BioSenic secures key funding as it pushes for phase 3 trial
The biotech firm has seen promising phase 2 and pre-clinical results for arsenic trioxide (ATO), its first-line treatment for chronic Graft-versus-Host Disease (cGvHD).
TrialCap will provide two term loan facilities of each up to $4 million. The funding will allow BioSenic to finance between 25% and 37% of the trial expenses eligible for an R&D tax credit in France and Australia, respectively.
In addition, Trial Cap will make an equity investment of $800,000 in new shares of BioSenic.
"We are very pleased to announce that we have found ways to set up a decisive financing for our lead project, an international phase 3 clinical trial in chronic Graft versus Host disease, to confirm the remarkable therapeutic effects of our medication ArsciCor, soon available for clinical trials as an oral medication,” said François Rieger, CEO and chairman of BioSenic.
“This is a major step forward in harnessing the unique therapeutic properties of arsenic trioxide to correct immune dysregulation as seen in various autoimmune diseases. The success of the present project should lead BioSenic to progress other important therapeutic approaches related to abnormalities of the immune system, with chronic detrimental characteristics affecting the innate, trained and/or adaptative system, in chronic, serious diseases, and with unmet medical needs.
The news comes after BioSenic recently unveiled a 'major' financial agreement with Global Tech Opportunities, to finalise its existing convertible bonds program.
At the time, Rieger said the partnership was part of the company’s wider plan to execute its long-term clinical programs.
“BioSenic needed to secure bridge financing in the short term and is pleased to have reached a balanced, time-limited, agreement with GTO15. This make it possible for BioSenic to secure the long-term future of its ambitious projects.”
