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Spexis provides update regarding debt- restructuring moratorium

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Published:29th Nov 2023

Spexis AG, a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, announced that it is in discussions with SPRIM Global Investments (“SGI”) to restructure its current financing agreements with SGI, and to seek new financing from SGI, with a view to supporting the advancement of the COPILOT trial, the first part of the ColiFin Phase III program

As Spexis has announced in its press release on 8 November 2023, SGI issued notices of events of default in respect of the existing loans granted by SGI to Spexis and Spexis Australia Pty Ltd. SGI have subsequently taken actions to enforce certain security interests which Spexis and its subsidiaries have granted in favour of SGI in connection with such loans including the shares of EnBiotix, Inc. and Spexis Australia Pty Ltd, and certain of the intellectual property housed within these entities and their subsidiaries. Notwithstanding the enforcement actions undertaken by SGI and contested by Spexis, SGI has agreed in good faith to enter into discussions with Spexis with the view to reaching an agreement on a potential restructuring of the loans from SGI which may include the provision of an additional capital commitment, with the ultimate purpose of supporting the progression of the COPILOT trial. In parallel with the above, Spexis has submitted a request for a moratorium on debt enforcement (Nachlassstundung) to the Western District Court of the Canton Basel-Landschaft as indicated in its recent press release to further restructure and reposition the Company.

Type: industry

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