Sensorion completes a private placement of €35 million subscribed by leading US and European biotech investors

• New investor Redmile Group enters Sensorion’s capital – existing investors Invus and Sofinnova Partners reinvest significantly
• New financing will enable the Company to extend its cash runway until the end of September 2024
• Redmile Group to become a board member as part of the private placement, in replacement of Bpifrance Investissement whose permanent representative was Mr. Jean-François Morin

MONTPELLIER, France--(BUSINESS WIRE)-- Regulatory News:

Sensorion (FR0012596468 – ALSEN) a pioneering clinical-stage biotechnology company which specializes in the development of novel therapies to restore, treat and prevent within the field of hearing loss disorders, today announced a €35 million private placement financing reserved to the categories of beneficiaries (“the Private Placement”) and secured through the execution by the Company of definitive agreements with Redmile Group, a US-based healthcare investor, and Sensorion’s existing shareholders, Invus and Sofinnova Partners for (i) the subscription by such investors of 107,142,856 ordinary shares newly issued by the Company (“the New Shares”) at
a price per New Share of €0.28 (the “Subscription Price”) and (ii) the subscription by Redmile Group of 17,857,143 pre-funded warrants (bons de souscription d’actions préfinancés) (the "Warrants") against payment of a pre-funded amount per Warrant of €0.18 (the “Pre-funded Amount”), one (1) Warrant giving right to one (1) ordinary share at an exercise price corresponding to the Subscription Price less the Pre-funded Amount (“the Warrant Shares”). The Subscription Price for the New Shares represents a 3.95% discount to the average of the closing prices of the shares during 5 consecutive trading days (i.e June 27th, 28th, 29th, 30th and July 3rd 2023) chosen from among the last thirty trading sessions, which was €0.2915, in accordance with the 13th resolution of the shareholders’ meeting of the Company held on May 24th, 2023. The Private Placement is expected to close on August 8th, 2023.

Nawal Ouzren, Chief Executive Officer of Sensorion, said: “We are thrilled to announce today’s successful capital raise of EUR 35 million. We are excited to welcome among our shareholders a new US-based healthcare investor, Redmile Group. At the same time, the renewed confidence of Invus and Sofinnova Partners means that Sensorion now has three influential reference shareholders with a long-term vision. With this strengthened investor base in both the US and Europe, we now look forward to further develop our first gene therapy program OTOF-GT into the clinic and accelerate our second program GJB2-GT preclinical IND enabling activities. This capital increase will boost our relentless eìorts in building a comprehensive franchise in the treatment of hearing loss caused by genetic mutations. Last but not least, I would like to thank Institut Pasteur for their team’s scientific leadership and support for our gene therapy projects.”

DOWNLOAD THE FULL PRESS RELEASE