(Boursier.com) — BioSenic and its subsidiary Medsenic SAS announce that they have signed a new subscription agreement for a maximum amount of 1.2 million euros of convertible bonds (OC), arranged by ABO Securities through its affiliated entity Global Tech Opportunities 15 ( GTO 15).
GTO 15 has committed to subscribe up to €1.2 million in convertible bonds (subject to certain conditions precedent set out in the credit facility for convertible bonds). The OCs will be issued and subscribed in a maximum of 4 tranches.
A first tranche of 30 OCs with a total principal amount of 300,000 euros is subscribed (and payment processed) by GTO 15 today. The issuance and subscription of the remaining 3 tranches, each with a principal amount of 300,000 euros, may be requested at the sole discretion of BioSenic over a period of 6 months from the date of signature of the subscription agreement, provided that the usual conditions are met.
BioSenic will have the right to require the investor – without his consent, but subject to certain prerequisites being met – to subscribe to the 2nd tranche on January 26, 2024 and, thereafter, after a recovery period of at least 20 trading days following the closing date of the previous tranche. GTO 15 has the right to request the issuance of a single tranche.
The OCs, denominated at 10,000 euros each, will take the form of registered, subordinated and unguaranteed bonds. The OCs will not carry a coupon and will have a maturity date of 5 years after issuance, which may be extended by a maximum of 1 year if the automatic conversion of the OCs on the maturity date results in GTO 15 holding more than 24.9% of the company’s voting shares.
The OCs are convertible into ordinary shares of BioSenic. The conversion price will be equal to 95% of the lowest daily Volume-Weighted Average Price (VWAP) of BioSenic’s common stock observed during the pricing period of 10 consecutive trading days expiring on trading day immediately preceding the date of the OC holder’s conversion request, it being understood that any trading day on which the OC holder participates in more than 25% of the daily trading volume will be excluded from the pricing period of 10 days.
Proceeds from the financing will primarily contribute to the continued clinical development of BioSenic’s lead asset, its ATO product, in the treatment of chronic graft-versus-host disease (cGvHD).
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