NANTES, France, May 26, 2020 (GLOBE NEWSWIRE) – OSE Immunotherapy (ISIN: FR0012127173; Ticker: OSE), today announced the signing of a non-dilutive loan agreement of 7 million euros, with a pool of French banks, providing the company with additional financing to advance its clinical and preclinical development programs.
This loan is part of a loan facility guaranteed by the French State (“Prêt Guaranteed by the State”) and was implemented in the context of the COVID-19 pandemic. This financing strengthens the cash flow of OSE Immunotherapeutics and extends its cash flow track from the first quarter of 2021 to the third quarter of 2021.
This loan is 90% guaranteed by the French State and has an initial maturity of 12 months, with a 5-year extension option decided by OSE Immunotherapeutics (until May 2026). This new funding, requested as part of the initiatives of the French government to support companies in the current health crisis, allows OSE Immunotherapeutics to benefit from the support of Bpifrance, BNP Paribas, CIC, Crédit Mutuel.
Alexis Peyroles, CEO of OSE Immunotherapeutics, comments: “We would like to thank the French government and our banking partners for supporting us with this important funding. Strengthening our cash flow will help accelerate the progress of our clinical and preclinical programs in immuno-oncology and autoimmune diseases, as well as our recently announced program to develop a prophylactic vaccine against the pandemic SARS-CoV-2 virus. “
ABOUT OSE Immunotherapeutics
OSE Immunotherapeutics is a clinical-stage biotechnology company focused on the development and partnership of therapies to control the immune system for immuno-oncology and autoimmune diseases. The company has several scientific and technological platforms including neoepitopes and agonist or antagonist monoclonal antibodies, all ideally positioned to fight cancer and autoimmune diseases. Its first-in-class clinical and preclinical portfolio presents a diversified risk profile:
- Tedopi® (innovative combination of neoepitopes): the company’s most advanced product; positive results for step 1 of the phase 3 trial (Atalante 1) in Non-small cell lung cancer inhibitor failure after checkpoint; due to Covid-19, definitive voluntary suspension of the accumulation of new patients in stage 2 initially planned in the trial.
In Phase 2 in pancreatic cancer (TEDOPaM, sponsor GERCOR) in combination with the checkpoint inhibitor Opdivo®.
- BI 765063 (OSE-172, anti-SIRPα monoclonal antibody): developed in partnership with Boehringer Ingelheim; myeloid checkpoint inhibitor in Phase 1 in advanced solid tumors.
- FR104 (anti-CD28 monoclonal antibody): positive results of phase 1; Active ready for phase 2 in autoimmune diseases or in transplantation.
- OSE-127 (humanized monoclonal antibody targeting the IL-7 receptor): developed in partnership with Servier; positive results of phase 1; two independent Phase 2 planned in ulcerative colitis (sponsor OSE) and in Sjogren’s syndrome (sponsor Servier) to start in 2020.
- BiCKI®: bispecific fusion protein platform built on the key component of the anti-PD-1 backbone (OSE-279) associated with new immunotherapy targets; 2sd generation of PD- (L) 1 inhibitors to increase anti-tumor efficacy. Additional innovative research programs.
- CoVepiT: a prophylactic vaccine against COVID-19[female[feminine, developed using neoepitopes optimized for SARS-CoV-2. First preclinical results expected at the start of H2 2020, possible clinical trial by the end of the year.
Due to the COVID-19 crisis, the accumulation of new patients in the TEDOPaM and BI 765063 clinical trials is temporarily suspended and the launch times for the two phase 2 trials of OSE-127 could be impacted over the next few years. month.
For more information: https://ose-immuno.com/fr/
This press release contains express or implied information and statements which could be considered as forward-looking information and statements regarding OSE Immunotherapeutics. They do not constitute historical facts. This information and statements include financial projections based on certain assumptions and assessments made by the management of OSE Immunotherapeutics in light of its experience and perception of historical trends, current economic and industrial conditions, expected future developments and other factors they deem appropriate. .
These forward-looking statements include statements that generally use conditional verbs and contain verbs such as “expect”, “anticipate”, “believe”, “target”, “plan” or “estimate”, their declensions and conjugations and words of similar importance. Although the management of OSE Immunotherapeutics believes that the forward-looking statements and information are reasonable, the shareholders of OSE Immunotherapeutics and other investors are cautioned that the achievement of these expectations is inherently subject to various risks, known or unknown, and to uncertainties which are difficult to predict and generally beyond the control of OSE Immunotherapeutics. These risks could cause actual results and developments to differ materially from those expressed, implied or projected by forward-looking statements. These risks include those discussed or identified in public documents filed by OSE Immunotherapeutics with the AMF. These forward-looking statements are not guarantees of future performance. This press release contains only summary information and should be read together with the Universal Registration Document of OSE Immunotherapeutics filed with the AMF on April 15, 2020, including the annual financial report for fiscal year 2019, available on the website. OSE Immunotherapeutics website. Except as required by applicable law, OSE Immunotherapeutics is issuing this press release as of the date hereof and assumes no obligation to update or revise any forward-looking information or statements.