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Curetis Secures €20M Funding Commitment in Convertible Notes

NEW YORK (GenomeWeb) – Curetis said today that it has secured up to 20 million ($23.1 million) in growth capital through the issuance of convertible notes by Curetis NV, with shares subscription warrants to Yorkville Advisors Global.

Under the terms of the agreement, Yorkville will subscribe for up to 2,000 convertible notes of €10,000 each, representing up to €20 million in aggregate principle amount over 36 months. The firm will issue share subscription warrants with each tranche of convertible notes, except for the first tranche of €5 million.

Curetis said it intends to use the funds to carry out its commercialization plans for the PCR-based Unyvero system.

As of today, Curetis has drawn down €3.5 million of the first tranche by issuing convertible notes and plans to raise a net amount of €3.2 million. The firm aims to draw down the remainder of the first tranche — €1.5 million — within 90 days.

The partners have also agreed that the number of warrants issued with subsequent tranches will be equal to 25 percent of the aggregate principal amount of convertible notes divided by the relevant warrant exercise price.

"We have evaluated a broad spectrum of different financing options, and Yorkville's financing facility provides us with additional flexibility in our commercial execution and R&D efforts," Curetis CEO Oliver Schacht said in a statement.

The company noted that the maximum net funding available to it under the facility could reach up to approximately 22.2 million, comprising 18.4 million from convertible notes and approximately 3.8 million from warrants.

In August, Curetis inked distribution deals for its PCR-based diagnostic assays in certain North African and Latin American markets.