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Ascelia Pharma AB (publ) (ticker: ACE), a biotech focused on improving the life of people living with rare cancer conditions, today announced that the Company has exercised its right to drawn down the remaining SEK 15 million under the loan facility in the previously announced financing arrangement (“Financing”) with Formue Nord Fokus A/S (“Formue”). The loan ensures financial and strategic flexibility, maintaining a cash runway into the second quarter of 2025.
The Company has today exercised its right to draw down the SEK 15 million second tranche, as part of the Financing of up to SEK 35 million with Formue announced on February 4, 2024. The SEK 15 million is a loan with no conversion rights and with this draw down, the Financing has been utilized in full.
“Securing the full potential of this financing agreement strengthens our strategic and financial position. This is important both ahead of and beyond the upcoming headline results for the Orviglance Phase 3 study, SPARKLE, which we expect during the first half of May 2024. We look very much forward to this major milestone and to executing on the opportunities ahead for Orviglance and Ascelia Pharma in 2024 and onwards”, says Magnus Corfitzen, CEO of Ascelia Pharma.
With the cash now available after the full utilization of the Financing, Ascelia Pharma has a cash runway into the second quarter of 2025, covering both the ongoing re-evaluation of images from the Phase 3 study with Orviglance, and completion of time critical activities for the New Drug Application (NDA) for the US Food and Drug Administration (FDA).
Please refer to the press release from February 4, 2024 for further details related to the Financing (Ascelia Pharma Secures Financing of up to SEK 35 Million).