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    Santhera: Equity-linked financing for up to CHF 12 million with option to increase

    • Wednesday, April 8, 2020 @ 12:00 am

    Santhera Pharmaceuticals (SIX: SANN) announces that it has entered into an equity-linked financing arrangement with IRIS (France) in the initial gross amount of up to CHF 12 million over 12 months, with the option to extend by another CHF 12 million over another 12 months. IRIS will receive Santhera shares to be created from the Company’s authorized capital and is expected to sell these shares on the market or in block trades. It remains at the sole discretion of Santhera to suspend or terminate the staggered financing.

    The equity-linked financing has been established to provide additional liquidity in support of the Company’s ongoing regulatory and development programs in the aggregate gross amount of up to CHF 24 million over a period of up to 24 months.

    Subject to certain conditions, IRIS will fund up to 12 tranches of nominal CHF 1 million each in a staggered manner. In exchange, IRIS will receive Santhera shares at a discount to the applicable volume weighted average price (VWAP).

    During the term of the financing, IRIS is expected to sell shares on the market or in block trades under a share lending arrangement with Santhera.

    In connection with the financing, Santhera will issue shares out of its authorized share capital in compliance with Santhera’s articles of incorporation, the Board of Directors has excluded the preemptive rights of the existing shareholders.

    Santhera has the option to extend this financing in the aggregate gross amount of up to additional CHF 12 million over a further period of up to 12 months after the initial period, under similar terms and conditions.

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