Affimed Announces € 25 Million Debt Financing Agreement with Silicon Valley Bank
Heidelberg, Germany, January 11, 2021 – Affimed NV (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to restoring patients’ innate ability to fight cancer, today announced it has entered into a debt financing agreement with Silicon Valley Bank German Branch (SVB) which provides Refined up to € 25 million in term loans.
“We are delighted to continue our relationship with Silicon Valley Bank,” commented Angus Smith, CFO of Affimed. “This funding will help support the broad development strategy of our ICE® molecules as monotherapy and in combination with natural killer cells and checkpoint inhibitors. “
“We are delighted to continue to support Affimed and its mission to develop cancer treatments using its proprietary ICE® platform,” said Nooman Haque, Head of Life Sciences and Health SVB EMEA. “For decades, SVB has worked with leading life science companies to improve their chances of success. “
“The closing of this transaction is another important step in the continued growth of SVB’s business in Germany and we are proud to continue our relationship with one of the leading biopharmaceutical companies in the market,” added Oscar Jazdowski, Managing Director of the German branch of SVB. noted.
In accordance with the terms of the agreement, Silicon Valley Bank will provide loans of up to € 25 million available in three tranches: € 10 million available at closing, an additional € 7.5 million subject to the fulfillment of certain conditions, including milestones related to Affimed’s pipeline and market capitalization, and a third tranche of 7.5 million euros subject to the fulfillment of certain additional conditions related to the pipeline and liquidity of Affimed. The loans will bear interest at the higher of the European Central Bank’s base rate and 0%, plus 5.5%, and Affimed is entitled to pay interest only until December 1, 2022 or June 1, 2023 if Affimed pulls on the third slice. loans. The loans will mature at the end of November 2025. There are no financial covenants in the agreement. The proceeds will be used to fund research and development expenses for Affimed’s expanding pipeline and for working capital purposes.
About Affmed NV
Affimed NV (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to restoring patients’ innate ability to fight cancer. The ROCK® platform adapted for the use of Affimed makes it possible to design innate cell engageers for specific patient populations. Affimed develops unique and combination therapies to treat hematologic and solid tumors. The company is currently enrolling patients in an AFM13 registration-led study for relapsed / refractory CD30 positive peripheral T cell lymphoma and a phase 1 / 2a dose increase / expansion study of the AFM24 for the treatment of advanced solid tumors expressing EGFR. For more information, please visit www.affimed.com.
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by words such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “objective”, “Intend”, “look forward to”, “might”, “plan”, “for ((the”,. Forward-looking statements appear in several places in this release and include statements regarding our intentions, beliefs, projections , perspectives, analyzes and current expectations concerning, among other things, the potential of our ICE® molecules, the value of our ROCK® our platform, our preclinical development and our ongoing and planned clinical trials, our collaborations and the development of our products in combination with other therapies, calend and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our collaborative activities, our ability to develop business functions, clinical trial data, our operating results, cash requirements, financial condition, liquidity, outlook, future transactions, growth and strategies, industry in which we operate, trends that may affect the industry or us, impacts of the COVID-19 pandemic, the benefits to Affirmed of the nation’s orphan drug design, and the risks, uncertainties and other factors described under “Risk Factors” in documents filed by Affimed with the Securities and Exchange Commission. In view of these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
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