Eupraxia Pharmaceuticals Announces New C$12 Million Convertible Debt Facility
Summary
Final and full settlement is expected in the third quarter of 2024.As a result, Eupraxias total cash reserves will be reduced by up to C$12 million to settle the debt and the accrued and unpaid interest thereon held by the SVB Parties.Including the new C$12 million convertible debt facility with the Lenders, Eupraxia reaffirms that it has sufficient cash to fund its operations to the second quarter of 2025.Eupraxia is a clinical-stage biotechnology company focused on the development of locally delivered, extended-release products that have the potential to address therapeutic areas with high unmet medical need. The Company strives to provide improved patient benefit and has developed technology designed to deliver targeted, long-lasting activity with fewer side effects. DiffuSphere, a proprietary, polymer-based micro-sphere technology, is designed to facilitate targeted drug delivery, with extended duration of effect, and offers multiple, highly tuneable pharmacokinetic (PK) profiles. Eupraxia also recently completed a Phase 2b clinical trial (SPRINGBOARD) of EP-104IAR for the treatment of pain due to osteoarthritis of the knee. For further details about Eupraxia, please visit the Companys website at: www.eupraxiapharma.com.This news release includes forward-looking statements and forwardlooking information within the meaning of applicable securities laws.