Nicox announced a €10m private placement equity financing transaction, resulting in €8.9m in net proceeds. With the company extending the interest-only payment period of its existing Kreos Capital debt by six months (to January 2024), it has extended its estimated cash runway (based on the development of NCX-470 alone) to mid-May 2024, from mid-November 2023, previously. Altogether, Nicox issued 6.849m shares at an offering price of €1.46 per share (a 14% discount to the 21 November closing price) to Armistice Capital Master Fund, a healthcare and consumer sector focused hedge fund registered in the Cayman Islands. Nicox also affirmed that it now expects to complete Denali, the second NCX-470 Phase III study, in 2025, consistent with our existing estimates, although additional capital will be required. Our rNPV of €190.4m is unchanged, but our equity value per basic share is now €4.10 (vs €4.52 previously) given the additional shares outstanding.Den vollständigen Artikel lesen ...
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