GENFIT Moves Forward with Royalty Financing and OCEANEs Update
GENFIT Secures Bondholders' Approval for OCEANEs Amendment
GENFIT (Nasdaq and Euronext: GNFT), a biopharmaceutical company focused on transforming the lives of patients suffering from rare and serious liver diseases, has achieved a significant milestone by securing the bondholders' approval for amending the terms of the 2025 OCEANEs. This proactive step allows GENFIT to pursue vital financing through a royalty agreement with HCRx and demonstrates the confidence bondholders have in the company's direction.
Closing of Royalty Financing and Future Prospects
The company is poised to receive its first instalment of €130 million from the closing of this royalty financing. This substantial capital injection is expected shortly, enhancing GENFIT's ability to advance its therapeutic programs and expand its research endeavors. With the outcome of the bondholders' vote confirming unanimous approval, the Company can confidently move forward towards execution and finalizing this strategic financing.
Key Components of the Bondholders’ Meeting
The resolutions put forth during the bondholders' meeting were approved with overwhelming support, showcasing a 100% endorsement from those who participated. This high level of consensus reflects the bondholders' strong faith in GENFIT's strategic roadmap as it seeks to address critical unmet medical needs in liver health.
Implementation of the Repurchase and Consent Fee Structure
As part of the ongoing financial strategy, GENFIT has laid out plans for a Repurchase of the 2025 OCEANEs at a price of €32.75 per bond. Eligible holders have an opportunity to exercise their rights under this arrangement until March 19. Following the repurchase, the settlement is expected to take place on March 26, solidifying the Company’s financial stability.
Anticipated Calendar of Events with GENFIT
GENFIT has outlined crucial upcoming dates as part of its financing strategy:
March 19: Deadline for holders to exercise Put Option Agreements.
March 26: Planned date for the execution of the Repurchase settlements.
April 14: Expected date for distribution of the Consent Fee to remaining holders after the Repurchase.
About GENFIT and its Commitment to Liver Health
With two decades of expertise in the research and development of therapies for liver diseases, GENFIT stands at the forefront of biopharmaceutical innovation. The Company focuses its efforts on a range of serious conditions including Acute-on-Chronic Liver Failure (ACLF), with several promising treatment candidates currently in development. Among these are VS-01 and NTZ, which operate through diverse mechanisms to tackle complex liver maladies.
GENFIT is not just about innovative therapeutics; it also addresses critical diagnostic needs within the liver disease spectrum. Their established diagnostic tools include NIS2+, targeting Metabolic dysfunction-associated steatohepatitis (MASH), and TS-01, focusing on blood ammonia levels. By embracing a holistic approach, GENFIT aims to improve outcomes for patients worldwide.
Headquartered in France, with additional offices in strategic global locations, GENFIT continues to attract significant partnerships and investments, reinforcing its status as a leader in the field. Recently, Ipsen made headlines by acquiring an 8% stake in GENFIT, emphasizing the robust interest in its groundbreaking work.
Frequently Asked Questions
What is the significance of the bondholders' approval for GENFIT?
The approval demonstrates strong confidence among bondholders in GENFIT's strategic decisions and enables the company to move forward with essential financing.
How does the Royalty Financing work?
Royalty Financing entails an upfront payment in exchange for future royalties from product sales, providing GENFIT immediate capital for its R&D initiatives.
When is the Repurchase of the 2025 OCEANEs expected to take place?
The Repurchase settlement is planned for March 26, allowing bondholders to sell their bonds back to GENFIT at a specified price.
What is the role of the Consent Fee in this context?
The Consent Fee, set at €0.90 for remaining OCEANEs holders post-repurchase, is an incentive for bondholders to support GENFIT's strategic financial moves.
Where can I find more information about GENFIT’s research and development?
Additional resources and information about GENFIT's ongoing projects and innovations can be found on their official website.
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