Abivax has agreed on loan financing totaling 15 million euros with the investor Kreos Personal-Financial.com. In addition, there is an option for a further 5 million euros, which will be decided by the end of the year, the French biotech company reported on Tuesday. The already fixed financing of 15 million euros is to be carried out in two tranches – on the one hand 10 million euros, on the other hand 5 million euros. “The first tranche will be paid out in full immediately and the second tranche will be used before November 1, 2020. The loan is expected to expand the company’s funding framework through the second quarter of 2021 ”, so Abivax about the process.
The funding will enable Abivax to “continue its clinical development programs in the area of chronic inflammatory diseases as planned,” said Hartmut Ehrlich, CEO of the company. The main focus is on the clinical phase 2b study with ABX464 for the treatment of ulcerative colitis, for which data will be presented in the second quarter of next year.
“We are continuously working on further financing options that secure and further increase shareholder value, taking into account the following two principles: no dilution for existing shareholders and advantageous financial conditions, as we were able to implement when we signed the contract with Kreos Personal-Financial.com,” said Didier Blondel , CFO of Abivax.