(Información remitida por la empresa firmante)
Bemcentinib is currently being evaluated in preclinical studies for SRIs causing Acute Respiratory Distress Syndrome (ARDS) and initial results are expected during 2023. Corporate Activities
Rights Offering
On June 13, 2023, the Company completed a rights issue raising gross proceeds of NOK 250m. The proceeds from this offering including any additional proceeds from the exercise of warrants will be dedicated to the conduct of BGBC016 in 1L STK11m NSCLC patients, preclinical studies in severe respiratory infections and for general corporate purposes.
Warrants
The outstanding warrants issued in the Rights Issue can be exercised in two defined windows; from 15 November 202309:00 am CET to 28 November 20234:30 pm CET, or 1 April 2024 to 14 April 2024 at an exercise price of the volume-weighted average price (VWAP) of the Company’s shares on the Oslo Stock Exchange over the three last trading days prior to the exercise period less 30%, but in any event not less than NOK 0.10 and not higher than NOK 0.13. Additional information and instructions for exercise of warrants can be found on the Company’s website.
Our Chief Operating Officer James Barnes, decided to pursue new opportunities and will leave the company during December 2023. In connection with the implementation of the focused strategy, the role of Chief Operating Officer will not be replaced.
Third Quarter 2023 Financial Highlights
(Figures in brackets = same period 2022 unless otherwise stated)
— Revenue was NOK 0 million (NOK 0 million) for the third quarter.
— Total operating expenses for the third quarter were NOK 28.1 million (NOK 62.4 million)
— The operating loss for the quarter came to NOK 28.1 million (NOK 62.4 million)
— Cash and cash equivalents amounted to NOK 169.3 million by the end of September 2023 (NOK 226.0 million by end of June 2023).
Presentation and Webcast Details
The Q3 2023 presentation and Financial Report are available at the Company’s website.
BerGenBio’s senior management team will provide a business update today at 10:00 am CET. The presentation will webcast live. To participate in the webcast please use the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20231114_1/
A recording of the webcast will be available at www.bergenbio.com in the Investors/Financial Reports section shortly afterwards.
Contacts
Martin Olin CEO, BerGenBio ASA
ir@bergenbio.com
Rune Skeie, CFO, BerGenBio ASA
rune.skeie@bergenbio.com
Media Relations
Jan Lilleby
jl@lillebyfrisch.no
About BerGenBio ASA
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including cancer and severe respiratory infections. The Company is focused on its proprietary lead candidate, bemcentinib, a potentially first-in-class selective AXL inhibitor in development for STK11 mutated NSCLC and severe respiratory infections.
BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com
About Bemcentinib
Bemcentinib is a potentially first-in-class, potent and highly selective inhibitor of the tyrosine kinase AXL. Extensive studies confirm the ability to combine bemcentinib with immune checkpoint inhibitors, chemotherapies and targeted therapies with the goal of improving a patient’s immune response and delaying the development of chemoresistance. Bemcentinib is currently being investigated in combination with immune checkpoint inhibition and chemotherapy in first line NSCLC patients harboring mutations in the STK11 gene, a known prognostic factor of poor response to existing therapies.
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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