DGAP-News: PAION REPORTS FULL CONVERSION OF CONVERTIBLE NOTES
DGAP-News: PAION AG
/ Key word(s): Miscellaneous
PAION REPORTS FULL CONVERSION OF CONVERTIBLE NOTES
Abdelghani Omari, CFO of PAION AG, commented: "We would like to thank Yorkville for their support over the last year. The financing provided us the flexibility we needed during the regulatory processes up to first approvals of remimazolam in Japan and the U.S. With the recent U.S. approval of remimazolam, including a related milestone payment of EUR 15 million, we do not plan to further use this facility."
In Japan, licensee Mundipharma received market approval in general anesthesia in January 2020. In the U.S., licensee Cosmo Pharmaceuticals received market approval in procedural sedation in July 2020. In China, licensee Yichang Humanwell filed for market approval in procedural sedation in November 2018. In South Korea, licensee Hana Pharm filed for market approval in general anesthesia in December 2019. In Europe, PAION submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in procedural sedation in November 2019 and results of an EU Phase III trial in general anesthesia are expected in the second half of 2020.
In addition to procedural sedation and general anesthesia, based on positive Phase II study results, ICU sedation is another possible indication for remimazolam.
Remimazolam is partnered in the U.S. (brand name BYFAVOTM) with Cosmo Pharmaceuticals, sublicensed to Acacia Pharma, in Japan (brand name Anerem(R)) with Mundipharma, in China with Yichang Humanwell, in Canada with Pharmascience, in Russia/CIS, Turkey and the MENA region with R-Pharm, and in South Korea and Southeast Asia with Hana Pharm. For all other markets including parts of the EU, remimazolam is available for licensing.
In Europe, PAION is seeking approval of remimazolam for general anesthesia and for procedural sedation. PAION submitted a Marketing Authorization Application (MAA) for procedural sedation in November 2019. Results of a Phase III trial in general anesthesia are expected in the second half of 2020.
PAION's mission is to be a leading specialty pharmaceutical company in the fields of anesthesia and critical care by bringing novel products to market to benefit patients, doctors & other stakeholders in healthcare.
PAION is headquartered in Aachen (Germany) with an additional site in Cambridge (United Kingdom).
08.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1088727|
|End of News||DGAP News Service|
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With 10 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
As a result the target price of €4.00 shows a very positive potential of 55.642% compared to the current price of €2.57 for Paion AG.