- BiondVax Pharmaceuticals ( NASDAQ: BVXV ) on Wednesday said the European Investment Bank (EIB) had formally approved new terms to the outstanding €24M loan to the Israeli biopharmaceutical company.
- The new terms include:
- An extension of the maturity dates from 2023 and 2024 to Dec. 2027.
- Interest on the loan beginning to accrue only from Jan. 1, 2022 at an annual rate of 7%, though it has been outstanding since 2018.
- Variable renumeration to the EIB in the form of royalties from BVXV until the bank gets the higher of a total of 2.8x the original €24M principal and 20% internal rate of return on the principal calculated from Jan. 1.
- A prepayment indemnity clause and a principal repayment clause.
- Jerusalem-based BiondVax develops antibody therapies targeting diseases such as COVID-19, asthma and psoriasis.
- U.S.-listed shares of BVXV +0.8% to $1.26 in morning trading.
For further details see:
BiondVax, European Investment Bank agree on new terms to co's outstanding €24M loan