Biocartis Group NV: Biocartis attracts EUR 55 million non-dilutive financing
(Thomson Reuters ONE) -
PRESS RELEASE: REGULATED INFORMATION
Wednesday, 20 July 2016, 07:00 CEST
BIOCARTIS ATTRACTS EUR 55 MILLION NON-DILUTIVE FINANCING
Mechelen, Belgium, 20 July 2016 - Biocartis Group NV ('Biocartis'), an
innovative molecular diagnostics company (Euronext Brussels: BCART), today
announces that it has attracted a total of EUR 55m of non-dilutive financing,
consisting of a EUR 40m bank and lease financing facility and a EUR 15m
subordinated loan. The funds will be used to finance the expansion of Biocartis'
manufacturing capacity for its Idylla(TM) diagnostics tests, to refinance an
existing loan of EUR 5m and to strengthen the company's financial position to
continue to execute its strategic plan.
The bank and lease financing facility is provided by KBC Bank and KBC Lease and
includes a partial guarantee by the Flemish Government through Gigarant, managed
the Flemish Investment Company 'ParticipatieMaatschappij Vlaanderen' (PMV). The
new subordinated loan is provided by a consortium of PMV and the Belgian
'Federal Holding and Investment Company' (FPIM).
Commenting on the new financings, Ewoud Welten, Chief Financial Officer of
Biocartis, said:
"The new bank facility and subordinated loan strengthen our capitalisation and
will further support us in realising our ambitious growth trajectory. It also
underlines Biocartis' ability to attract funding beyond equity capital markets
from reputable debt financing partners that acknowledge our potential within the
molecular diagnostics market. We are pleased with the continued support of KBC
and PMV and much welcome FPIM and Gigarant as new partners."
Bank and lease financing facility
The bank and lease financing facility provided by KBC consists of three
tranches:
* EUR 15m lease financing;
* EUR 15m rollover credit line; and
* EUR 10m working capital credit line.
The lease financing will be used to fund the equipment of a second Idylla(TM)
cartridge manufacturing line that Biocartis ordered end of 2015. Furthermore,
the two lines of credit that Biocartis now has at its disposal can be used to
fulfil certain future financing needs in, amongst others, working capital. Both
lines of credit are partially guaranteed by Gigarant.
The lease financing has a five year duration and the rollover credit line a four
year duration. The working capital credit line is provided until further notice.
Wim Eraly, Senior General Manager KBC Bank, added: "KBC is dedicated to support
highly innovative companies such as Biocartis, which we underlined today with
this new financing facility. We have been a long term partner to Biocartis and
look forward to further support the company in realising its ambition to disrupt
the global molecular diagnostics market."
Subordinated loan
The new EUR 15m subordinated loan provided by PMV and FPIM has a duration of
five years. Part of the proceeds from this loan will be used to refinance the
company's current subordinated loan of EUR 5m (excluding accrued interest
charges) that is due end of 2016.
Roald Borré, Head of Equity Investments of PMV, added: "We are pleased to play
an important role in the further financing of Biocartis' business. Enabling
companies like Biocartis to be successful positively impacts the Belgian economy
in terms of employment and growth of local knowledge. Both being elements that
FPIM and PMV actively want to support."
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For more information:
Renate Degrave, Corporate Communications & Investor Relations
rdegrave(at)biocartis.com
+32 15 631 729
About Biocartis
Biocartis (Euronext Brussels: BCART) is an innovative molecular diagnostics
(MDx) company providing next generation diagnostic solutions aimed at improving
clinical practice for the benefit of patients, clinicians, payers and industry.
Biocartis' proprietary MDx Idylla(TM) platform is a fully automated sample-to-
result, real-time PCR (Polymerase Chain Reaction) system that offers accurate,
highly reliable molecular information from virtually any biological sample in
virtually any setting. Biocartis launched the Idylla(TM) platform in September
2014. Biocartis is developing and marketing a rapidly expanding test menu
addressing key unmet clinical needs in oncology and infectious diseases. These
areas represent respectively the fastest growing and largest segments of the MDx
market worldwide. Today, Biocartis has five oncology tests and two infectious
disease tests on the market. More information: www.biocartis.com. Press Photo
Library available here. Follow us on Twitter: (at)Biocartis_.
Certain statements, beliefs and opinions in this press release are forward-
looking, which reflect the Company or, as appropriate, the Company directors'
current expectations and projections concerning future events such as the
Company's results of operations, financial condition, liquidity, performance,
prospects, growth, strategies and the industry in which the Company operates. By
their nature, forward-looking statements involve a number of risks,
uncertainties, assumptions and other factors that could cause actual results or
events to differ materially from those expressed or implied by the forward-
looking statements. These risks, uncertainties, assumptions and factors could
adversely affect the outcome and financial effects of the plans and events
described herein. A multitude of factors including, but not limited to, changes
in demand, competition and technology, can cause actual events, performance or
results to differ significantly from any anticipated development. Forward-
looking statements contained in this press release regarding past trends or
activities are not guarantees of future performance and should not be taken as a
representation that such trends or activities will continue in the future. In
addition, even if actual results or developments are consistent with the
forward-looking statements contained in this press release, those results or
developments may not be indicative of results or developments in future periods.
As a result, the Company expressly disclaims any obligation or undertaking to
release any update or revisions to any forward-looking statements in this press
release as a result of any change in expectations or any change in events,
conditions, assumptions or circumstances on which these forward-looking
statements are based. Neither the Company nor its advisers or representatives
nor any of its subsidiary undertakings or any such person's officers or
employees guarantees that the assumptions underlying such forward-looking
statements are free from errors nor does either accept any responsibility for
the future accuracy of the forward-looking statements contained in this press
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place undue reliance on forward-looking statements, which speak only as of the
date of this press release.
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Source: Biocartis Group NV via GlobeNewswire
[HUG#2029429]
Unternehmensinformation / Kurzprofil:
Datum: 20.07.2016 - 07:01 Uhr
Sprache: Deutsch
News-ID 484195
Anzahl Zeichen: 8477
contact information:
Town:
Mechelen
Kategorie:
Business News
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