TME Pharma: end of convertible bond program

(CercleFinance.com) - With a gain of 13%, TME Pharma on Friday posted one of the biggest rises on the Paris market after terminating its convertible bond program following the successful completion of a ?1.
48 million financing.

The biotech company, which specializes in the development of new therapies for the treatment of cancer, states that this private placement, carried out with a group of new investors, will enable it to buy back all outstanding convertible debt.

At a price of 0.22 euros per share, the fund-raising represents a discount of just 0.5% to the previous day's closing price.

In its press release, the company stresses that this decision will have the effect of improving its stock market profile in view of the imminent regulatory steps with the FDA.

TME points out that it intends to make progress in its discussions with the US health authority concerning the approval of a clinical trial application (IND) and a decision on 'fast track' designation by the end of this quarter.

The biotech recently reported 'unprecedented' survival data for its lead drug candidate, NOX-A12, which is in clinical trial in patients with newly diagnosed brain cancer who cannot clinically benefit from standard chemotherapy.

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