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EQS-News: Newron Pharmaceuticals S.p.A.
/ Key word(s): Financing
Newron announces agreement with the European Investment Bank (EIB) to extend the near-term tranche repayment dates of its 2018 financing agreement
15.03.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
Newron announces agreement with the European Investment Bank (EIB) to extend the near-term tranche repayment dates of its 2018 financing agreement
EIB agrees to extend repayment dates of tranches one to three of its loan to the Company until end of 2025 and into 2026, after potentially significant pipeline milestones
Amended agreement envisages EIB will now receive certain performance-based remuneration
Milan, Italy, March 15, 2024, 07:00 am CET – Newron Pharmaceuticals S.p.A. (“Newron”) (SIX: NWRN, XETRA: NP5), a biopharmaceutical company focused on the development of novel therapies for patients with diseases of the central and peripheral nervous system (CNS), today reports agreement with the European Investment Bank (EIB) on an amendment to certain terms of its 2018 financing agreement.
Under the amendment, repayment of tranches one to three (out of a total of five) of the financing agreement with due dates from June 2024 to April 2025 will be shifted substantially, with tranche one now scheduled for November 25, 2025, tranche two for April 2026 and tranche three for June 2026. The due dates for tranches four and five will stay unchanged. On the amended tranches, Newron will start paying the agreed interest rates. The EIB will now qualify for certain performance-based remuneration. The agreement contains further terms and conditions. Details of the 2018 loan agreement can be found in Newron’s 2022 Annual Report which is posted on its website.
Roberto Galli, Newron’s CFO, commented: “We appreciate the support of the EIB in helping us align our contractual obligations under our loan agreement with them to the potential timing of certain upcoming significant value inflection points presented by our pipeline of innovative therapies. Here, we remain extremely excited by the emerging profile of our lead drug candidate evenamide, which is in final stages of clinical development for the potential treatment of patients suffering from schizophrenia, particularly those who are resistant to currently approved drugs and where clinical data to date has been exceptional.”
About Newron Pharmaceuticals
Newron (SIX: NWRN, XETRA: NP5) is a biopharmaceutical company focused on the development of novel therapies for patients with diseases of the central and peripheral nervous system. The Company is headquartered in Bresso near Milan, Italy. Xadago®/safinamide has received marketing authorization for the treatment of Parkinson’s disease in the European Union, Switzerland, the UK, the USA, Australia, Canada, Latin America, Israel, the United Arab Emirates, Japan and South Korea, and is commercialized by Newron’s Partner Zambon. Supernus Pharmaceuticals holds the commercialization rights in the USA. Meiji Seika has the rights to develop and commercialize the compound in Japan and other key Asian territories. Newron is also developing evenamide as the potential first add-on therapy for the treatment of patients with symptoms of schizophrenia. For more information, please visit: www.newron.com
For more information, please contact:
Newron
Stefan Weber – CEO
+39 02 6103 46 26
pr@newron.com
UK/Europe
Simon Conway / Ciara Martin / Natalie Garland-Collins, FTI Consulting
+44 20 3727 1000
SCnewron@fticonsulting.com
Switzerland
Valentin Handschin, IRF
+41 43 244 81 54
handschin@irf-reputation.ch
Germany/Europe
Anne Hennecke / Caroline Bergmann, MC Services
+49 211 52925222
newron@mc-services.eu
USA
Paul Sagan, LaVoieHealthScience
+1 617 374 8800, Ext. 112
psagan@lavoiehealthscience.com
Important Notices
This document contains forward-looking statements, including (without limitation) about (1) Newron’s ability to develop and expand its business, successfully complete development of its current product candidates, the timing of commencement of various clinical trials and receipt of data and current and future collaborations for the development and commercialization of its product candidates, (2) the market for drugs to treat CNS diseases and pain conditions, (3) Newron’s financial resources, and (4) assumptions underlying any such statements. In some cases, these statements and assumptions can be identified by the fact that they use words such as “will”, “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, and other words and terms of similar meaning. All statements, other than historical facts, contained herein regarding Newron's strategy, goals, plans, future financial position, projected revenues and costs and prospects are forward-looking statements. By their very nature, such statements and assumptions involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described, assumed or implied therein will not be achieved. Future events and actual results could differ materially from those set out in, contemplated by or underlying the forward-looking statements due to a number of important factors. These factors include (without limitation) (1) uncertainties in the discovery, development or marketing of products, including without limitation difficulties in enrolling clinical trials, negative results of clinical trials or research projects or unexpected side effects, (2) delay or inability in obtaining regulatory approvals or bringing products to market, (3) future market acceptance of products, (4) loss of or inability to obtain adequate protection for intellectual property rights, (5) inability to raise additional funds, (6) success of existing and entry into future collaborations and licensing agreements, (7) litigation, (8) loss of key executive or other employees, (9) adverse publicity and news coverage, and (10) competition, regulatory, legislative and judicial developments or changes in market and/or overall economic conditions. Newron may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements and assumptions underlying any such statements may prove wrong. Investors should therefore not place undue reliance on them. There can be no assurance that actual results of Newron's research programs, development activities, commercialization plans, collaborations and operations will not differ materially from the expectations set out in such forward-looking statements or underlying assumptions. Newron does not undertake any obligation to publicly update or revise forward-looking statements except as may be required by applicable regulations of the SIX Swiss Exchange or the Dusseldorf Stock Exchange where the shares of Newron are listed. This document does not contain or constitute an offer or invitation to purchase or subscribe for any securities of Newron and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
15.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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