MONTPELLIER, FRANCE — Sensorion (FR0012596468 – ALSEN), a leading clinical-stage biotechnology company specializing in hearing loss disorders, has announced a €15 million financing (~$16.5M USD), ensuring financial stability until the end of 2025.
The financing round garnered support from existing investors, including Redmile Group, Invus, Sofinnova Partners, and a large investment management firm. Nawal Ouzren, Sensorion’s Chief Executive Officer, expressed enthusiasm about the successful capital raise, emphasizing the company’s strategic focus on advancing gene therapy programs, notably SENS-501 and GJB2-GT, through clinical trials.
“We are thrilled to announce another successful capital raise, securing an additional EUR 15 million to accommodate interest expressed by certain existing investors. This builds on the earlier EUR 50 million financing announced in February 2024, adding up to a total of EUR 100 million raised in less than 9 months. With this new financing, we are well-positioned to accelerate our gene therapy programs, including the progression of SENS-501 through its Phase 1/2 clinical study, Audiogene, and the advancement of our second program, GJB2-GT, towards Clinical Trial Applications submission in H1 2025. The capital increase enables the Company to finance its activities until the end of 2025. We remain deeply thankful for the ongoing support of our shareholders and partners as we strive to make a meaningful difference in the lives of those affected by hearing loss disorders”
–Nawal Ouzren, Sensorion’s Chief Executive Officer
Khalil Barrage, Interim Chairman of Sensorion’s Board of Directors, echoed Ouzren’s sentiments, highlighting the continued support and confidence shown by existing investors.
Increased R&D and Advancement of Clinical Trials
Sensorion intends to allocate the net proceeds, approximately €14.8 million (approx. $16.3 million USD), towards R&D activities, including the progression of SENS-501 through its Phase 1/2 clinical study, Audiogene, and the advancement of the GJB2-GT program.
With cash and cash equivalents totaling approximately €37 million (approx. $40.7 million USD) as of December 31st, 2023, the company believes it is well-equipped to finance its operations until the end of 2025, with additional support from non-dilutive financing initiatives.
The offering, completed at a price of €0.63 (approx. $0.69 USD) per share, represents a 10% discount to the weighted average share price preceding the issuance. Following settlement and delivery, Sensorion’s total share capital will amount to €30,025,022.50 (approx. $33.1 million USD), divided into 300,250,225 ordinary shares.
Leerink Partners LLC, Stifel Europe AG, and Chardan Capital Markets LLC served as lead agents and placement agent, respectively, in connection with the Reserved Offering. Sensorion’s lock-up agreements restrict the issuance of additional ordinary shares for a period of 90 days following the settlement and delivery of the New Shares.
The admission of the New Shares to trading on the Euronext Growth market in Paris is expected on April 11, 2024.
About Sensorion
Sensorion is a pioneering clinical-stage biotech company, which specializes in the development of novel therapies to restore, treat and prevent hearing loss disorders, a significant global unmet medical need. Sensorion has built a unique R&D technology platform to expand its understanding of the pathophysiology and etiology of inner ear related diseases, enabling it to select the best targets and mechanisms of action for drug candidates.
It has two gene therapy programs aimed at correcting hereditary monogenic forms of deafness, developed in the framework of its broad strategic collaboration focused on the genetics of hearing with the Institut Pasteur. OTOF-GT targets deafness caused by mutations of the gene encoding for otoferlin and GJB2-GT targets hearing loss related to mutations in GJB2 gene to potentially address important hearing loss segments in adults and children. The Company is also working on the identification of biomarkers to improve diagnosis of these underserved illnesses.
Sensorion’s portfolio also comprises clinical-stage small molecule programs for the treatment and prevention of hearing loss disorders.
Sensorion’s clinical-stage portfolio includes one Phase 2 product: SENS-401 (Arazasetron) progressing in a planned Phase 2 proof of concept clinical study of SENS-401 in Cisplatin-Induced Ototoxicity (CIO) and, with partner Cochlear Limited, in a study of SENS-401 in patients scheduled for cochlear implantation. A Phase 2 study of SENS-401 was also completed in Sudden Sensorineural Hearing Loss (SSNHL) in January 2022.
Source: Sensorion
