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29.11.2023 07:15:42 - Spexis Provides Update Regarding Debt-Restructuring Moratorium
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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
stephen@gilmartinir.com
For Media:
Dr. Stephan Feldhaus
Feldhaus & Partner
+41 79 865 92 56
feldhaus@feldhaus-partner.ch
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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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Hegenheimermattweg 125
4123 Allschwil
Switzerland
End of Announcement EQS News Service
===
1783867 29-Nov-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1783867&application_name=news
END) Dow Jones Newswires
November 29, 2023 01:15 ET (06:15 GMT)
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
stephen@gilmartinir.com
For Media:
Dr. Stephan Feldhaus
Feldhaus & Partner
+41 79 865 92 56
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
===
1783867 29-Nov-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1783867&application_name=news
END) Dow Jones Newswires
November 29, 2023 01:15 ET (06:15 GMT)
