Auris Medical Announces Full Repayment of Hercules Loan Facility
01 Fevereiro 2019 - 10:31AM
Zug, Switzerland, February 1, 2019 - Auris
Medical Holding AG (NASDAQ: EARS), a clinical-stage company
dedicated to developing therapeutics that address important unmet
medical needs in neurotology and central nervous system disorders,
today announced the complete repayment of its loan facility with
Hercules Capital, Inc. The repayment will result in a significant
reduction of the Company's interest expense, improve its balance
sheet and enhance its financial flexibility.
On July 19, 2016, the Company had entered into a
loan and security agreement with Hercules Technology Growth
Capital, Inc. ("Hercules") and drawn $12.5 million under the
facility. Amortization started on July 1, 2017; on April 5, 2018,
the Company made an extraordinary repayment of $5 million in
principal in exchange for the elimination of a liquidity covenant
of the same amount. On January 31, 2019, the Company made the final
payment to Hercules under the facility, comprising the last
amortization rate as well as an end of term charge, 12 months ahead
of the original schedule. With the final payment, all covenants and
collaterals in favor of Hercules have been lifted.
As part of its current funding program, the
Company submitted today a registration statement on Form F-1 with
the U.S. Securities and Exchange Commission (SEC) for up to
10,000,000 common shares that may be issued under the purchase
agreement established on May 2, 2018 with Lincoln Park Capital, LLC
("LPC"). Share subscriptions under the equity line may take place
over the remaining 22-month period after the registration statement
is declared effective by the SEC. Auris Medical will control the
timing of any future investment by LPC under this purchase
agreement. The subscription price of the common shares will be
based on the prevailing market prices of the Company's shares at
the time of each issuance to LPC. The Company has raised a total of
$1.0 million under the current purchase agreement.
About Auris MedicalAuris Medical is a
Swiss biopharmaceutical company dedicated to developing
therapeutics that address important unmet medical needs in
neurotology and mental health supportive care. The company is
focused on the development of intranasal betahistine for the
treatment of vertigo (AM-125) and for the prevention of
antipsychotic-induced weight gain and somnolence (AM-201). These
projects have gone through two Phase 1 trials and will move into
proof-of-concept studies in 2019. In addition Auris Medical has two
Phase 3 programs under development: Sonsuvi® (AM-111) for acute
inner ear hearing loss and Keyzilen® (AM-101) for acute inner ear
tinnitus. The Company was founded in 2003 and is headquartered in
Zug, Switzerland. The shares of Auris Medical Holding AG trade on
the NASDAQ Capital Market under the symbol "EARS."
Forward-looking Statements This press
release may contain statements that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are statements other than historical
facts and may include statements that address future operating,
financial or business performance or Auris Medical's strategies or
expectations. In some cases, you can identify these statements by
forward-looking words such as "may", "might", "will", "should",
"expects", "plans", "anticipates", "believes", "estimates",
"predicts", "projects", "potential", "outlook" or "continue", or
the negative of these terms or other comparable terminology.
Forward-looking statements are based on management's current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements. These risks and uncertainties include, but are
not limited to, Auris Medical's need for and ability to raise
substantial additional funding to continue the development of its
product candidates, the ability to pursue strategic partnering and
non-dilutive funding for its Phase 3 programs, the results of Auris
Medical's review of strategic options and the outcome of any action
taken as a result of such review, the timing and conduct of
clinical trials of Auris Medical's product candidates, the clinical
utility of Auris Medical's product candidates, the timing or
likelihood of regulatory filings and approvals, Auris Medical's
intellectual property position and Auris Medical's financial
position, including the impact of any future acquisitions,
dispositions, partnerships, license transactions or changes to
Auris Medical's capital structure, including future securities
offerings. These risks and uncertainties also include, but are not
limited to, those described under the caption "Risk Factors" in
Auris Medical's Annual Report on Form 20-F for the year ended
December 31, 2017, and in Auris Medical's other filings with the
SEC, which are available free of charge on the Securities Exchange
Commission's website at: www.sec.gov. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated. All forward-looking statements and all
subsequent written and oral forward-looking statements attributable
to Auris Medical or to persons acting on behalf of Auris Medical
are expressly qualified in their entirety by reference to these
risks and uncertainties. You should not place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made, and Auris Medical does not undertake
any obligation to update them in light of new information, future
developments or otherwise, except as may be required under
applicable law.
Investor contact: Joseph Green / Andrew GibsonEdison
Advisors for Auris Medical646-653-7030 / 7719jgreen@edisongroup.com
/ agibson@edisongroup.com
Or
investors@aurismedical.com
Auris Medical (NASDAQ:EARS)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Auris Medical (NASDAQ:EARS)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024