Paladin and Bioniche officially close debt refinancing and Urocidin licensing deals
Canadian companies Bioniche Life Sciences (TSX: BNC) and Paladin Labs (TSX: PLB) said on Friday (July 5) that they had officially closed the various previously-announced agreements associated with a comprehensive strategic collaboration to refinance and increase Bioniche's debt, provide new equity, and enter into the first licensing deal for Bioniche's Phase III bladder cancer product Urocidin (mycobacterial cell wall-DNA complex).
The closing of these deals has resulted in the issue of a further $5 million in debt financing to Bioniche from Paladin. As partial consideration for the entering into of the amended loan transaction, Bioniche granted Paladin warrants to acquire common shares, such warrants to expire on the earlier of two years from the complete repayment by Bioniche of the loan or May 31, 2019.
On June 5, Bioniche and Paladin announced a comprehensive strategic collaboration to refinance and increase Bioniche's debt, provide new equity, and enter into the first licensing deal for Bioniche's Urocidin.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze