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Spring Bank Announces $20 Million Strategic Debt Financing Agreement with Pontifax Medison Finance
Significant investment demonstrates confidence in Spring Bank’s novel development programs
Extends Spring Bank’s cash runway beyond the end of 2021
Accelerates HBV antisense and STING antagonist development programs
“The addition of
“Spring Bank has made substantial progress with the continued advancement of its internally developed assets. We don’t believe the current market valuation of
The strategic loan arrangement with Pontifax is premised on the confidence that the therapies under development at
Under the loan agreement with Pontifax, the loan will mature over 48 months and there are no required payments of principal for 24 months. Pontifax may elect to convert the outstanding loan based on a conversion price of
Cantor Fitzgerald & Co acted as financial advisor and arranger to
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, about Spring Bank’s future expectations, plans and prospects. These statements include, but are not limited to, statements about the company’s expectations for its clinical and non-clinical programs and the extension of the company’s cash runway beyond the end of 2021. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “potential,” “possible,” “hope,” “likelihood” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to: Spring Bank’s ability to successfully demonstrate the safety and efficacy of its product candidates; any delay of any current or planned non-clinical or clinical trials or the development of any product candidate; whether Spring Bank’s product candidates will advance through the clinical trial process on a timely basis, or at all; whether Spring Bank’s cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; whether the results of such trials will warrant submission for approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether Spring Bank’s product candidates will receive approval from regulatory agencies on a timely basis or at all; whether, if product candidates obtain approval, they will be successfully distributed and marketed; and other factors discussed in the “Risk Factors” section of Spring Bank’s Annual Report on Form 10-K for the year ended
In addition, the forward-looking statements included in this press release represent Spring Bank’s views as of the date hereof.
McNeil, Gray & Rice
Source: Spring Bank Pharmaceuticals, Inc
Source: Spring Bank Pharmaceuticals, Inc.