TiGenix NV has converted €7 million of its senior unsecured convertible bonds due 2018.
The company said that, through this conversion, the total convertible debt outstanding is reduced from EUR 25 million to EUR 18 million. As a consequence, the Company will issue 7,792,496 shares in exchange for the converted bonds. The shares are expected to be issued on or around 10 November 2017.
“We are pleased to see the interest in converting our debt into equity, which we believe is an acknowledgement by specialized institutional investors of the progress TiGenix has made in the past months,” said Dr. Claudia D’Augusta, Chief Financial Officer at TiGenix. “This transaction further strengthens our balance sheet and is a strong signal of investors’ confidence in our upcoming milestones.”