Spexis announces USD $2.5 million capital commitment to support the upcoming Phase 3 ColiFin® studies

Spexis AG / Key word(s): Financing

15-Aug-2023 / 07:25 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Spexis announces USD $2.5 million capital commitment to support the upcoming Phase 3 ColiFin® studies

Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland, August 15, 2023

Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced a capital commitment totaling USD $2.5 million with participation from SPRIM Global Investments (SGI) and institutional investors to fund the upcoming Phase 3 ColiFin® studies, beginning with the COPILOT study which is expected to initiate in the third quarter of 2023. The USD $2.5 million capital commitment will be in the form of USD $1.0 million in secured, interest-bearing debt with partial warrant coverage from SGI and USD $1.5 million subordinated debt mandatorily converting into equity from institutional investors.

“This additional commitment from SPRIM demonstrates their continued support for the clinical development of ColiFin®, our inhaled macrocycle therapeutic for the management of chronic infections in cystic fibrosis patients” said Jeff Wager, M.D., Chairman & CEO of Spexis. “This new capital allows us to not only initiate the COPILOT study in the third quarter, but will also allow for continued progress across start-up activities for COPA, the second part of our planned pivotal efficacy and safety Phase 3 study.”

About Spexis

Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases and oncology. For further information please visit: www.spexisbio.com.

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Disclaimer

This press release contains forward-looking statements which are based on current assumptions and forecasts of Spexis management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Spexis’ results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Spexis disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.