NOXXON Secures Expanded Capacity and Improved Conversion Conditions for Convertible Bonds From Atlas

On October 14, 2020 NOXXON Pharma N.V. (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), reported the amendment of its flexible convertible bond agreement with Atlas Special Opportunities, LLC (ASO), which was disclosed on April 23, 2020, in order to expand its capacity and improve the conversion conditions (Press release, NOXXON, OCT 14, 2020, View Source [SID1234568489]).

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Ten additional tranches of € 475,000 nominal value each have been added to the convertible bond facility which brings the total nominal capacity to € 18.95 million, of which € 16.23 million remain unissued by NOXXON. The conversion price for conversion of outstanding convertible bonds to shares shall now be the 5-day volume weighted average price ("VWAP") of the company’s shares directly preceding the date of conversion. The issuance of the convertible bonds remains at NOXXON’s entire discretion.

"These changes provide additional capacity for financing on an as-needed basis and improve the conditions of conversion. We are pleased to have such support and commitment from Atlas as this vehicle continues to provide a significant level of financial security for NOXXON’s business plans into 2022," said Aram Mangasarian, CEO of NOXXON. "We have been working with external experts on development plans for our ongoing clinical trials in both pancreatic and brain cancer and look forward to communicating them to our shareholders."

NOXXON will draw-down two additional € 475,000 tranches of convertible bonds following the closure of the amended agreement.

The amended characteristics, terms, conditions and dilutive potential of the financing may be found in the Annex to this press release. Further information on the transaction may be found in the April 23, 2020 press release announcing the agreement.