Lainate, Italy – 11 October 2018 – Cassiopea SpA (SIX: SKIN), Cassiopea SpA (SIX: SKIN), a clinical-stage specialty pharmaceutical company focused on developing and commercializing innovative and differentiated medical dermatology products, announced today that it has increased its cash position in an attractive non-dilutive manner allowing the company to continue to invest in its attractive pipeline.
Cosmo Pharmaceuticals NV, its largest shareholder, has offered an unsecured credit line of EUR 10 million that can be increased to EUR 20 million to fund Cassiopea’s continued growth and expansion.
Diana Harbort, CEO of Cassiopea SpA, commented: “We believe that, at this time, it is very preferable to enter into a loan agreement with our largest investor instead of pursuing a capital increase. The financing by Cosmo Pharmaceuticals is a resounding expression of trust and we believe it is the financially most attractive way to move forward, while we continue advancing our promising pipeline. We are making preparations for the Winlevi NDA which will be filed in 1Q 2019.”
Cassiopea is a clinical-stage specialty pharmaceutical company focused on developing and commercializing innovative and differentiated medical dermatology products. Our focus is on the topical treatment of acne, androgenetic alopecia (or AGA) and genital warts. The portfolio comprises four unencumbered clinical candidates, for which Cassiopea owns the worldwide rights. The Company plans to commercialize the products directly in the US and partner the products outside of the US. For further information on Cassiopea, please visit www.cassiopea.com.
|CS Small & Mid Cap Conference, Zurich||November 14, 2018|
|Jefferies Global Healthcare Conference, London||November 15, 2018|
|Full-year results 2018 reporting||February 2019|
Dr. Chris Tanner, CFO & Head of Investor Relations
Tel: +39 02 868 91 124
Some of the information contained in this press release may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Cassiopea has no obligation to publicly update or revise any forward-looking statements.