European Biotech (NASDAQ:EBAC) announced in an 8-K this morning that it has increased its PIPE by $7.8 million and added $7 million to the convertible loans attached to the combination with biotech firm Oculis.
The new PIPE cash comes at $10 per share and joins $63.3 million in existing PIPE financing for a total of 7,118,891 PIPE shares, adding about $71.2 million to the deal. The expansion of the convertible loan agreement takes the facility to $19.67 million, with the lenders set to convert their rights into shares at $10 per share.
Together with a non-redemption agreement ensuring 700,789 shares will not be redeemed, European Biotech has now secured about $97.85 million in committed financing for the deal. This is just below the transaction’s $100 million minimum cash condition, but its public share capital would still bridge the gap provided redemptions were below about 98.4%.
The parties announced their $218 million combination in October 2022. Lausanne, Switzerland-based Oculis is developing a range of therapies for eye diseases with the most advanced having entered Phase III trials.
Earlier this month, it announced it has completed stage one of its enrollment for this Phase III trial, studying he effectiveness of OCS-01, which has the potential to be the the first topical eye drop and non-invasive treatment for Diabetic Macular edema.
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