Acacia Pharma completes drawdown from €25 million loan facility from Cosmo Pharmaceuticals to support US launches of BARHEMSYS® and BYFAVO™
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Cambridge, UK and Indianapolis, US – 9 October 2020: Acacia Pharma Group plc (“Acacia Pharma”, the “Group” or the “Company”) (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy, announces that it has drawn down the remaining €10 million available under its unsecured €25 million loan facility with Cosmo Technologies Limited, a wholly-owned subsidiary of Cosmo Pharmaceuticals N.V. The Company plans to deploy this capital to support its ongoing US launches of BARHEMSYS® (amisulpride injection) for postoperative nausea & vomiting and BYFAVO™ (remimazolam for injection) for procedural sedation.
“We are extremely grateful for the continued support from our partner, Cosmo. This capital injection, in addition to the placing funds raised recently, significantly strengthens our financial position and will help us to further fund the launches of BARHEMSYS and BYFAVO in the US,” said Acacia Pharma’s CEO, Mike Bolinder. “We are delighted with the progress we have made in 2020: BARHEMSYS was launched in August and we are on track to launch BYFAVO by the end of the year. We see great potential in both products for addressing the care of patients undergoing medical procedures and for improving patient throughput in hospitals. We will be working hard over the next 12 months, during our initial launch phase, to ensure formulary access for our products as a key first step in establishing a base from which to drive sales in hospitals in the US.”
Acacia Pharma announced on 10 January 2020 that it had entered a strategic in-licensing transaction with Cosmo (click here to access the announcement). The agreement granted Acacia Pharma exclusive US commercialization rights to BYFAVO and was made alongside an equity investment and debt facility by Cosmo to finance the commercialization of both BARHEMSYS and BYFAVO.
Acacia Pharma Group plc
Media in Belgium and the Netherlands
About Acacia Pharma
Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address.
Acacia Pharma's first product, BARHEMSYS® (amisulpride injection) is available in the US for the management of postoperative nausea & vomiting (PONV).
BYFAVO™ (remimazolam) for injection, a very rapid onset/offset IV benzodiazepine sedative is approved in the US for use during invasive medical procedures in adults lasting 30 minutes or less, such as colonoscopy and bronchoscopy. BYFAVO is in-licensed from Paion UK Limited for the US market.
APD403 (intravenous and oral amisulpride), a selective dopamine antagonist for chemotherapy induced nausea & vomiting (CINV) has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy.
Acacia Pharma has its US headquarters in Indianapolis, IN and its R&D operations are centred in Cambridge, UK. The Company is listed on the Euronext Brussels exchange under the ISIN code GB00BYWF9Y76 and ticker symbol ACPH.
Forward looking statements
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "believe", "expect", "intend", "may", "plan", "will", "should", "could" and other words and terms of similar meaning or the negative thereof. Forward-looking statements may and often do differ materially from actual results. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, prospects, growth or strategies and the industry in which it operates. Save as required by law or applicable regulation, the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Forward-looking statements speak only as of the date they are made.