Spexis AG announced a capital commitment totaling USD $2.5 million with participation from SPRIM Global Investments and institutional investors to fund the upcoming Phase 3 ColiFin® studies, beginning with the COPILOT study which is expected to initiate in the third quarter of 2023.
Ad hoc announcement pursuant to Art. 53 LR
ALLSCHWIL, Switzerland, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced a capital commitment totaling USD $2.5 million with participation from SPRIM Global Investments (SGI) and institutional investors to fund the upcoming Phase 3 ColiFin® studies, beginning with the COPILOT study which is expected to initiate in the third quarter of 2023. The USD $2.5 million capital commitment will be in the form of USD $1.0 million in secured, interest-bearing debt with partial warrant coverage from SGI and USD $1.5 million subordinated debt mandatorily converting into equity from institutional investors.
“This additional commitment from SPRIM demonstrates their continued support for the clinical development of ColiFin®, our inhaled macrocycle therapeutic for the management of chronic infections in cystic fibrosis patients” said Jeff Wager, M.D., Chairman & CEO of Spexis. “This new capital allows us to not only initiate the COPILOT study in the third quarter, but will also allow for continued progress across start-up activities for COPA, the second part of our planned pivotal efficacy and safety Phase 3 study.”
About Spexis
Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases and oncology. For further information please visit: www.spexisbio.com.
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Disclaimer
This press release contains forward-looking statements which are based on current assumptions and forecasts of Spexis management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Spexis’ results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Spexis disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
