Oxurion begins private judicial reorganization proceedings

Oxurion NV, a biopharmaceutical company based in Leuven, announced on September 3, 2024 the opening of a private judicial reorganization procedure. This decision, approved on August 22 by the Leuven court, follows the disappointing results of the KALAHARI Phase 2, Part B study, announced on November 20, 2023.

The company nevertheless concluded a financing agreement with the Atlas fund, at the end of December 2023, to support its preclinical program and attempt to restructure its debt, which amounts to 14.7 million euros, of which 9 million is owed to Atlas.

Discussions with some creditors have led to partial agreements being reached. However, the use of the private judicial reorganisation procedure is intended to encourage confidential negotiations. Ilse Van de Mierop has been appointed to assist Oxurion in implementing this plan.

The plan aims to continue the research and development program in the field of Geographic Atrophy and to finalize the acquisition of the CRO. The company aims to significantly reduce its debts before the end of 2024.

Oxurion undertakes to inform the market of future developments in this procedure.