Publication date: 06/11/2017
TiGenix NV (Euronext Brussels and NASDAQ: TIG), an advanced biopharmaceutical company focused on exploiting the antiinflammatory properties of allogeneic, or donor-derived, stem cells to develop novel therapies for serious medical conditions, today announces the conversion of EUR 7 million of the Company’s senior unsecured convertible bonds due 2018 (ISIN Code: BE6276591128).
Through this conversion, the total convertible debt outstanding is reduced from EUR 25 million to EUR 18 million. As a consequence, the Company will issue 7,792,496 shares in exchange for the converted bonds. The shares are expected to be issued on or around 10 November 2017. “We are pleased to see the interest in converting our debt into equity, which we believe is an acknowledgement by specialized institutional investors of the progress TiGenix has made in the past months,” said Dr. Claudia D’Augusta, Chief Financial Officer at TiGenix. “This transaction further strengthens our balance sheet and is a strong signal of investors’ confidence in our upcoming milestones.”
TiGenix NV (Euronext Brussels and NASDAQ: TIG) is an advanced biopharmaceutical company developing novel therapies for serious medical conditions by exploiting the anti-inflammatory properties of allogeneic, or donor-derived, stem cells.
TiGenix´ lead product, Cx601, has successfully completed a European Phase III clinical trial for the treatment of complex perianal fistulas - a severe, debilitating complication of Crohn’s disease. Cx601 has been filed for regulatory approval in Europe and a global Phase III trial intended to support a future U.S. Biologic License Application (BLA) started in 2017. TiGenix has entered into a licensing agreement with Takeda, a global pharmaceutical company active in gastroenterology, under which Takeda acquired the exclusive right to develop and commercialize Cx601 for complex perianal fistulas outside the U.S. TiGenix’ second adipose-derived product, Cx611, is undergoing a Phase I/II trial in severe sepsis – a major cause of mortality in the developed world. Finally, AlloCSC-01, targeting acute ischemic heart disease, has demonstrated positive results in a Phase I/II trial in acute myocardial infarction (AMI). TiGenix is headquartered in Leuven (Belgium) and has operations in Madrid (Spain) and Cambridge, MA (USA). For more information, please visit http://www.tigenix.com.