Santhera nets CHF 45 Million in fundingSeptember 20, 2021
Santhera Pharmaceuticals has announced a cahs boost with an oversubscribed equity financing of CHF 20 million, a placement of private convertible bonds of CHF 15 million and upsizing of an existing financing arrangement of up to CHF 10 million.
The new funding secure s current operations to mid – 2022, past the NDA filing planned for Q1-2022, and allows for the repayment of the convertible bond maturing in February 2022, Santhera said.
“We are very pleased to have secured funding for our current operations well past a key upcoming inflection point, namely the filing of a new drug application (NDA) for vamorolone in DMD with the U.S. Food and Drug Administration (FDA) on the back of the successful results from the pivotal VISION-DMD study. At the same time, this mixed equity-debt financing minimizes dilution for existing shareholders and allows sufficient capital for the repayment of the bonds due in February 2022,” said Dario Eklund, Chief Executive Officer of Santhera. “We believe that this financing, potentially augmented by other non-dilutive sources of funds, will enable us to advance this important drug candidate closer to market. I thank existing and new investors for their engagement and support.”
Santhera also said it has entered into financing commitments in the gross amount of CHF 45 million, aimed at strengthening its capital structure and satisfying its liquidity needs until mid-2022, past the filing of the NDA in the U.S. for vamorolone in DMD planned for Q1-2022.