MetrioPharm AG Strengthens Equity by CHF 27.5 M
- Shareholders convert convertible loans in the amount of CHF 18.5 million into equity
- Cash capital increases in the amount of CHF 9 million through the exercise of subscription rights strengthen the company's liquidity
Zurich, October 12, 2021. MetrioPharm AG, a pharmaceutical company developing drugs against inflammatory diseases, announces that two convertible loans granted by shareholders in the total amount of CHF 18.5 million have been converted to equity. In addition, the equity was increased by a further CHF 9 million through the exercise of subscription rights in two cash capital increases. In total, these capital measures lead to a strengthening of MetrioPharm AG's equity by CHF 27.5 million.
MetrioPharm's Chief Executive Officer (CEO) Thomas Christély commented: "We thank our shareholders for their confidence in the company's drug development through the conversion of the loans and the further cash capital increases. The inflow of liquidity will be used to fund the ongoing Phase II trial in COVID-19 as well as preclinical studies in other indications."
About MetrioPharm AG
MetrioPharm AG is a pharmaceutical development company that develops drugs against inflammatory diseases. Inflammatory diseases represent the greatest individual health risk. One of MetrioPharm AG's goals is to make the therapies of acute and chronic inflammatory diseases more effective and tolerable. In doing so, we hope to achieve a healthspan expansion for patients: We want to stop the progression of chronic inflammatory diseases as early as possible and significantly extend the healthy lifespan for millions of people.
MetrioPharm AG is based in Zurich and has a subsidiary for R&D activities in Berlin.
MP1032 is a novel small molecule ROS scavenger that is selectively active in activated macrophages and inflamed tissues. The molecule acts as a self-regulating modulator to reduce cellular oxidative stress and the resulting inflammatory markers: due to its molecular structure, MP1032 is only active when it encounters elevated levels of reactive oxygen species (ROS). The molecule changes from its inert state (inactive) to a deprotonated form (activated), in this process, however, only increased ROS are neutralized. Due to its self-regulated mode of activation, the effect of MP1032 is limited solely to the site of inflammation.
MP1032 acts at the top of the inflammatory cascade and has demonstrated broad anti-inflammatory and anti-infective activity, as well as an excellent safety profile in preclinical and clinical studies.
As of H2 2021, MetrioPharm is evaluating MP1032 in an international Phase II clinical trial in the indication COVID-19.
This press release contains forward-looking statements that involve risks and uncertainties and are consistent with MetrioPharm AG's assessment as of the date of this release. Such forward-looking statements are neither promises nor guarantees but are subject to numerous risks and uncertainties. No liability or warranty, and no claim, if any, is made with respect to the timeliness, accuracy or completeness of such data and information, and no reliance should be placed on such data and information, either explicitly or impliedly.
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