 2.25m will be in convertible bonds.
Interest will accrue on the principal outstanding at a fixed interest rate of ten percent (10.00%) per annum for straight bonds and at a fixed interest rate of nine point five percent (9.50%) per year for convertible bonds.
The simple bonds will be repaid in 36 monthly installments, after a deferred repayment of the nominal amount until April 2022.
The Company will redeem the convertible bonds in principal by March 31, 2025 at the latest, except for prior conversion into shares, at the choice of Kreos Capital, at the fixed conversion price of € 0.648 (except in the event that the Company distributes dividends).
The loan is senior unsubordinated financing. As security for its obligations, the Company has pledged certain assets in favor of Kreos Capital.
Main characteristics of BSA
Biophytis will issue to Kreos Capital 2,218,293 share subscription warrants (BSA) giving the right to subscribe to new Biophytis ordinary shares, at the rate of one share for one BSA. Share subscription warrants are exercisable over a period of 7 years after their issue. The exercise price of the BSA was set at € 0.56.
By subscribing to the BSA, Kreos Capital expressly waived the exercise of the 2018 BSA as they were held following their detachment from the bonds subscribed on September 10, 2018 under the 2018 loan structure.
Based on the undiluted number of shares making up the Company’s share capital as of November 18, 2021 of 129,073,235 shares, assuming the full conversion of the convertible bonds into shares, and the full exercise of the share subscription warrants (BSA) , a shareholder holding 1% of the company’s capital before conversion of the bonds and exercise of the warrants, will hold 0.93% of the capital after full conversion of the convertible bonds and full exercise of the warrants.
Legal framework of the transaction
The Company’s Board of Directors approved this loan arrangement and the related agreements at its meeting of October 19, 2021, in accordance with the delegations granted by the General Meeting of Shareholders of May 10, 2021, under the twelfth resolution relating to the completion of an issue with cancellation of preferential subscription rights in favor of a category of beneficiaries, in accordance with Articles L. 225-129 et seq. of the French Commercial Code.
In this context and in accordance with Article 211-3 of the AMF General Regulation, the issue of share subscription warrants for the benefit of Kreos Capital does not require the establishment of a prospectus to be submitted for visa approval. the AMF.
Admission of new ordinary shares by exercise of share subscription warrants (BSA) or conversion of Convertible Bonds.
The admission of the new ordinary shares to trading on the regulated market of Euronext Paris will be requested under the existing ISIN code of Biophytis ordinary shares (ISIN: FR0012816825). The new ordinary shares will be immediately assimilated to the existing ordinary shares. Neither the bonds nor the share subscription warrants will be listed on Euronext Paris.
Biophytis SA is a clinical-stage biotechnology company specializing in the development of therapies aimed at slowing the degenerative processes associated with aging and improving the functional outcomes of patients with age-related diseases, including severe respiratory failure in patients with COVID-19. . Sarconeos (BIO101), our lead drug candidate, is an orally administered small molecule under development as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA -INT). It is also being investigated in a two-part Phase 2-3 (COVA) clinical study for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America and the United States. A pediatric formulation of Sarconeos (BIO101) is under development for the treatment of Duchenne muscular dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company’s ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADS (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS – ISIN: US09076G1040). For more information, visit www.biophytis.com
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify such forward-looking statements by using words such as “prospect”, “think”, “expect”, “possible”, “continue”, “could”, “will”, “should,” “” could “,” seeks “,” predicts “,” intends “,” trends “,” plans “,” estimates “,” anticipates “or the negative version of these or other words These forward-looking statements are based on what Biophytis believes to be reasonable assumptions. However, there can be no assurance that the statements contained in these forward-looking statements will be verified, which are subject to various risks and uncertainties. Forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or currently considered insignificant by Biophytis. Therefore, there are or will be significant factors that could cause actual results to differ. t substantially from those indicated in these statements. Please also refer to the section “Risks and uncertainties facing the Company” of the Company’s 2020 annual report available on the BIOPHYTIS website (www.biophytis.com) and as set out in the section “Factors of risk ”of Form 20-F and other forms filed with the SEC (Securities and Exchange Commission, USA). We assume no obligation to update or publicly review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Biophytis Contact for Investor Relations
See the source version on accesswire.com: