Spexis granted definitive moratorium status until 25 November 2024, subject to monthly progress report obligations, and which can be potentially extended at the request of the administrators. – Biotech Investments

Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland, 29 July 2024

Spexis granted definitive moratorium status until 25 November 2024, subject to monthly progress report obligations, and which can be potentially extended at the request of the administrators.

Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced that pursuant to the hearing held on 23 July 2024 with the Basel-Landschaft West court, it was granted definitive moratorium status until 25 November 2024, with said definitive moratorium status potentially extendable upon request of Spexis’ administrators.  This status came with the condition that periodic reporting on its fundraising and corporate partnering progress be submitted to the court.  Similar to its previously granted provisional moratorium status, the court can order the Company to be liquidated or declared bankrupt at any time.  As such, absent any financing secured during the term of the definitive moratorium period, there is a substantial risk that the Company will have to be either liquidated or be declared bankrupt.

Jeff Wager MD, Chair & CEO of Spexis, commented on the court decision, “We are very pleased that the court deemed the prospects for potential moratorium exit sufficient to allow Spexis to continue its ongoing fundraising and partnering activities.  We are working as diligently as possible to secure the best possible outcome for our creditors and shareholders, and will further inform the market if and as soon as pertinent developments warrant.  In the meantime, we wish to deeply thank all of our stakeholders for the patience they have exhibited throughout this difficult time.” 
 

About Spexis

Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases and oncology. For further information please visit: www.spexisbio.com.
 

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Disclaimer

This press release contains forward-looking statements which are based on current assumptions and forecasts of Spexis management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Spexis’ results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Spexis disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.