25 October 2022
BerGenBio ASA Secures NOK 100 million Shareholder Loan Facility from Meteva AS
BERGEN, Norway, October 25, 2022: BerGenBio ASA (OSE: BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, and Meteva AS, a 27.23% shareholder in BerGenBio, today announced that they have entered into a shareholder loan facility, pursuant to which Meteva will make available to BerGenBio up to NOK 100 million.
In addition to the cash position of NOK 225 million at the end of September 2022, this facility will enable BerGenBio to continue its previously announced focused strategy of advancing its lead compound bemcentinib in 1st line Non-Small Cell Lung Cancer (NSCLC) and hospitalized COVID-19 patients. The facility will be available for use until the earlier of an equity issue or March 31, 2024, and contains customary covenants and event of default provisions.
BerGenBio may, subject to certain conditions, draw on the facility from Q2 2023. The facility will not be amortizing and any drawn amounts are to be repaid or converted to equity on or before December 31, 2024. Amounts drawn under the facility will carry interest at a rate of 6% per annum and a commitment fee of 1.5% per annum on any undrawn part of the facility.
“We are truly grateful for the strong support of our largest shareholder, Meteva,” stated Martin Olin, Chief Executive Officer of BerGenBio. “Their continued commitment to our mission will make a significant impact in developing bemcentinib to its fullest potential for patients suffering from NSCLC and severe COVID-19.”
As previously announced, the Company will present its Q3 2022 report on 15 November 2022.
Contacts:
Martin Olin CEO, BerGenBio ASA
ir@bergenbio.com
Rune Skeie, CFO, BerGenBio ASA
rune.skeie@bergenbio.com
Investor Relations / Media Relations
Graham Morrell
Graham.morrell@bergenbio.com
+1 781 686 9600
About BerGenBio ASA
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including immune-evasive, therapy resistant cancers. The company’s proprietary lead candidate, bemcentinib, is a potentially first-in -class selective AXL inhibitor in a broad phase II clinical development programme focused on combination and single agent therapy in cancer and COVID -19. A first-in-class functional blocking anti-AXL antibody, tilvestamab, is undergoing phase I clinical testing.
BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com.
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Oncoinvent
Oncoinvent is developing Radspherin®, a receptor-independent alpha radiation therapy that leverages the unique anatomy of the abdominal cavity to destroy residual micrometastases using a single, highly localized dose of alpha radiation. The initial clinical focus is treatment of ovarian and colorectal cancer patients after surgical removal of the primary tumor and visible metastases in the peritoneum, the thin membrane lining the abdominal cavity and covering the abdominal organs.
This radiopharmaceutical is designed to prevent or delay recurrence in the peritoneal cavity, keeping patients disease-free for longer than the current standard of care and thereby also impacting overall survival. It is broadly applicable to any cancer that spreads to the peritoneum, e.g. ovarian, colorectal, and gastric cancers. Radspherin® stands out for its simplicity, excellent safety profile, and seamless integration into existing surgical workflows. Oncoinvent’s product is easy to use, avoids systemic delivery and significant toxicity. It is also differentiated in being simple to manufacture, scalable, and supply de-risked.
Data from two trials in ovarian (phase 1) and colorectal (phase 1/2a) cancers, are highly promising, showing an excellent safety profile and meaningful signals of efficacy. Interim data from an ongoing, randomized, controlled phase 2 ovarian cancer trial is expected in 2026. With cost-effective manufacturing, blockbuster potential, active pharma partnership momentum, plus strong endorsements from leading experts, Oncoinvent is built for scale and commercial success, and is set to become the new standard for post-surgical cancer care. The Company was founded by the originators of Algeta and Xofigo (acquired by Bayer).
