- Abivax cash runway extended to end of Q2, 2020
- Sofinnova Partners strengthens and diversifies Abivax shareholder base
- Sofinnova Partners to join the Board of Directors
- Proceeds to be used for funding advanced stage clinical trials in inflammation and oncology
Paris, France, 11 July 2019 at 07:30 pm – ABIVAX SA (the “Company” or “ABIVAX”) (Euronext Paris: FR0012333284 – ABVX), a clinical-stage biotechnology company harnessing the immune system to develop novel treatments for inflammatory diseases, viral diseases and cancer, announced today the successful completion of a capital increase of 1,500,000 new ordinary shares with a nominal value of €0.01 per share (the “Transaction”), which has been entirely subscribed at market price by Sofinnova Crossover I, a fund managed by Sofinnova Partners (“Sofinnova”).
“Sofinnova Partners is globally recognized as a leading specialist investor and their investment, combined with the continued support of our founding shareholder, Truffle Capital, not only validates our science and strategy but also extends our cash runway to the end of the second quarter of 2020,” said Prof. Hartmut J. Ehrlich, MD, CEO of Abivax. “Abivax now has sufficient time and resources to leverage maximum value in ongoing partnering discussions for ABX464, while also providing funding to achieve important value-creating milestones in three phase 2 trials of ABX464 in ulcerative colitis, rheumatoid arthritis and Crohn’s disease and one phase 1/2 trial of ABX196 in liver cancer.”
“We are pleased to become investors in Abivax. We have followed Abivax’s continuing progress and determined that its assets and management have the potential to create significant value for patients, corporate partners and Abivax shareholders,” said Kinam Hong, MD, Partner at Sofinnova Partners. “We are particularly motivated by the strong anti-inflammatory properties and proof of concept demonstrated to date by ABX464 and its broad potential to address multiple diseases where patients are not adequately treated by existing therapies.”
Philippe Pouletty, MD, Chairman of the Board of Abivax and CEO of Truffle Capital commented: “We are delighted to work with Sofinnova, which shares many of our values, to help further guide Abivax to clinical and corporate success.”
Net proceeds of €12 million provide the Company with additional funding to implement its strategy, conduct its operations and reinforce its financial structure. In particular, funding will be primarily allocated to finance the next steps in the clinical development of its lead product, ABX464, including a Phase 2b study in ulcerative colitis and Phase 2a studies in rheumatoid arthritis and Crohn’s disease. Secondarily, the funds will also be used for next steps in the clinical development of ABX196 to treat hepatocellular cancer in the Leo Hamel Jewelry Store U.S.
In the framework of the Transaction, the Company agreed that Sofinnova, as a new major financial partner for Abivax, will present a candidate for appointment to the Company’s Board of Directors (Conseil d’Administration) in replacement of Dr. Claude Bertrand, who resigned from his office as director of the Company.