Bavarian Nordic Granted EUR 50 Million Loan from The European Investment Bank
(Thomson Reuters ONE) -
* The Company upgrades its expectations to year end cash preparedness
KVISTGAARD, Denmark, May 12, 2015 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY)
today announced the securing of a loan facility of EUR 50 million from the
European Investment Bank (EIB), the long-term lending institution of the
European Union owned by its Member States.
EIB has granted the loan facility to support the research and development of
novel vaccines against Ebola and other infectious diseases as well as cancer
immunotherapies. The loan facility provides Bavarian Nordic an opportunity to
accelerate its growth strategy with the clinical development of a vaccine
against respiratory syncytial virus (RSV) for which no vaccine exists, and
prioritizing the development of its CV-301 cancer immunotherapy candidate, which
holds promise in multiple cancer indications.
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic, said:
"Public investment continues to be a critical component of the advancement of
research and development for public health preparedness. Bavarian Nordic has
been at the forefront of this for over a decade and we look forward to
continuing these efforts well into the future. We are proud to be selected by
EIB in support of the fight against infectious disease and cancer. The EIB loan
provides a unique opportunity to increase our financial flexibility on
attractive terms, and enables us to continue our growth strategy and unlock the
potential of our innovative vaccine platform technology."
The loan facility, which is unsecured, is offered on favorable terms and may be
utilized in one or more tranches. Under the terms of the agreement, Bavarian
Nordic will have up to 18 months to draw on these monies. The loan is a three to
five year bullet loan and could potentially carry a fixed or variable interest
payment, the margin associated with the loan facility is 3.26%.
As a result of the loan facility agreement, the Company upgrades its
expectations to year-end cash preparedness from DKK 1,100 million to DKK 1,450
million.
Contacts
Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43
Seth Lewis
Vice President Investor Relations (US)
Tel: +1 978 341 5271
About Bavarian Nordic
Bavarian Nordic is a biopharmaceutical company focused on the development and
manufacturing of cancer immunotherapies and vaccines for infectious diseases.
Through a long-standing collaboration with the U.S. Government, Bavarian Nordic
has developed a portfolio of biological countermeasures, including the non-
replicating smallpox vaccine, IMVAMUNE(®), which is stockpiled for emergency use
by the U.S. and other governments. The vaccine is approved in the EU (under the
trade name IMVANEX(®)) and in Canada. Bavarian Nordic and its partner Janssen
are pioneering the development of an Ebola vaccine, which has been fast-tracked
by authorities in response to the current situation in West Africa.
Additionally, in collaboration with the National Cancer Institute, Bavarian
Nordic has developed a portfolio of active cancer immunotherapies based on its
versatile pox-virus based technologies, including PROSTVAC(®), which is
currently in Phase 3 clinical development for the treatment of advanced prostate
cancer. The company has partnered with Bristol-Myers Squibb for the potential
commercialization of PROSTVAC. For more information visit www.bavarian-
nordic.com or follow us on Twitter (at)bavariannordic.
Forward-looking statements
This announcement includes forward-looking statements that involve risks,
uncertainties and other factors, many of which are outside of our control that
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Forward-looking statements include statements
concerning our plans, objectives, goals, future events, performance and/or other
information that is not historical information. We undertake no obligation to
publicly update or revise forward-looking statements to reflect subsequent
events or circumstances after the date made, except as required by law.
201512uk:
http://hugin.info/100065/R/1920880/688260.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bavarian Nordic A/S via GlobeNewswire
[HUG#1920880]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2015 - 12:09 Uhr
Sprache: Deutsch
News-ID 392646
Anzahl Zeichen: 5155
contact information:
Town:
Kvistgård
Kategorie:
Business News
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