- Funding provided by
Nice & Green SA , a Swiss private investor - This CB Program supersedes the previous one
- To extend its cash runway and continue the ongoing clinical trials in CNS and oncology
- Initial execution of €8 million in two tranches of €4 million each, plus optional additional tranches of up to €5 million each to be executed in the future, at Oryzon’s request, subject to customary conditions
The Convertible Notes (CN) have a maturity of 48 months, zero interest rate, and have no warrants associated. The conversion price at which the new shares shall be issued will be 94% (ninety-four percent) of the average daily VWAP of the period between conversions, but will never exceed a 9.99% discount compared to the closing price preceding the date of conversion of the relevant CN. Oryzon has the right to execute the redemption of any or all Notes at a premium of 3%.
Dr.
Marc Cattelani, CEO of Nice & Green, stated: “We are pleased to embark on this journey with Oryzon to help strengthen their equity capital and support the advancement of their clinical trials. As a responsible and loyal financial partner, Nice & Green will remain attentive to the evolving financing needs of Oryzon in the near and long term.”
About Oryzon
Founded in 2000 in
About Nice & Green
Nice & Green is a leading privately held Swiss investment firm, active in the European market providing smart funding solutions to listed Micro-, Small- and Mid-Cap companies supporting their growth as partners. Find out more at nicengreen.ch.
About Iadademstat
Iadademstat (ORY-1001) is a small oral molecule, which acts as a highly selective inhibitor of the epigenetic enzyme LSD1 and has a powerful differentiating effect in hematologic cancers (see Maes et al., Cancer Cell 2018 Mar 12; 33 (3): 495-511.e12.doi: 10.1016 / j.ccell.2018.02.002.). A FiM Phase I/IIa clinical trial with iadademstat in R/R AML patients demonstrated the safety and good tolerability of the drug and preliminary signs of antileukemic activity, including a CRi (see
About Vafidemstat
Vafidemstat (ORY-2001) is an oral, CNS-optimized LSD1 inhibitor. The molecule acts on several levels: it reduces cognitive impairment, including memory loss and neuroinflammation, and at the same time has neuroprotective effects. In animal studies vafidemstat not only restores memory but reduces the exacerbated aggressiveness of SAMP8 mice, a model for accelerated aging and Alzheimer’s disease (AD), to normal levels and also reduces social avoidance and enhances sociability in murine models. In addition, vafidemstat exhibits fast, strong, and durable efficacy in several preclinical models of multiple sclerosis (MS). Oryzon has performed two Phase IIa clinical trials in aggressiveness in patients with different psychiatric disorders (REIMAGINE) and in aggressive/agitated patients with moderate or severe AD (REIMAGINE-AD), with positive clinical results reported in both. Additional finalized Phase IIa clinical trials with vafidemstat include the ETHERAL trial in patients with Mild to Moderate AD, where a significant reduction of the inflammatory biomarker YKL40 has been observed after 6 and 12 months of treatment, and the pilot, small-scale SATEEN trial in Relapse-Remitting and Secondary Progressive MS, where anti-inflammatory activity has also been observed. Vafidemstat has also been tested in a Phase II in severe Covid-19 patients (ESCAPE) assessing the capability of the drug to prevent ARDS, one of the most severe complications of the viral infection, where it showed significant anti-inflammatory effects in severe Covid-19 patients. Currently, vafidemstat is in two Phase IIb trials in borderline personality disorder (PORTICO) and in schizophrenia patients (EVOLUTION). The company is also deploying a CNS precision medicine approach with vafidemstat in genetically-defined patient subpopulations of certain CNS disorders and is preparing a clinical trial in Kabuki Syndrome patients. The company is also exploring the clinical development of vafidemstat in other neurodevelopmental syndromes.
FORWARD-LOOKING STATEMENTS
This communication contains, or may contain, forward-looking information and statements about Oryzon, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although Oryzon believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Oryzon shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Oryzon that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Oryzon to the Spanish Comisión Nacional del
IR, US | IR & Media, | Oryzon | |
Atrevia | Chief Business Officer | ||
+1 617 430 7577 | +41 78 680 05 38 | +34 91 564 07 25 | +34 93 515 1313 |
+34 672 447 094 | |||
arr@lifesciadvisors.com | svonderweid@lifesciadvisors.com | pcobo@atrevia.com | etorrell@oryzon.com |
dfoley@atrevia.com |
Source:
2023 GlobeNewswire, Inc., source