22 Sep 2017 07:00
Press release September 22, 2017
Verseon Corporation
("Verseon" or the "Company")
Verseon completes US$8.65M PACE financing for its new research and administrative facility
FREMONT, Calif.-Verseon, a technology-based pharmaceutical company, today announces that it is entering into a Property Assessed Clean Energy (PACE) program for its new facility in Fremont, California through its wholly owned subsidiary VRH1 LLC. The program provides Verseon with access to a US$ 8.65 million loan for energy-related items, bearing interest at a fixed rate of 6.50% and repayable over a 25-year term.
Verseon will use the PACE financing to enhance the energy efficiency of its new building, which houses the Company's R&D laboratories and corporate headquarters. These improvements are expected to result in an overall decrease in operating expenses based on a reduction in energy-related expenditure.
About Verseon
Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that employs its proprietary, computational drug discovery platform to develop novel therapeutics that are unlikely to be found using conventional methods. The Company is applying its platform to a growing drug pipeline and currently has three active drug programs in the areas of anticoagulation, diabetic macular edema, and oncology.
About the PACE program
Property Assessed Clean Energy (PACE) is a state-legislated financing framework providing property owners with long-term financing for energy efficiency, renewable energy, and water conservation projects. It is repaid through property assessments. Long financing terms encourage comprehensive projects with deeper impacts on energy usage and have the potential for energy savings to exceed annual PACE payments.
-Ends-
For further information, please contact
Verseon Corporation | www.verseon.com |
Tina Schlafly | +1 (510) 225 9000 |
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Cenkos Securities (NOMAD and Joint Broker) |
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Neil McDonald / Beth McKiernan | +44 (0) 20 7397 8900 |
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Cantor Fitzgerald Europe (Joint Broker) |
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Marc Milmo / Phil Davies / Callum Butterfield | +44 (0) 20 7894 7000 |
Mirabaud Securities LLP (Joint Broker) | |
Peter Krens | +44 (0) 20 7321 2508 |
For financial and business media enquiries, please contact
Buchanan Communications Ltd (PR Advisers) |
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Henry Harrison-Topham / Jamie Hooper | +44 (0) 20 7466 5000 |
For trade and pharma media enquiries, please contact
Vane Percy & Roberts |
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Simon Vane Percy | +44 (0) 1737 821 890 |
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," "outlook," and similar expressions. Forward-looking statements are based on management's current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors.