(Boursier.com) — SpineGuard sets up a bond financing for a potential maximum nominal amount of 7.5 million euros with Nice & Green SA, an investment company that has been a partner of the company since 2017.
“This innovative financing (Horizon Program) aims, in a volatile macro-economic context, to secure the company’s long-term financing and provide it with additional means to deploy its strategy. It is the result of the good performance of the company in 2022 and in the first quarter of 2023”, explains the management.
The company plans to use the Horizon Program in a targeted and selective manner to, among other things:
– accelerate the commercial, marketing and logistics strengthening of its subsidiary in the United States in order to support its growth in its main market;
– repay its bond debt early in order to improve its balance sheet and reduce its financial costs;
– constitute a funding envelope that can be mobilized for opportunities for growth and innovation, which create value.
The Horizon Program has been authorized to proceed with the gradual issue and in tranches, of bonds convertible into shares (Horizon Bonds) which will give right, upon exercise, to the issue and/or allocation of new shares and/or or existing, for a total nominal value of up to 7.5 ME.
SpineGuard estimates that, given the existing cash at April 30, i.e. €5.3 million, its business plan including the recently announced agreements with its partner in China, the debt reduction project and the overall amount of the issue, its cash horizon runs at least until the end of 2026.
“This funding gives us the visibility and leeway needed to expand our commercial deployment, particularly in the United States, to make the most of the tremendous clinical innovation potential of our DSG technology and lead us towards profitability”, comments Pierre Jérôme, CEO and Co-founder of SpineGuard.
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