Cereno Scientific recalls tranche of convertible bonds and pauses financing from EHGOSF
The Board of Directors of Cereno Scientific has decided to recall the latest tranche that the company issued on 4 January 2019, and to pause until further notice the call-down of new convertible bonds in the funding solution the company entered into with the European High Growth Opportunities Securitization Fund. The Board is evaluating various alternate funding solutions to finance continued operations and the planned Phase II study of its drug candidate, CS1.
“We have agreed, in consultation with the European High Growth Opportunities Securitization Fund through their adviser, Alpha Blue Ocean, to recall tranche seven. The reason for the decision is that we have had a very successful 2018, in which we achieved a number of important milestones. We obtained positive results from our clinical studies with CS1, our drug candidate; we signed an agreement with CRO OCT Group on conducting a major multicentre Phase II study at about 20 clinics and we have obtained an important patent for CS1 in the US. We have now received enough capital to be able to plan how we can best finance the exciting milestones that await,” says Sten R. Sörensen, CEO of Cereno Scientific.
After the recall of the seventh tranche, which the company issued on 4 January 2019, Cereno Scientific has issued a total of six tranches of convertible instruments and warrants, through which the company has received MSEK 22.5. The first period of the funding solution expires on 15 March, at which time Cereno has the possibility of entering into a new, additional period of 12 tranches totalling MSEK 42, plus the unutilised tranches from the first period.
Related press releases:
For more information, please contact:
Sten R. Sörensen – CEO
Tel: +46 733 74 03 74
E-mail sten.sorensen@cerenoscientific.com
www.cerenoscientific.com
About Cereno Scientific AB
Cereno Scientific is developing a novel preventive medicine to treat thrombosis-related disease, based on the body’s own intelligent clot-busting system. Cardiovascular disease is currently the leading cause of death worldwide. Current therapies are connected to an increased risk of bleeding and, as a result, low effectiveness due to lower dosing levels. In turn, this leads to a high risk of new blood clots. Cereno Scientific’s drug candidate, CS1, is expected to provide a possibility for an effective prevention of thrombosis and a lower risk for serious bleeding complications than with current blood thinning therapies. CS1 is an innovative controlled release formulation of a known compound and, as such, is expected to have a relatively short development time. The Gothenburg-based company is located in AstraZeneca’s BioVentureHub and is supported by GU Ventures. Cereno Scientific’s B share has been listed on Spotlight Stock Market since June 2016 with the ticker CRNO B, ISIN SE0008241558.
This information is such that Cereno Scientific AB is required to make public in accordance with the EU’s market abuse regulation (MAR). The information was made available publically by the Company’s contact person on January 18th 2019.