on POXEL (EPA:POXEL)
Poxel Secures $50M Non-Dilutive Financing from OrbiMed
Poxel SA has announced a non-dilutive $50 million bond issuance agreement with OrbiMed. This deal monetizes part of Poxel's future royalties from TWYMEEG® sales in Japan.
OrbiMed will receive royalties from TWYMEEG® sales, capped at $100 million. Post repayment, Poxel regains full royalty rights. The funds will reduce Poxel's debt and support its rare diseases strategic plan.
This move follows Poxel's recent recovery of Imeglimin rights outside Japan and involves ongoing negotiations to market Imeglimin in China.
Thomas Kuhn, CEO of Poxel, stated that the agreement strengthens Poxel's finances, allowing it to focus on debt reduction and development plans for PXL770 and PXL065.
The transaction involves significant debt repayment to IPF Partners and PGE banks, alongside amended loan agreements.
R. P.
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