Affimed announces € 25 million debt financing deal with Silicon Valley Bank Nasdaq: AFMD
- 10 million euros available at closing and up to 15 million euros available upon reaching certain milestones
Heidelberg, Germany, January 11, 2021 – Affimed NV (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to restoring patients’ innate ability to fight cancer, today announced it has entered into a debt financing agreement with Silicon Valley Bank German Branch (SVB) which provides Affimé up to 25 million euros in term loans.
“We are delighted to continue our relationship with Silicon Valley Bank,” commented Angus Smith, CFO of Affimed. “This funding will help support the broad development strategy of our ICE® molecules as monotherapy and in association with natural killer cells and checkpoint inhibitors.”
“We are delighted to continue to support Affimed and its mission of developing cancer treatments using its proprietary ICE® platform,” said Nooman Haque, SVB EMEA Life Sciences and Health Manager . “For decades, SVB has worked with leading life science companies to improve their chances of success.”
“The completion of this transaction is another important step in the continued growth of SVB’s business in Germany and we are proud to continue our relationship with one of the market’s leading biopharmaceutical companies,” added Oscar Jazdowski, Managing Director, SVB German Branch mentioned.
In accordance with the terms of the agreement, Silicon Valley Bank will provide loans up to 25 million euros available in three tranches: 10 million euros available at closing, 7.5 million euros additional upon completion. certain conditions, including milestones related to Affimed’s pipeline and market capitalization, and a third tranche of 7.5 million euros upon the fulfillment of certain additional conditions related to Affimed’s pipeline and liquidity. The loans will bear interest at the higher of the base rate of the European Central Bank and 0%, plus 5.5%, and Affimed is entitled to make interest payments only until 1 December 2022 or 1 June 2023 if Affimed draws on the third tranche. loans. The loans will mature at the end of November 2025. There are no financial covenants in the agreement. The proceeds will be used to fund research and development expenses for Affimed’s expanding pipeline and for working capital purposes.
About Affimed NV
Affimed NV (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to restoring patients’ innate ability to fight cancer. The ROCK® platform adapted to Affimed’s needs enables the design of innate cellular devices for specific patient populations. Affimed develops unique and combination therapies to treat hematologic and solid tumors. The company is currently enrolling patients in a study directed to the registration of AFM13 for relapsed / refractory CD30 positive peripheral T lymphoma and in a phase 1 / 2a study of dose escalation / expansion of AFM24 for treatment. solid tumors expressing EGFR at an advanced stage. For more information, please visit www.affimed.com.
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by words such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “objective”, “Intend”, “look forward to”, “can”, “plan”, “potential”, “foresee”, “plan”, “should”, “will”, “would” and similar expressions. Forward-looking statements appear in several places throughout this press release and include statements regarding our intentions, beliefs, projections, outlook, analyzes and current expectations regarding, among other things, the potential of our ICE® molecules, the value of our ROCK® platform, our preclinical development and our ongoing and planned clinical trials, our collaborations and the development of our products in combination with other therapies, the timing and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our collaborative activities, our ability to develop business functions, clinical trial data, operating results, cash flow requirements, financial situation, liquidity, outlook, future transactions, growth e and strategies, the sector in which we operate, trends that may affect the industry or us, the impacts of the COVID-19 pandemic, the benefits for Affimed of the design of orphan drugs nation and the risks, uncertainties and others factors described under “Risk Factors” in the documents filed by Affimed with the Securities and Exchange Commission. In view of these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
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