(Boursier.com) — The biopharmaceutical company GenSight Biologics announces that an independent laboratory confirms the viral titer of the second batch of ‘Drug Substance’ (DS) for Lumevoq, produced according to Good Manufacturing Practice (GMP) standards. “The success of these two GMP batches confirms the robustness of our manufacturing process, and illustrates the fantastic work carried out by our team, with our production partner, over the last 12 months”, believes Bernard Gilly, Co-founder and Director GenSight Biologics General. “These successes reinforce our confidence in our ability to successfully conduct a PPQ campaign in 2024.”
Following this confirmation, the company became eligible to draw the 2nd tranche of the bridge financing signed in August 2023 with Sofinnova Partners, Invus and UPMC Enterprises (Bridge Financing).
The drawing of the 2nd tranche will also trigger the automatic conversion of the convertible bonds into shares of the first tranche of 6 million euros, at a conversion price of 0.7122 euros..
This 2nd tranche, amounting to 4 ME, will extend theCompany’s cash horizon until mid-December 2023.
GenSight Biologics will seek other sources of debt, non-dilutive or equity financing in order to supplement its working capital requirements and finance its operational expenses beyond this date and until the resumption of the Authorization of Compassionate Access (AAC) in France planned for the beginning of the 2nd quarter of 2024. GenSight Biologics estimates that it will need around 10 MEin addition to the 2nd tranche of Bridge Financing, to finance its activities until this date.
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