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CERENO 18.01.2019 kl 16:35 1540

CERENO SCIENTIFIC
Cereno Scientific recalls tranche of convertible bonds and pauses financing from EHGOSF (Cision)
2019-01-18 16:27
The Board of Directors of Cereno Scientific has decided to recall the latest tranche that the company issued on 4 January 2019, and to pause until further notice the call-down of new convertible bonds in the funding solution the company entered into with the European High Growth Opportunities Securitization Fund. The Board is evaluating various alternate funding solutions to finance continued operations and the planned Phase II study of its drug candidate, CS1.

“We have agreed, in consultation with the European High Growth Opportunities Securitization Fund through their adviser, Alpha Blue Ocean, to recall tranche seven. The reason for the decision is that we have had a very successful 2018, in which we achieved a number of important milestones. We obtained positive results from our clinical studies with CS1, our drug candidate; we signed an agreement with CRO OCT Group on conducting a major multicentre Phase II study at about 20 clinics and we have obtained an important patent for CS1 in the US. We have now received enough capital to be able to plan how we can best finance the exciting milestones that await,” says Sten R. Sörensen, CEO of Cereno Scientific.

After the recall of the seventh tranche, which the company issued on 4 January 2019, Cereno Scientific has issued a total of six tranches of convertible instruments and warrants, through which the company has received MSEK 22.5. The first period of the funding solution expires on 15 March, at which time Cereno has the possibility of entering into a new, additional period of 12 tranches totalling MSEK 42, plus the unutilised tranches from the first period.

Related press releases:

· Cereno Scientific enters into a financing agreement with European High Growth Opportunities Securitization Fund through its advisor Alpha Blue Ocean (https://www.cerenoscientific.se/en/en/ehgo_agreement)

For more information, please contact:
Sten R. Sörensen – CEO
Tel: +46 733 74 03 74
E-mail sten.sorensen@cerenoscientific.com
www.cerenoscientific.com
Redigert 18.01.2019 kl 16:39

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