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A new financing agreement has been signed for Cereno Scientific, with investment coming from the European High Growth Opportunities Securitization Fund. You can find out more about the EHGO Fund by watching the short video attachment.

The deal was orchestrated by Alpha Blue Ocean, a firm of financial advisers headed by CEO Pierre Vannineuse. The financing solution comes in the form of a series of convertible bonds to be issued over a period of two years.

 

Financing Agreement

The financing agreement will mean that Cereno Scientific has the option to receive up to SEK 106.6 million over the 24-month period, to be issued in a maximum of 23 tranches. Within the initial one-year period, Cereno will be able to access up to 40 million SEK, with a first tranche of 5 million SEK followed by another possible 10 tranches of 3.5 million each.

In the second 12-month period a further 12 tranches of 3.5 million SEK each may be issued. These correspond to a convertible loan facility under which the EHGO Fund has the right to convert the bonds into shares in Cereno Scientific. Each convertible bond tranches also comes with warrants attached which, should they be converted, represent a further 24.6 million SEK on top of the 82 million SEK in convertible bonds.

Class B Shares

Under the terms of the agreement, the EHGO Fund will be able to convert all tranches drawn down into Class B shares in Cereno Scientific. Conversion for the bonds must occur within one year of the draw down date for each tranche. The attached warrants can be exercised within a period of five years from issuance. The 15 trading days immediately prior to the referencing date will be used as the pricing period to determine the convertible bond conversion rate and the warrant strike price.

Any bonds not converted 12 months following issuance will then be converted mandatorily at 93% of the lowest observed closing volume weighted average price (VWAP) over those 15 trading days. The warrants will have a strike price of 120% of the observed VWAP over the relevant 15-day period. Cereno Scientific does not have to utilise the entire commitment.

About Cereno Scientific

The funding has been secured for Cereno Scientific to continue with the implementation of its planned Phase IIb study over 30 months. The company is developing a new drug for the prevention of blood clots, utilising the defence system of the human body. This drug will be used to treat complications arising from cardiovascular diseases with complicating thrombosis on a global scale.

In comparison with traditional therapies for preventative antithrombotic treatments, the new therapy under development has the potential to improve the balance between the necessary treatments and their side effects. This leads to better patient outcomes, reduced suffering and significant benefits both health-wise and in terms of economics. The PDF attachment has more information about the strategic principles underpinning the work of Cereno Scientific.

PDF – (The Strategic Principles of Cereno Scientific)

About Alpha Blue Ocean

Alpha Blue Ocean is headquartered in London and has a focus on delivering innovative and flexible alternative financing to companies that are publicly-listed around the world. These financing solutions include both debt and equity and are facilitated non-invasively by Alpha Blue Ocean, with a focus on the direct financing of a range of innovative technologies without interfering in portfolio company management.

ABO was founded by Pierre Vannineuse and manages a family of multiple jurisdiction funds across various industry sectors including healthcare, technology and energy. In the infographic attachment you can learn more about the worldwide investments of Alpha Blue Ocean.

Alpha Blue Ocean