Biophytis Extends Financing Contract with Atlas

Biophytis SA has announced the extension of its bond financing agreement with Atlas for an additional two years. This move will secure funding for the company's business activities, particularly the OBA and MYODA clinical programs targeting obesity and Duchenne Muscular Dystrophy (DMD) respectively.

The new terms of the agreement will allow Biophytis to issue convertible bonds upto €16 million in tranches of €2 million each. To mitigate the dilutive impact, a new tranche can only be drawn if the outstanding debt is no more than €2 million at the time.

Biophytis aims to extend its cash runway to the end of 2024 and finance R&D programs in 2025. The clinical study for OBA is expected to start mid-2024, while MYODA's phase 1/2 trial has received FDA approval.