(AOF) – Nicox announces that it is restructuring its debt and reducing its structure to extend its cash horizon and prioritize resources on the pivotal study on NCX 470. The company specializing in ophthalmology has signed an agreement in principle to amend its bond issue with funds and mandates managed by BlackRock, Inc. and its subsidiaries. Debt restructuring and reduction of operational costs will extend until September 30, 2024 the period during which only debt interest will be paid.
This will have the effect of extending the company’s cash horizon until November 2024. Thereafter, the interest-only payment period will be extended proportionally and based on potential extensions of the cash horizon, provided that the company raises at least 3 million euros through capital increase by September 30, 2024, which would extend the cash horizon until the first quarter of 2025.
Nicox also announces today that its Board of Directors has appointed Gavin Spencer as Chief Executive Officer of Nicox effective immediately following its decision to terminate the tenure of Andreas Segerros.
Gavin Spencer, who has been executive vice-president, chief business officer & head of corporate development at Nicox since 2017, has more than 25 years of experience in the life sciences sector. He brings “strong business acumen, strong scientific expertise and broad experience in the strategic, financial, business, commercial and managerial areas of biotechnology and large pharmaceutical companies.”
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