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Medivir receives loan facility of SEK 30 million

MAR
  • The loan facility amounts to a maximum of MSEK 30 and can be utilized by Medivir upon request.
  • The facility will only be utilized if needed, as a secondary financing option. Priority will be given to other financing alternatives, such as equity financing or a partnering deal.
  • Loan drawdowns can be made until June 30, 2025, and the loan facility period runs until June 30, 2026. The loan is amortization-free during the loan period. However, Medivir has the right to amortize any amount during the term.

Stockholm, Sweden, — Medivir AB (Nasdaq Stockholm: MVIR), a pharmaceutical company focused on developing innovative treatments for cancer in areas of high unmet medical need, today announced that it has entered into an agreement with Linc AB, regarding a loan facility of SEK 30 million.
 
Reasons and motives for the Financing
With the current available cash end of June of MSEK 126.7 and with the loan facility of MSEK 30, Medivir has an estimated cash runway to Q4 2025, covering the finalization of the current phase 1b/2a combination study and preparations for the randomized phase 2b study with fostrox + Lenvima in advanced liver cancer (HCC). The company continues to evaluate its strategic options, including potential deals and financing to support the advancement of the phase 2b study.
 
"I am very satisfied with the support and confidence we receive from our major shareholder Linc. Fostrox + Lenvima has the potential to become the first, approved treatment option after first-line treatment with immunotherapy combination in HCC, a population where the unmet medical need is significant. If we can replicate the current data in the phase 2b study we believe we will have strong case for breakthrough therapy designation followed by accelerated approval", says Jens Lindberg, CEO at Medivir.

For additional information, please contact;
Magnus Christensen, CFO, Medivir AB
Telephone: +46 8 5468 3100
E-mail: magnus.christensen@medivir.com

This information is information that Medivir AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-24 08:50 CEST.

About fostrox
Fostrox is a liver-targeted inhibitor of DNA replication that delivers the cell-killing compound selectively to the tumor while minimizing the harmful effect on normal cells. This is achieved by coupling an active chemotherapy (troxacitabine) with a prodrug tail. This design enables fostrox to be administered orally and travel directly to the liver where the active substance is released locally in the liver. With this unique mechanism, fostrox has the potential to become the first liver-targeted, orally administered drug that can help patients with various types of liver cancer. A phase 1b monotherapy study with fostrox has been completed and a phase 1b/2a combination study in HCC is ongoing where it has shown encouraging anti-cancer efficacy with a good safety and tolerability profile (ref Chon et al., ESMO 2024, Poster 986).

About Medivir
Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Medivir is focusing on the development of fostroxacitabine bralpamide (fostrox), a drug candidate designed to selectively treat cancer cells in the liver and to minimize side effects. Collaborations and partnerships are important parts of Medivir’s business model, and the drug development is conducted either by Medivir or in partnership. Medivir’s share (ticker: MVIR) is listed on Nasdaq Stockholm’s Small Cap list. www.medivir.com.

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Medivir receives loan facility of SEK 30 million

Datum 2024-10-24, kl 08:50
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Medivir receives loan facility of SEK 30 million
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