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Issuance of 2nd tranche of €500,000 of notes convertibles into new shares
DEINOVE strengthens its cash position to finance its working capital needs and the pursuance of the Phase II clinical trial evaluating DNV3837 in patients with severe Clostridioides difficile infection
DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company, pioneer in the exploration and exploitation of bacterial biodiversity to address the urgent, global challenge of antibiotic resistance, announces today the issuance of a 2nd tranche of notes convertible into new shares (the "OC") as part of the agreement entered into in September 20211 with the European Select Growth Opportunities Fund (the "Investor") relating to a financing through the issuance of OC for a maximum nominal amount of €10 million, with a 5% face discount upon conversion into shares, not bearing interest and with no stock subscription warrants attached, over a maximum period of 24 months.
This 2nd tranche is composed of 50 OCA with a nominal value of EUR 10,000 each, representing a total amount of EUR 500,000, fully subscribed by the Investor today, in accordance with the contract signed in September 2021.
The characteristics of the OC and their theoretical dilutive impact are detailed in the press release dated September 14, 2021.
The objectives of this issue for DEINOVE is to finance its working capital needs, including the discovery of new antimicrobial leads on the Company’s platform, and to continue the Phase II clinical trial evaluating DNV3837 in patients with severe Clostridioides difficile infection.
DEINOVE is a French biotechnology company pioneering the exploration of a new domain of life, unexplored at 99.9%: the “microbial dark matter”. By revealing the metabolic potential of rare bacteria or still classified as uncultivable, it tackles a global health and economic challenge: antimicrobial resistance.
The new therapies discovered and developed by DEINOVE target superbugs (microbes that have become resistant to one or more antimicrobials) that cause life-threatening infections which are now spreading at high speed.
This breakthrough approach gave rise to one of the world’s first specialized micro-biotechnology platforms and a unique collection of nearly 10,000 rare strains and thousands of bacterial extracts. Today, DEINOVE is conducting several development programs, of which its first antibiotic candidate is currently evaluated in a Phase II clinical trial in severe Clostridioides difficile infections, one of the world’s first emergencies. The Company has also developed new bacterial micro-factories that address the other issue in the race against antimicrobial resistance: the industrial production of these rare and low concentrated compounds with often too complex chemical structures to be generated by chemical synthesis.
Located at the heart of the Euromedecine park in Montpellier, DEINOVE has been listed on EURONEXT GROWTH® (ALDEI - code ISIN FR0010879056) since 2010. The Company has over 50 employees and relies on a network of world-class academic, technological, industrial and institutional partners.