13 Jun 2018 07:03
June 13, 2018
Verseon Corporation
("Verseon" or the "Company")
Verseon closes US$ 22.7M mortgage for its headquarters in Fremont, CA
FREMONT, Calif.-Verseon, a technology-based pharmaceutical company, today announces that its wholly owned subsidiary, VRH1 LLC, has closed a US$ 22.7 million financing (the "Financing") with MCREIF SubREIT LLC (t/a Money 360) secured on the Company's custom-built research, development, and operations facility in Fremont, California (the "Facility"). Of the total amount of the Financing, US$ 21.7 million has been received on closing, with an additional US$ 1 million available to be drawn at a future date for facilities-related expenses.
The Financing is an interest-only mortgage facility which carries an annual interest rate of 8.0 percent and is repayable after 24 months, with an option to extend for up to a further 12 months. The documentation entered into in relation to the Financing contains customary financial covenants and is based on a loan-to-value of approximately 50 percent. The proceeds of the Financing will be used for Verseon's drug programs and operations.
The Financing leverages Verseon's strong balance sheet and realizes a portion of the value created through the acquisition and development of the Company's facility in Fremont to free up operating cash while allowing the Company to retain ownership of its assets.
About Verseon
Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that pairs a proprietary, computational drug discovery platform with a comprehensive in-house chemistry and biology workflow 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 four active drug programs in the areas of anticoagulation, diabetic macular edema, hereditary angioedema, and oncology. The anticoagulation program is scheduled to enter phase I clinical trials in 2018.
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For further information, please contact
Verseon Corporation | www.verseon.com |
Sebastian Wykeham / 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 |
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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.