ff_relativeren schreef op 28 december 2019 19:11:
De schuldposities van Kiadis Pharma belemmeren de toekomst voor Kiadis Pharma.
En dan bedoel ik zowel op financieel vlak en in management-beslissingen :
De Relapse problemen van NK002 (PTCy Protocol / Baltimore Protocol) zijn niet het enige restprobleem voor Kiadis Pharma. Ook de lopende leningen leveren problemen op, vanwege contractuele clausules :
www.kiadis.com/wp-content/uploads/201... ,
op bladzijde 6 en 7 :
1. Beperkingen van contractuele aard :
Beperkingen voor nieuwe leningen en nieuwe fondsen :
Voor nieuwe schulden is toestemming nodig van Kreos.
In order to obtain additional debt financing, we would need the approval of Kreos Capital V (UK) LP Kreos ("Kreos Capital").
en
Voor nieuwe fondsen is toestemming nodig van Hospira, met het risico van het verliezen van waardevolle rechten op de techniek of de produkten, of het risico van licentie-verlening die ongunstig is :
If we raise additional funds through collaboration and licensing arrangements with third parties, we would need certain approvals from Hospira, Inc. ("Hospira") and we may have to relinquish valuable rights to our technologies or product candidates, or grant licenses on
terms that are not favorable to us.
2. Tweede Kreos lening grotendeels teruggetrokken :
Under the Second Kreos Capital Facility Agreement an amount of €5 million has been drawn. The remainder of €15 million is not available to us anymore. It had to be drawn down by March 31, 2019 and was conditional
upon us having obtained a positive opinion of the Committee for Medicinal Products for Human Use ("CHMP") to the European Commission recommending we receive marketing authorization for ATIR101 by then.
3. Kreos betaalt, dus Kreos bepaalt en limiteert :
(geen andere leningen zonder hun toestemming / geen andere samenwerkingen zonder hun toestemming, geen reorganisatie zonder hun toestemming, geen dividend uitkeren zonder hun toestemming)
The Kreos Capital Facility Agreements contain various affirmative and negative covenants and events of default, including the following:
•?a negative pledge undertaking;
•?a restriction on the disposals of assets outside of the ordinary course of business;
•?a restriction on transferring or licensing our assets;
•?a restriction on further borrowings and debt except for certain categories of permitted indebtedness (such as fully subordinated and unsecured debt, a working capital facility at terms reasonably approved by Kreos Capital and operational leases and financial leases up to a certain threshold amount);
•?a restriction on entering into joint ventures, and on any amalgamations, demergers, mergers or corporate reconstructions;
•?an undertaking to continue the business in the ordinary course of business;
•?a restriction on the granting of guarantees in respect of the obligations of any person;
•?a restriction on making a substantial change to the general nature or scope of our current business; and
•?an undertaking to maintain adequate risk protection through insurances.
Further, as long as any of the loans under the Kreos Capital Facility Agreements remain outstanding, we are not entitled to make any dividend payment or other distributions to Shareholders without the prior written consent of Kreos Capital, which may not be unreasonably withheld or delayed. Additionally, none of our subsidiaries may issue any shares (other than to affiliates) without the prior written consent of Kreos Capital. See also paragraph 6.8 below.
4. Hospira € 24 miljoen lening is gekoppeld aan het Theralux Platform, mijlpaalbetalingen, en het betalen van royalties (naast rentebetaling) :
bron :
www.kiadis.com/wp-content/uploads/201... .
In December 2011, the Company entered into an agreement with Hospira Inc. for which an amount of USD24.5 million had been judged as a loan. The loan bears a contractual interest rate of 1.5% per annum and the conditional payment obligations regarding this loan are as follows:
4. a milestone payment of USD3 million upon the earlier of (i) the execution of a sub-license on the Theralux platform, or (ii) the first commercial sale of a product derived from the Theralux platform; and
5. a 5% royalty on worldwide net sales of products derived from the Theralux product platform until the loan amount has been fully paid.
The carrying amount of this loan as at June 30, 2018, has been adjusted by an amount of EUR42 thousand to reflect changes in the (estimated) underlying future cash flows. This amount has been charged to the income statement (see also Note 16).
Hoe eerder Kiadis Pharma deze contracten kan afkopen, hoe beter het is voor de (toekomstige) bewegingsvrijheid van Kiadis. (1e Kreos lening 15 miljoen ; 2e Kreos lening 5 miljoen ; Hospira lening 24,5 miljoen)