(AOF) – 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 biotech specialist in innovative gene therapies for neurodegenerative diseases of the retina and central nervous system emphasizes that this success makes it eligible to draw the second tranche of bridge financing signed in August 2023 with Sofinnova Partners, Invus and UPMC Enterprises
The drawing of the second 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 second tranche, amounting to 4 million euros, will extend the Company’s cash flow horizon until mid-December 2023.
GenSight Biologics will need to 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 operations. Authorization for Compassionate Access (AAC) in France expected at the start of the second quarter of 2024. The biotech estimates that it will need around 10 million euros, in addition to the second tranche of bridging financing, to finance its activities until this date.
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