ERYTECH secures 10 million euros in non-dilutive financing,


  • Approvals received from Bpifrance and Society General for a total of EUR ten million euros of non-dilutive financing in the form of a State-GuaranteeD Loan (PGE Loan)
  • The product is expected to expand the company cash flow horizon to be completed of 2021

LYON, France and CAMBRIDGE, Mass., November 02, 2020 (GLOBE NEWSWIRE) – ERYTECH Pharma (Nasdaq & Euronext: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances in red blood cells, announcement today that it has received funding approvals of Bpifrance and Society General for a total of 10 million in the form of Stat-gguaranteed THEoans (Readys Guaranteeds through the state, or PGE in France) in the context of the COVID-19 pandemic.

We I thank the French ggovernment and Bpifrance, as good as our banking partners at SocGeneral summer, for their support in these unprecedenteded times, who to brings additional resources for To allow we at continue to realize our Goals. Above recent months, we have strengthened our financial position through implement a convertible bond facility in France and a ‘toTheMarlet’ ease of equity participation in the United States, and now this state-gyouapraised, non-dilutive loan. Like us continue to advance our advanced stage clinic development programs, additional funding should To extend further our cash horizon beyond our neighbor key data reading milestones, “ noted Eric Soyer, Chief Financial Officer and Chief Operating Officer by ERYTECH Pharma.

Bpifrance and Société Générale will each grant a loan of 5 million euros and the French State will guarantee 90% of the total amount due. The loans will bear interest at fixed rates of 1.75% and 0.25% per annum respectively, with an initial term of one year. At the end of this initial term, the Company may, at its option, defer the repayment of the capital over a period of five years.

The Company estimates that the combination of its current cash and cash equivalents and this government guaranteed loan will extend its cash horizon until the third quarter of 2021, and given the potential proceeds from the convertible bond financing and the debt program. ‘shares listed on the market, until the end of 2021.

About ERYTECH and eryaspase

ERYTECH is a clinical-stage biopharmaceutical company that develops innovative red blood cell therapies for severe forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS® platform, which uses new technology to encapsulate drug substances in red blood cells, ERYTECH is developing a pipeline of product candidates for patients with significant unmet medical needs. ERYTECH’s main objective is the development of product candidates that target the altered metabolism of cancer cells by depriving them of the amino acids necessary for their growth and survival.

The Company’s flagship product candidate, eryaspase, which consists of L-asparaginase encapsulated in donor-derived red blood cells, targets altered asparagine and glutamine metabolism in cancer cells. Eryaspase is in phase 3 of clinical development for the treatment of second-line pancreatic cancer and in phase 2 for the treatment of first-line triple negative breast cancer. A researcher-sponsored phase 2 study in acute lymphoblastic leukemia is underway in northern European countries.

ERYTECH produces its product candidates for the treatment of patients in Europe at its BPF approved manufacturing site in Lyon, France, and for patients in the United States at its BPF manufacturing site in Princeton, New Jersey, United States.

ERYTECH is listed on the Nasdaq Global Select Market in the United States (ticker: ERYP) and on the regulated market of Euronext in Paris (ISIN code: FR0011471135, ticker: ERYP). ERYTECH is part of CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indices.
For more information, please visit www.erytech.com

Forward-looking information

This press release contains forward-looking statements, including, but not limited to, statements regarding the Company’s clinical development plans for product candidates and the Company’s anticipated cash flow path through the end of 2021. Some of these statements, forecasts and estimates may be recognized by the use of words such as, but not limited to, “believes”, “anticipates”, “expects”, “intends”, ” plan ”,“ seek ”,“ esteem ”,“ can ”,“ can ”and“ continue ”and similar expressions. These statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were believed to be reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend on factors beyond the control of ERYTECH. There can be no assurance with respect to product candidates in the pipeline that applicants will receive the necessary regulatory approvals or prove to be commercially successful. Therefore, actual results and schedule may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. A more detailed description of these risks, uncertainties and other risks can be found in the Company’s regulatory documents with the Autorité des marchés financiers (AMF), the documents and reports of the Company’s Securities and Exchange Commission (SEC). , including in the Company’s 2019 Document. Universal registration filed with the AMF on March 18, 2020, in the half-year report for the six-month period ended June 30, 2020 published on September 21, 2020 and in the Company’s annual report on form 20-F filed with the SEC on 18 March 2020 and future Company filings and reports. In view of these uncertainties, no representation is made as to the accuracy or fairness of these forward-looking statements, forecasts and estimates. In addition, forward-looking statements, forecasts and estimates speak only as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements. ERYTECH disclaims any obligation to update such forward-looking statements, forecasts or estimates to reflect any change in ERYTECH’s expectations in this regard, or any change in the events, conditions or circumstances on which such statement, forecast or estimate is. based, except to the extent required by law. Additionally, the COVID-19 pandemic and associated containment efforts have had a serious negative impact on the economy, the severity and duration of which are uncertain. The government’s stabilization efforts will only partially mitigate the consequences. The extent and duration of the impact on the Company’s business and operations is highly uncertain, and this impact includes effects on its clinical trial operations and its supply chain. Factors that will influence the impact on the Company’s business and operations include the duration and extent of the pandemic, the extent of containment and mitigation measures imposed or recommended, and the general economic consequences of the pandemic. . The pandemic could have a material negative impact on the Company’s business, operations and financial results for an extended period.

CONTACTS

ERYTECH
Eric Soyer
Chief Financial Officer and Chief Operating Officer
LifeSci Advisors, LLC
Investor Relations
Corey Davis, Ph.D.
NewCap
Mathilde Bohin /
Louis-Victor Delouvrier
Investor Relations
Nicolas merigeau
Media relations
+33 4 78 74 44 38
[email protected]
+1 (212) 915 – 2577
[email protected]
+33 1 44 71 94 94
[email protected]

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