International ophthalmology company Nicox SA (NICXF.PK), on Wednesday, announced that it has signed an agreement in principle to amend its debt agreements with funds and accounts managed by BlackRock Inc. and its affiliates.
The debt restructuring is intended to facilitate future financing and in parallel pursue strategic options which would allow the completion of the NCX 470 Phase 3 clinical trial, Denali.
The company further stated that the debt restructuring and related signature of the amended debt agreements will come into effect upon: Nicox initiating the Board-approved streamlining of its operating costs to focus on the completion of the Denali trial; and calling an Extraordinary General Meeting or EGM to enable future financing.
The company's debt restructuring, combined with a reduction in operating costs, has enabled the extension of the interest-only period on the entire outstanding debt until September 30th, 2024. This move has effectively extended the company's cash runway up to November 2024.
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