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29.11.2023 07:15:39 - dpa-AFX: EQS-Adhoc: Spexis Provides Update Regarding Debt-Restructuring Moratorium (english)
Spexis Provides Update Regarding Debt-Restructuring Moratorium
Spexis AG / Key word(s): Miscellaneous
Spexis Provides Update Regarding Debt-Restructuring Moratorium
29-Nov-2023 / 07:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
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Ad hoc announcement pursuant to Art. 53 LR
Spexis Provides Update Regarding Debt-Restructuring Moratorium
Allschwil, Switzerland, November 29, 2023
Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on
macrocycle therapeutics for rare diseases and oncology, today announced that
it is in discussions with SPRIM Global Investments ("SGI") to restructure
its current financing agreements with SGI, and to seek new financing from
SGI, with a view to supporting the advancement of the COPILOT trial, the
first part of the ColiFin® Phase 3 program.
As Spexis has announced in its press release on 8 November 2023, SGI issued
notices of events of default in respect of the existing loans granted by SGI
to Spexis and Spexis Australia Pty Ltd. SGI have subsequently taken actions
to enforce certain security interests which Spexis and its subsidiaries have
granted in favour of SGI in connection with such loans including the shares
of EnBiotix, Inc. and Spexis Australia Pty Ltd, and certain of the
intellectual property housed within these entities and their subsidiaries.
Notwithstanding the enforcement actions undertaken by SGI and contested by
Spexis, SGI has agreed in good faith to enter into discussions with Spexis
with the view to reaching an agreement on a potential restructuring of the
loans from SGI which may include the provision of an additional capital
commitment, with the ultimate purpose of supporting the progression of the
COPILOT trial.
In parallel with the above, Spexis has submitted a request for a moratorium
on debt enforcement (Nachlassstundung) to the Western District Court of the
Canton Basel-Landschaft as indicated in its recent press release to further
restructure and reposition the Company. The plan submitted to the court
includes a cost reduction, a restructuring of the debt with major secured
and unsecured creditors, a continuation of the COPILOT trial in case
additional financing can be obtained and a sale of other assets.
"We remain committed to advancing ColiFin® through its Phase 3 program and
closer to patients suffering from chronic cystic fibrosis infections in need
of new treatment options and are grateful to our partners at SGI for their
good faith effort to explore a path forward," said Jeff Wager, M.D.,
Chairman & CEO of Spexis. "We look forward to a potential resolution while
jointly maintaining momentum and if possible further progress on the
initiation of our planned COPILOT study in the near future. Naturally, no
assurance can be given that any of these and other efforts will eventually
be successful (in restoring the company from moratorium), but believe the
path described provides the best possible chance to achieve this goal."
About Spexis
Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in
Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases
and oncology. For further information please visit: www.spexisbio.com.
For further information please contact:
For Investors:
For Media:
Disclaimer
This press release contains forward-looking statements which are based on
current assumptions and forecasts of Spexis management. Known and unknown
risks, uncertainties, and other factors could lead to material differences
between the forward-looking statements made here and the actual development,
in particular Spexis' results, financial situation, and performance. Readers
are cautioned not to put undue reliance on forward-looking statements, which
speak only of the date of this communication. Spexis disclaims any intention
or obligation to update and revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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End of Inside Information
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End of Announcement EQS News Service
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1783867 29-Nov-2023 CET/CEST
Spexis AG / Key word(s): Miscellaneous
Spexis Provides Update Regarding Debt-Restructuring Moratorium
29-Nov-2023 / 07:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Spexis Provides Update Regarding Debt-Restructuring Moratorium
Allschwil, Switzerland, November 29, 2023
Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on
macrocycle therapeutics for rare diseases and oncology, today announced that
it is in discussions with SPRIM Global Investments ("SGI") to restructure
its current financing agreements with SGI, and to seek new financing from
SGI, with a view to supporting the advancement of the COPILOT trial, the
first part of the ColiFin® Phase 3 program.
As Spexis has announced in its press release on 8 November 2023, SGI issued
notices of events of default in respect of the existing loans granted by SGI
to Spexis and Spexis Australia Pty Ltd. SGI have subsequently taken actions
to enforce certain security interests which Spexis and its subsidiaries have
granted in favour of SGI in connection with such loans including the shares
of EnBiotix, Inc. and Spexis Australia Pty Ltd, and certain of the
intellectual property housed within these entities and their subsidiaries.
Notwithstanding the enforcement actions undertaken by SGI and contested by
Spexis, SGI has agreed in good faith to enter into discussions with Spexis
with the view to reaching an agreement on a potential restructuring of the
loans from SGI which may include the provision of an additional capital
commitment, with the ultimate purpose of supporting the progression of the
COPILOT trial.
In parallel with the above, Spexis has submitted a request for a moratorium
on debt enforcement (Nachlassstundung) to the Western District Court of the
Canton Basel-Landschaft as indicated in its recent press release to further
restructure and reposition the Company. The plan submitted to the court
includes a cost reduction, a restructuring of the debt with major secured
and unsecured creditors, a continuation of the COPILOT trial in case
additional financing can be obtained and a sale of other assets.
"We remain committed to advancing ColiFin® through its Phase 3 program and
closer to patients suffering from chronic cystic fibrosis infections in need
of new treatment options and are grateful to our partners at SGI for their
good faith effort to explore a path forward," said Jeff Wager, M.D.,
Chairman & CEO of Spexis. "We look forward to a potential resolution while
jointly maintaining momentum and if possible further progress on the
initiation of our planned COPILOT study in the near future. Naturally, no
assurance can be given that any of these and other efforts will eventually
be successful (in restoring the company from moratorium), but believe the
path described provides the best possible chance to achieve this goal."
About Spexis
Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in
Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases
and oncology. For further information please visit: www.spexisbio.com.
For further information please contact:
For Investors:
Stephen Jasper
Managing Director
Gilmartin Group
(1)stephen@gilmartinir.com
For Media:
Dr. Stephan Feldhaus
Feldhaus & Partner
+41 79 865 92 56
(2)feldhaus@feldhaus-partner.ch
1. mailto:stephen@gilmartinir.com
2. mailto:feldhaus@feldhaus-partner.ch
Disclaimer
This press release contains forward-looking statements which are based on
current assumptions and forecasts of Spexis management. Known and unknown
risks, uncertainties, and other factors could lead to material differences
between the forward-looking statements made here and the actual development,
in particular Spexis' results, financial situation, and performance. Readers
are cautioned not to put undue reliance on forward-looking statements, which
speak only of the date of this communication. Spexis disclaims any intention
or obligation to update and revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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End of Inside Information
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Language: English
Company: Spexis AG
Hegenheimermattweg 125
4123 Allschwil
Switzerland
Phone: +41 61 567 1600
Fax: +41 61 567 1601
E-mail: info@spexisbio.com
Internet: www.spexisbio.com
ISIN: CH0106213793
Valor: SPEX
Listed: SIX Swiss Exchange
EQS News ID: 1783867
End of Announcement EQS News Service
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1783867 29-Nov-2023 CET/CEST
