Credit Facility Allows Selectis to Support Development of UCART Product Candidate Pipeline
The credit facility consists of three tranches of €20 million, €15 million and €5 million, each redeemable over six years.
This credit facility is part of the European Investment Bank’s strategy to support biotechnology companies developing advanced expertise in a variety of therapeutic areas with high unmet medical need.
PARIS, December 28, 2022 (GLOBE NEWSWIRE) — Cellectis (Euronext Growth: ALCLS – NASDAQ: CLLS) (the “Company”) is in clinical stage to develop life-saving cells using a pioneering gene-editing platform is a biotechnology company. and in the field of gene therapy, today with the European Investment Bank (“EIB”) he announced the signing of a €40 million credit facility agreement (the “Financial Agreement”).
The company intends to use this facility for pipeline development in the area of allogeneic CAR T cell product candidates UCART22, UCART20x22, UCART123 and UCARTCS1.
The €40 million facility will be divided into three tranches. €20 million for the first tranche (“Tranche A”), €15 million for the second tranche (“Tranche B”) and €5 million for the third tranche (“Tranche C”). Each tranche payment, including the initial payment for Tranche A, is subject to certain conditions that have not yet been met as of the date of this press release.
Payment of tranche A is subject, among other things, to the following conditions:
Execution of the Warrant Agreement entered into with the EIB (see below), issuance of the Warrant related to Tranche A.When
Completion of certain clinical development milestones by Cellectis licensees.
Payments for tranche B are, inter alia,
Full drawdown of tranche A,
Warrant issues related to Tranche B,
A cash injection totaling at least €20 million after 31 October 2022;
receipt by us of the total amount of up-front and milestone payments relating to existing or new partnerships of at least €15 million;
At least two clinical trials are actively recruiting
Only 1 ongoing clinical trial Mandatory hold
Payments for tranche C are, inter alia,
Full drawdown of tranche B,
Warrant issues related to Tranche C,
A cash injection totaling at least €25 million from 31 October 2022;
receipt by us of the aggregate amount of prepayments and milestone payments relating to existing or new partnerships of at least €25 million;
At least two clinical trials actively recruiting, one of which is in the pivotal context or at least two clinical trials are actively recruiting in the expansion context;
At least 2 clinical trials not in progress Mandatory pending
The three tranches will be available within 36 months after the signing of the financial agreement.
“This EIB financing, with minimal dilution for our shareholders, is great news for Cellectis and a recognition of the work our team has accomplished,” said André, Cellectis Chief Executive Officer. Dr. Choulika said:
The credits have a Fixed Physically Paid (PIK) interest rate of 8% for Tranche A, 7% for Tranche B and 6% for Tranche C, decrementing by tranche, with a maturity of 6 years for each tranche. Interest on such PIKs is capitalized annually, paid at maturity, and added to the unpaid principal of the credits, thus accruing interest.
Subject to certain conditions, in the event of standard events of default (i.e. including non-payment, misrepresentation and cross-default), the EIB may require companies to repay all or part of their outstanding debt immediately. , and/or cancel unpaid tranches. .
The financial agreement is supplemented by warrant agreements entered into to determine the terms of warrants issued for the benefit of the EIB.
Cellectis is a clinical-stage biotechnology company developing life-saving cell and gene therapies using a pioneering gene-editing platform. Cellectis utilizes an allogeneic approach to CAR-T immunotherapy in oncology, pioneering the concept of off-the-shelf, ready-to-use gene-edited CAR T cells to treat cancer patients, and developing therapeutics in hematopoiesis. We provide a platform for gene editing. Stem cells for various diseases. Cellectis, a clinical-stage biopharmaceutical company with over 22 years of experience and expertise in gene editing, utilizes TALENs to develop life-changing product candidates.®, its gene-editing technology, and pulse-agile, its pioneering electroporation system harnesses the power of the immune system to treat diseases with unmet medical needs. Cellectis is headquartered in Paris, France, with offices in New York, NY and Raleigh, NC. Selectis is listed on the Nasdaq Global Market (ticker: CLLS) and Euronext Growth (ticker: ALCLS).
For more information, please visit www.cellectis.com. Follow Cellectis on social media @cellectis, LinkedIn and YouTube.
Forward-Looking Statements and legal notices
Caution should be exercised in interpreting preliminary results, small numbers of patients, or case studies presented individually. Such results should not be considered predictive of future results.
This press release contains “forward-looking statements” within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. “can”, “expect”, “intend”, “designed”, “could”, “could”, “plan”, “could”, “predict” , “objective”, “should”, “should”, ”and “will” or negation of these and similar expressions. These forward-looking statements are based on management’s current expectations and assumptions and information currently available to management. Forward-looking statements include statements regarding our ability to fulfill our warrant agreements and our ability to proceed with clinical trials. These forward-looking statements are made in light of currently available information and the risk that initial, interim and preliminary clinical trial data may change as more data become available. are subject to many risks and uncertainties, including Subsequent data may not confirm initial results. the risk of suspension or delay of our clinical trials as a result of failure by third parties we trust or resulting from regulatory investigations or delays; Risk of manufacturing delays or problems. increased competition and/or risks associated with sufficient enrollment to support our clinical trials; Many other risks associated with the development of biopharmaceutical product candidates. In addition, as set forth in its annual report on Form 20-F and its financial reports (including management reports) for the year ended December 31, 2021, and as filed by Cellectis with the Securities and Exchange Commission from time to time. Many other important factors, including subsequent filings made by the SEC at www.sec.gov, as well as other known and unknown risks and uncertainties, affect such forward-looking statements. It could adversely affect us and cause our actual results, performance or achievements to differ materially from those expressed. or implied by forward-looking statements. Our obligation to publicly update these forward-looking statements even if new information becomes available in the future, except as required by law, or if actual results are anticipated in the forward-looking statements. We undertake no obligation to update reasons that may differ materially.
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