- French biotech Nanobiotix ( NASDAQ: NBTX ) on Monday said it had reached an agreement in principle to restructure €30.7M in outstanding debt obligations related to its 2018 loan agreement with the European Investment Bank.
- NBTX said the debt restructuring was done to realign debt obligations with the company's development and commercialization timelines.
- The company said that execution of the amendment to the debt obligations is expected in Q4 2022 after the legal documents are finalized.
- "Restructuring existing debt obligations to extend the maturity date of the loan will enable Nanobiotix to drive priority development programs in 2023 by extending operating runway an additional quarter," NBTX CFO Bart Van Rhijn said in a statement .
- NBTX said the restructuring of the debt obligations combined with capital available through its existing equity line allows the company to extend its operating runway into Q1 2024.
- U.S.-listed shares of NBTX +0.2% to $4.17 in mid-day trading.
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Nanobiotix agrees in principle to restructure debt obligations with EU's investment bank