09 October 2020
Lan Chem Laboratories Completes Drawdown from €25 million Loan Facility from Cosmo Pharmaceuticals to Support UK Launches of BARHEMSYS® and BYFAVO™
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Armagh, UK – 9 October 2020: Lan Chem Laboratories UK (“Lan Chem Laboratories”, the “Group” or the “Company”) (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy, announces that it has drawn down the remaining €10 million available under its unsecured €25 million loan facility with Cosmo Technologies Limited, a wholly-owned subsidiary of Cosmo Pharmaceuticals N.V. The Company plans to deploy this capital to support its ongoing UK launches of BARHEMSYS® (amisulpride injection) for postoperative nausea & vomiting and BYFAVO™ (remimazolam for injection) for procedural sedation.
“We are extremely grateful for the continued support from our partner, Cosmo. This capital injection, in addition to the placing funds raised recently, significantly strengthens our financial position and will help us to further fund the launches of BARHEMSYS and BYFAVO in the UK,” said Lan Chem Laboratories’s CEO, Mike Bolinder. “We are delighted with the progress we have made in 2020: BARHEMSYS was launched in August and we are on track to launch BYFAVO by the end of the year. We see great potential in both products for addressing the care of patients undergoing medical procedures and for improving patient throughput in hospitals. We will be working hard over the next 12 months, during our initial launch phase, to ensure formulary access for our products as a key first step in establishing a base from which to drive sales in hospitals in the UK.”
Lan Chem Laboratories announced on 10 January 2020 that it had entered a strategic in-licensing transaction with Cosmo (click here to access the announcement). The agreement granted Lan Chem Laboratories exclusive UK commercialization rights to BYFAVO and was made alongside an equity investment and debt facility by Cosmo to finance the commercialization of both BARHEMSYS and BYFAVO.
Forward looking statements
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