DEINOVE strengthens its cash position to finance its working capital needs and the pursuance of the Phase II clinical trial evaluating DNV3837 in patients with severe Clostridioides difficile infection
DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company, pioneer in the exploration and exploitation of bacterial biodiversity to address the urgent, global challenge of antibiotic resistance, announces today the issuance of a 3rd tranche of notes convertible into new shares (the "OC") as part of the agreement entered into in September 2021* with the European Select Growth Opportunities Fund (the "Investor") relating to a financing through the issuance of OC for a maximum nominal amount of €10 million, with a 5% face discount upon conversion into shares, not bearing interest and with no stock subscription warrants attached, over a maximum period of 24 months.
This 3rd tranche is composed of 50 OCA with a nominal value of EUR 10,000 each, representing a total amount of EUR 500,000, fully subscribed by the Investor today, in accordance with the contract signed in September 2021.
The characteristics of the OC and their theoretical dilutive impact are detailed in the press release dated September 14, 2021.
The objectives of this issue for DEINOVE is to finance its working capital needs, including the discovery of new antimicrobial leads on the Company’s platform, and to continue the Phase II clinical trial evaluating DNV3837 in patients with severe Clostridioides difficile infection.