DIJON, France--(BUSINESS WIRE)--Regulatory News:
ONCODESIGN (Paris:ALONC) (ALONC – FR0011766229), a biopharmaceutical group specialized in precision medicine, has received the agreement in principal of its banking partners to obtain a State-Guaranteed Loan of €15.9 million.
This loan, 90% guaranteed by the French State within the framework of the State-Guaranteed Loan (decrees of March 23 and April 17, 2020 enabling credit establishments and finance companies to benefit from a State guarantee, amending the Finance Act n° 2020-289 of March 23, 2020), will have a 1-year maturity that may be extended for up to a further 5 years (September 2026) at the Company’s discretion.
This new funding, requested within the framework of the measures adopted by the French government to support French companies in the face of the ongoing public health crisis, allows the Company to benefit from the support of Bpifrance, Crédit Agricole Champagne-Bourgogne, Caisse d’Epargne Bourgogne Franche Comté, CIC Lyonnaise de Banque and Société Générale.
Philippe GENNE, Chairman and Chief Executive Officer of Oncodesign, says: “We would like to thank our banking partners and the French State for their support and their renewed trust in our company. This support will enable us to be better equipped to face the uncertainty generated by the public health situation, which looks as if it may persist through to the end of the year, and to thus calmly pursue our activity with a significantly-strengthened cash position”.
About ONCODESIGN: www.oncodesign.com
Founded 25 years ago by Dr. Philippe Genne, the Company’s CEO and Chairman, Oncodesign is a biopharmaceutical company dedicated to precision medicine. With its unique experience acquired by working with more than 800 clients, including the world’s largest pharmaceutical companies, along with its comprehensive technological platform combining state-of-the-art medicinal chemistry, pharmacology, regulated bioanalysis, medical imaging and Artificial Intelligence, Oncodesign is able to predict and identify, at a very early stage, each molecule's therapeutic usefulness and potential to become an effective drug. Applied to kinase inhibitors, which represent a market estimated at over $65 billion by 2027 and accounting for almost 25% of the pharmaceutical industry’s R&D expenditure, Oncodesign’s technology has already enabled the targeting of several promising molecules with substantial therapeutic potential, in oncology and elsewhere, along with partnerships with pharmaceutical groups such as Servier. Oncodesign is based in Dijon, France, in the heart of the town’s university and hospital hub, and within the Paris-Saclay cluster. Oncodesign has 233 employees and subsidiaries in Canada and the USA.
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