Leuven, BELGIUM - September 3, 2024 - 09:30 PM CET - Oxurion NV (Euronext Brussels: OXUR), a biopharmaceutical company headquartered in Leuven, announces the opening of a private judicial reorganization procedure (GRP), approved by the Leuven court on August 22, 2024.
On November 20, 2023, the company announced that the results of its KALAHARI Phase 2, Part B study were unsatisfactory and that it had decided to prepare for bankruptcy filing. However, on December 28, 2023, the company announced that it had reached an agreement with the Atlas fund, with which a financing program had been entered into in March 2023. Under that agreement, Atlas continues to finance Oxurion under the existing financing program, supporting Oxurion's preclinical program.
Additionally, Oxurion announced its intention to implement a debt restructuring plan with the company's creditors. At the start of the procedure, the total debt of the company amounted indeed to €14.7 million, of which €9 million was owed to Atlas.
Since the beginning of the year, discussions have been held with some of the company's creditors, which have led to agreements with some of them.
However, given the total amount of its debts, the company sought to take advantage of the options offered by the private judicial reorganization procedure. This procedure will allow for confidential discussions with the company's creditors.
Ilse Van de Mierop has been appointed by the court as the reorganization practitioner to assist Oxurion in developing its plan. The plan aims to enable Oxurion to achieve its dual objectives: (i) continuing its current R&D program in the field of Geographic Atrophy and (ii) completing the acquisition of the CRO with whom a letter of intent was signed on July 6, 2024. Oxurion hopes to achieve a significant reduction in its debts through a write-down of claims before the end of this year.
However, the timeline for the various stages has not yet been determined.
The company will inform the market of any developments in the procedure.
About Oxurion
Oxurion (Euronext Brussels: OXUR) is engaged in developing next-generation standard of care ophthalmic therapies for the treatment of retinal disease. Oxurion is based in Leuven, Belgium. More information is available at www.oxurion.com.
Important information about forward-looking statements
Certain statements in this press release may be considered "forward-looking". Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason. Additional information concerning risks and uncertainties affecting the business and otherfactors that could cause actual results to differ materially from any forward-looking statement is contained in the Company's Annual Report. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of Oxurion in any jurisdiction. No securities of Oxurion may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. state securities laws.
For further information please contact:
Oxurion NV
Pascal Ghoson
Chief Executive Officer
Pascal.ghoson@oxurion.com
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https://www.actusnews.com/documents_communiques/ACTUS-0-87492-oxurion-procedure-de-reorganisation-judiciaire-privee-en_20240903_gtg.pdf
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