DEINOVE strengthens its cash position to finance the ongoing clinical trial testing DNV3837 for the treatment of severe gastrointestinal infections caused by Clostridiodes difficile
DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company pioneering the exploration and exploitation of bacterial biodiversity to address the urgent and global challenge of antimicrobial resistance, announces today the issuance of a 5th tranche of notes convertible into new shares (the "OCA") as part of the agreement entered into on July 9, 2019* with the European Select Growth Opportunities Fund (the "Investor") relating to a financing through the issuance of OCA for a maximum nominal amount of €15 million, with a 6.5% face discount upon conversion into shares, not bearing interest and with no stock subscription warrants attached, over a maximum period of 24 months.
This 5th tranche is composed of 300 OCA with a nominal value of EUR 10,000 each, representing a total amount of EUR 3,000,000, fully subscribed by the Investor today, in accordance with the contract signed on July 9, 2019.
The characteristics of the OCA and their theoretical dilutive impact are detailed in the press release dated July 9, 2019. DEINOVE recalls that all of the 220 OCA issued under the first tranche, the 100 OCA issued under the second tranche and the 150 issued under the third tranche have been converted to date. Concerning the 150 OCA issued under the fourth tranche, 16 have not yet been converted.
The objective of this issue for DEINOVE is to continue the Phase II clinical trial in the United States testing DNV3837, its most advanced antibiotic candidate for the treatment of severe gastrointestinal infections caused by Clostridiodes difficile.
It is further recalled that DEINOVE and the Investor entered on April 2, 2020 into an amendment to the contract concluded on July 9, 2019**.