Inventiva secures €10.0 m non-dilutive loan facility guaranteed by the French State in the context of the COVID-19 pandemic
- New financing enables the Company to extend its cash runway to the end of Q3 2021
Daix (France), May 19, 2020 – Inventiva (Euronext : IVA), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS) and other diseases with significant unmet medical need, today announced of its entry into a €10.0 million credit agreement, guaranteed by the French State, with a syndicate of French banks.
Implemented as part of a loan facility guaranteed by the French State ("Prêt Garanti par l’Etat") in the context of the COVID-19 pandemic, this financing contributes to strengthening the Company's cash position. It enables Inventiva to extend its anticipated cash runway from the end of the second quarter 2021 to the end of the third quarter 2021.
This loan is guaranteed up to 90% by the French State and has an initial maturity of 12 months, with a 5-year extension option decided by Inventiva (up to May 2026).
This new financing, solicited as part of the French government's initiatives to support companies in the current health crisis, enables the Company to benefit from the support of Bpifrance, Crédit Agricole Champagne-Bourgogne and Société Générale. Inventiva does not currently have any other indebtedness for borrowed money.
Frédéric Cren, Chairman, CEO and cofounder of Inventiva, stated: “I would like to thank the French government and our banking partners for their support and mobilization, which have enabled us to consolidate our cash position and extend our cash runway by one quarter in an unprecedented market environment. This new financing complements the various measures previously put in place to ensure the continuation of our main R&D activities. We are thus reaching another key milestone in the context of the current health crisis, following the resumption of all our R&D activities in early May and the confirmation of the expected release of the Phase IIb NATIVE clinical trial topline results in June.”
Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of NASH, MPS and other diseases with significant unmet medical need.
Leveraging its expertise and experience in the domain of compounds targeting nuclear receptors, transcription factors and epigenetic modulation, Inventiva is currently advancing two clinical candidates, as well as a deep pipeline of earlier stage programs.
Lanifibranor, its lead product candidate, is being developed for the treatment of patients with NASH, a common and progressive chronic liver disease. Inventiva is currently evaluating lanifibranor in a Phase IIb clinical trial for the treatment of this disease for which there are currently no approved therapies.
Inventiva is also developing odiparcil, a second clinical stage asset, for the treatment of patients with MPS, a group of rare genetic disorders. A Phase Ib/II clinical trial in children with MPS VI is currently under preparation following the release of positive results of the Phase IIa clinical trial in adult MPS VI patients at the end of 2019.
In parallel, Inventiva is in the process of selecting an oncology development candidate for its Hippo signalling pathway program. Furthermore, the Company has established a strategic collaboration with AbbVie in the area of autoimmune diseases. AbbVie has started the clinical development of ABBV?157, a drug candidate for the treatment of moderate to severe psoriasis resulting from its collaboration with Inventiva. This collaboration enables Inventiva to receive milestone payments upon the achievement of pre-clinical, clinical, regulatory and commercial milestones, in addition to royalties on any approved products resulting from the collaboration.
The Company has a scientific team of approximately 70 people with deep expertise in the fields of biology, medicinal and computational chemistry, pharmacokinetics and pharmacology, as well as in clinical development. It also owns an extensive library of approximately 240,000 pharmacologically relevant molecules, approximately 60% of which are proprietary, as well as a wholly?owned research and development facility.
Inventiva is a public company listed on compartment C of the regulated market of Euronext Paris (Euronext: IVA – ISIN: FR0013233012). www.inventivapharma.com
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This press release contains forward-looking statements, forecasts and estimates with respect to Inventiva’s clinical trials, clinical development plans, and anticipated future activities of Inventiva. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. Such statements are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements. Actual events are difficult to predict and may depend upon factors that are beyond Inventiva's control. There can be no guarantees with respect to pipeline product candidates that the clinical trial results will be available on their anticipated timeline, that future clinical trials will be initiated as anticipated, or that candidates will receive the necessary regulatory approvals. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Please refer to the Universal Reference Document filed with the Autorité des Marchés Financiers on February 7, 2020 under n° D.20-0038 for additional information in relation to such factors, risks and uncertainties.
Except as required by law, Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above statements.
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