June 1, 2020 / 5:16 AM / a month ago

BRIEF-Acacia Pharma Group Announces Debt For Equity Swap With Cosmo Pharmaceuticals

June 1 (Reuters) - Acacia Pharma Group PLC:

* ACACIA PHARMA ANNOUNCES DEBT FOR EQUITY SWAP WITH COSMO PHARMACEUTICALS

* EUR 10 MILLION LOAN FACILITY THAT WAS MADE AVAILABLE ON APPROVAL OF BARHEMSYS® IS TERMINATED AND REPLACED WITH EUR 10 MILLION EQUITY INVESTMENT AT PRICE OF EUR 3.112 PER SHARE

* EUR 25 MILLION LOAN FACILITY, WHICH WILL BE MADE AVAILABLE BY COSMO ON APPROVAL OF BYFAVO™ HAS NOT BEEN AFFECTED BY THIS TRANSACTION

* FURTHER 367,893 SHARES ARE BEING ISSUED TO COSMO (AT AN EQUITY SUBSCRIPTION PRICE OF EUR 2.99 PER SHARE) IN SATISFACTION OF A EUR 1,100,000 BREAK FEE PAYABLE UNDER TERMS OF LOAN AMENDMENT

* UNDER THE TERMS OF THE AMENDMENT, THE €10 MILLION LOAN FACILITY THAT WAS MADE AVAILABLE ON THE APPROVAL OF BARHEMSYS IS TERMINATED AND REPLACED WITH A €10 MILLION EQUITY INVESTMENT AT A PRICE OF €3.112 PER SHARE

* BY MOVING FROM DEBT TO EQUITY WE CONTRIBUTE TOWARDS STRENGTHENING OF ACACIA PHARMA’S FINANCIAL STRUCTURE AND WILL NOW HAVE EQUITY STAKE OF 18.5% IN COMPANY-CEO COSMO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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