On June 1, 2021 NOXXON Pharma N.V. (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), reported that it has received two batches of bulk NOX-A12 drug substance and has made additional manufacturing commitments (Press release, NOXXON, JUN 1, 2021, View Source [SID1234583346]). As such, NOXXON has drawn down additional financing tranches from its financing agreement with Atlas Special Opportunities, LLC (ASO), for a total consideration of €2.325 million, and issued 2,368 convertible bonds (including 43 convertible bonds issued in relation to the transaction fee) with a nominal value of EUR 1,000 each.

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As NOXXON advances its pipeline with upcoming start of clinical trials this additional liquidity will mostly focus on the following developments:

– Manufacturing of NOX-A12 clinical trial supply in anticipation of upcoming clinical trials;
– Manufacturing of NOX-E36 clinical trial supply in anticipation of the planned upcoming clinical trial;
– Purchase of stocks of starting materials at more cost-effective scale which will also allow more rapid production of future batches of NOX-A12 or NOX-E36.

The tranches are split as follows:

– Issuance of the remainder of the Drug Manufacturing tranche for a consideration of €900,000;
– Issuance of 3 additional tranches for a total consideration of €1,425,000.

The additional cash brings NOXXON’s runway into Q1 2022 without additional financing or use of the ASO convertible bond vehicle.

NOXXON maintains an updated summary table of issued convertible bonds in the Investors’ section of its website.

The characteristics, terms, conditions and dilutive potential of the ASO financing may be found in the Annex to the press release published on October 14, 2020 available on the company’s website.