Biosergen receives a loan of SEK 7 million to finance continued development
August 31, 2022: Biosergen AB (“Biosergen” or the “Company”) announces that it has entered into a loan agreement of SEK 7 million (the “Loan”). The Loan will be used to continue the development of BSG005 in accordance with existing plans until the end of 2022. Longer term funding solutions will be evaluated and decided at a later moment.
The Loan is issued by Biosergens largest shareholder Östersjöstiftelsen (the “Lender”). The main terms of the Loan are as follows:
- The Lender agrees to lend to the Company a maximum total principal amount of SEK 7,000,000 (seven million Swedish Kronor).
- The Company may draw down the Loan in whole or in part, and in one or more tranches until December 1, 2023 (the “Repayment Date”).
- Prior to the Repayment Date, the Company has the right to request, and the Lender has the obligation to accept, a conversion of the whole or a part of the Loan, to shares or other financial instruments in the Company.
- The Loan will carry interest as from and excluding the drawdown date up to and including the Repayment Date or the relevant conversion date at a rate of 8 per cent per annum (the “Interest”). The Interest will be calculated on the basis of the actual number of days elapsed, divided by 360 days. The Interest shall not be compounded. The Interest accrued on any Loan amount repaid or converted shall be payable in cash on the Repayment Date or on the relevant conversion date.
Biosergen’s CEO Peder M. Andersen comments:
“Biosergen is at an exciting stage. We are on a good track with our clinical phase 1 trial with positive data. We are planning new phase 2 trials and in parallel optimizing manufacturing. With this loan we are able to continue development and not lose pace.”
For further information about Biosergen, please contact:
Dr. Peder M. Andersen, CEO
Telephone: +45 2080 2470
E-mail: [email protected]
Erik Penser Bank
Telefon: +46 8 463 8000
E-mail: [email protected]
This information is such information that Biosergen AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on Ausust 31, 2022.
Biosergen is a clinical stage biotechnology company that employs all its organisational and financials resources on the clinical development of BSG005. BSG005 is a potentially disruptive antifungal drug with blockbuster potential based on significant safety and potency advantages over competing antifungals, including Amphotericin B, in more than a decade of laboratory and preclinical studies. The research behind BSG005 and its unique properties has been documented in over 20 peer reviewed scientific papers. Biosergen initially aims BSG005 towards invasive fungal infections that claim the lives of hundreds of thousands of immune-compromised AIDS-, cancer- and transplant patients every year. At equal dose levels BSG005 shows a three-to-fourfold potency advantage against relevant fungal strains compared to current standards of care, while being completely free of the kidney toxicity hampering other drugs in its class. The Company is also developing BSG005 Nano where the drug is packed in special nano particles to specifically target the lung, often the first affected organ in an invasive fungal infection. BSG005 Nano Oral is an extension of BSG005 Nano. An oral formulation would greatly increase the usefulness, particularly as a prophylactic and as home treatment after transplants or cancer treatment to prevent invasive fungal infection. Biosergen has received orphan drug status for BSG005 in the United States.
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