SAINT-PRIEST, France--(BUSINESS WIRE)--Regulatory News:
Biom’up SA (the “Company”) (Paris:BUP), specializing in surgical hemostasis, announces that following a hearing held on October 30, 2019, the Lyon Commercial Court decided the opening of a reorganization procedure (redressement judiciaire) for the Company.
The consolidated cash level of the Company, which anticipated shortfall had been previously announced (see, inter alia, press releases of August 7 and September 30, 2019), had led Mr. Patrice Ferrand, Chief Executive Officer of the Company, to declare suspension of payments (cessation des paiements) with the Lyon Commercial Court following approval by the Board of Directors and after consultation of the employees’ representatives (délégation unique du personnel).
The Court has appointed SELARL BCM, represented by Maître Eric Bauland, as administrator (administrateur judiciaire). The purpose of the reorganization procedure is the implementation of actions aimed at ensuring sustainability of the business as well as job protection, including in connection with asset disposals (whether partial or not). The hearing where offers will be examined by the Court is set at December 4, 2019.
The Company will keep the market informed of all significant advances. Given the uncertainty about the outcome of discussions, trading in the Biom’up shares (FR0013284080 BUP) remains suspended.
Founded in 2005 and based in the Lyon suburb of Saint-Priest (France), Biom’up develops and commercializes hemostatic products based on patented biopolymers designed to simplify the surgeons practices for open and minimally invasive surgical procedures, including laparoscopic, in multiple specialties such as cardiac, general, and orthopedic surgery. The Company’s lead product, HEMOBLASTTM Bellows and its laparoscopic applicator are marketed in Europe and the United States.
HEMOBLAST Bellows is a hemostatic product to control bleeding in a broad range of open and minimally invasive surgical procedures including laparoscopy for multiple specialties such as cardiac, general, and orthopedic surgery.
Uncontrolled bleeding is a major surgical complication associated with higher mortality, longer hospitalization and higher rates of transfusions and reoperations. Beyond its impact on patient’s health, this major complication causes excess costs in all surgical specialties and is a burden for hospital budgets across the globe. HEMOBLAST Bellows is the only surgical hemostatic agent approved by the FDA based on the validated SPOT GRADE™ Surface Bleeding Severity Scale (SBSS), which demonstrates the ability to control a range of bleeding from minimal (oozing), mild (pooling) and moderate (flowing) bleeding. HEMOBLAST Bellows is proven to control bleeding with flow rates up to 117 mL per minute. Due to its efficacy, versatility and ease of use, HEMOBLAST Bellows is quickly becoming a popular choice amongst U.S. surgeons looking for new options to control surgical bleeding challenges.
Biom’up obtained CE Marking for HEMOBLAST Bellows in December 2016. On the basis of compelling preliminary results (93% effectiveness at 6 minutes, compared with 74% for the control arm) in a major clinical trial, FDA approval for HEMOBLAST Bellows in December 2017, seven months ahead of the original plan. This allowed for the commercial roll-out of its lead product in the U.S. in the summer of 2018.
In July 2018, Biom’up additionally obtained CE Marking for its HEMOBLAST Bellows Laparoscopic Applicator designed to deliver the HEMOBLAST Bellows powder in all minimally-invasive procedures. In January 2019, the Company obtained the respective approval for HEMOBLAST Bellows Laparoscopic Applicator in the U.S. This has opened up new market segments, representing approximately 500,000 and 443,000 surgeries per year in Europe and the US respectively.
Currently the Company is working to expand the range of applications for HEMOBLAST Bellows.
Public limited company with share capital of: 7,218,124.50 €
Head office: Parc Technologique de Lyon - 8, allée Irène Joliot Curie - 69800 Saint-Priest – France
Phone: +33 (0)4 86 57 36 10 - Fax: +33 (0)4 37 69 00 84