PARI Pharma GmbH announces termination of ColiFin license to EnBiotix, Inc./Spexis AG

PARI terminated the license pursuant to non-payment of a required license payment by Enbiotix, Inc. to PARI.

The shares and assets of Enbiotix and Spexis’ other wholly-owned subsidiary Spexis Australia Pty Ltd were both subject to a receivership which SPRIM implemented as part of its alleged default of certain conditions of loans extended to Spexis, which Spexis maintains it did not breach. As a result of this non-payment and resulting license termination, Spexis is continuing its negotiations with SPRIM regarding debt-restructuring while it weighs its further business and legal options aimed in the short term to obtain a definitive moratorium at the upcoming court hearing scheduled for 23 July 2024. In parallel, Spexis will seek to re-in-license ColiFin from PARI directly, subject to the Company completing a debt-restructuring with its creditors and obtaining sufficient additional financing, which the Company aims to raise in its ongoing and multi-pronged fundraising and strategic transaction campaign to ultimately exit from moratorium. There can be no assurance that such efforts will be successful.

Jeff Wager, MD, Chairman & CEO of Spexis, said: “This license termination is obviously unfortunate in light of present moratorium circumstances, but we are committed as a Company to fully explore all avenues available to re-acquire rights to ColiFin®, continue debt-restructuring with our creditors in the framework of a definitive moratorium in the immediate term and ultimately exit from moratorium. There is increasing interest in macrocycles, next-generation alternatives to antibody-drug-conjugates and also radio-pharmaceuticals, and these are all areas in which Spexis has proven assets and a unique product pipeline. We will continue to vigorously market these assets and opportunities as part of its fundraising and transaction campaign to firstly, obtain a definitive moratorium and then, continue to seek to exit moratorium and ultimately, to deliver superior returns to shareholders.”