- Vivoryon Therapeutics N.V. has signed a EUR 15 million Standby Equity Purchase Agreement with Yorkville Advisors Global, LP.
- The agreement allows for share issuance at a 5% discount, with a maximum tranche size of 389,359 shares.
- Funds will aid in Phase 2b study preparations for diabetic kidney disease and preclinical studies for VY2149.
Vivoryon Therapeutics N.V. (ticker: VVY), a clinical-stage biotechnology company, has agreed to a financing arrangement with Yorkville Advisors Global, LP, securing up to EUR 15 million through a Standby Equity Purchase Agreement (SEPA). The agreement spans 36 months, allowing Vivoryon to sell ordinary shares to Yorkville at a maximum of 389,359 shares per tranche, priced at a 5% discount to market value.
This strategic financing initiative facilitates Vivoryon's ongoing business operations, specifically aimed at advancing preparations for a planned Phase 2b clinical study of varoglutamstat in diabetic kidney disease. Additionally, funds will support the advancement of preclinical studies for VY2149, a new development candidate.
A commitment fee involving the issuance of 167,028 shares to Yorkville underscores the agreement, alongside a share lending agreement from board members Erich Platzer and Frank Weber. These board members have agreed to lend 389,359 shares at no cost to support the transaction, signaling management's confidence in the company's strategic direction.
