Advicenne Secures €3.8 Million in Bonds to Extend Financial Visibility Until 2027
Pharmaceutical company Advicenne has announced securing a bond financing of €3.8 million nominal, comprising two tranches subscribed by investors including Cemag Invest and its CEO Didier Laurens. This operation extends the company's financial visibility until the second quarter of 2027.
Two Tranches of Simple and Convertible Bonds
The financing includes a first tranche of €1.6 million nominal of simple bonds and warrants, subscribed by Cemag Invest, Didier Laurens, and Europe Offering. These simple bonds, with a 24-month term, carry a 9% interest rate payable semi-annually and will be redeemable at maturity in new shares or cash, depending on the company's decision. The second tranche consists of up to €2.2 million nominal of zero-interest convertible bonds, subscribed by a fund managed by L1 Capital, with a similar maturity of 24 months and convertible into shares at any time based on the market price. From this operation, 4,000 simple bonds for a nominal value of €400k and 220 convertible bonds for €1.1 million were immediately issued, generating a net cash contribution of €1.4 million at closing. The remaining balance can be drawn over the next 24 months as needed by the company, under certain conditions.
ADV7103 and Financial Safeguard Plan
The raised funds will finance Advicenne's operational needs and capital investments during the ongoing safeguard proceedings, including completing the registration with the FDA for ADV7103 in the pathology of distal renal tubular acidosis (dRTA), expected by no later than September 3, 2026. Didier Laurens stated: 'I sincerely thank the investors, particularly Cemag Invest, for their valuable support and renewed trust. This financing is perfectly suited to the company's cash needs. Its structure will allow us to finalize our safeguard plan with all stakeholders efficiently, while maintaining our flexibility to continue Advicenne's strategic development, notably achieving market authorization for ADV7103 in the United States.'
Shareholder Commitment and Potential Dilution
Didier Laurens has agreed not to sell his shares, bonds, or warrants for 24 months from today, sealing his personal involvement in the operation. Both financing tranches benefit from a 'post-money' privilege granted by the presiding judge of the Paris Commercial Court on June 15, 2026. In terms of potential dilutions, if all convertible bonds were converted at the closing price of June 19, 2026, and all warrants exercised, a shareholder holding 1% of the capital before the operation would see their stake reduced to 0.80% on a non-diluted basis and 0.78% on a diluted basis. The new shares resulting from the conversion will be fully equivalent to the existing ordinary shares.
