ORYZON Announces a New Financing Through a Convertible Bond Program for a Total Amount up to €20 Million Over 30 Months
MADRID, Spain and CAMBRIDGE, Mass., July 05, 2022 (GLOBE NEWSWIRE) -- Oryzon Genomics, S.A. (ISIN Code: ES0167733015, ORY), a clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, announced today the entry into a convertible bonds financing agreement (the “Issuance Agreement”) with Nice & Green in bonds convertible into new shares for a total amount of €20 Million. The financing program consists of 4 tranches, one tranche of €8 Million and three future optional tranches of €4 Million to be drawn at the discretion of Oryzon, subject to customary conditions.
The Convertible Notes (CN) have a maturity of 24 months, zero interest rate and have no warrants associated. The conversion price at which the new shares shall be issued will be 95% (ninety five percent) of the average Closing 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 3% of interest. Nice & Green will, on a best effort basis, trade its equity position in both exchanges in BME with ordinary shares and in Nasdaq with ADRs. Nice & Green will have the option to participate in a future capital increase leading to a Nasdaq linked transaction subject to customary conditions.
Dr. Carlos Buesa, Oryzon’s CEO, said: “In an increasingly volatile and unpredictable market, we are excited to have secured this financial support from Nice & Green. This complementary funding allows us to further strengthen our balance sheet, extending substantially our cash runway and allowing us to laser focus on the execution of the ongoing clinical trials that shall provide substantial inflection points in the next quarters.”
Marc Cattelani, CEO of Nice & Green, stated: “We are thrilled 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's management team in the near and long term.”
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