Curetis Retains H.C. Wainwright & Co. as Strategic Advisor
- Investment bank supports Curetis in assessment of all strategic and tactical
financing options
- Publication of H1-2019 financials postponed to September 18, 2019
- Key financials show EUR 7.8 million cash as of June 30, 2019 and
significantly reduced cash burn in H1-2019
Elements of this announcement contain or may contain inside information within the meaning of Article 7(1) of the
Market Abuse Regulation.
Amsterdam, the Netherlands, and Holzgerlingen, Germany, August 12, 2019, 08:00 am
CET - Curetis N.V. (the "Company" and, together with its subsidiaries, "Curetis"), a developer
of next-level molecular diagnostic solutions, today announced that it has retained the U.S.
based investment bank, H.C. Wainwright & Co., LLC, as strategic advisor in an effort to assess
all available strategic and tactical options going forward to potentially secure appropriate
funding and cash for continued operations for at least the next twelve months. Potential
strategic options that may be explored or evaluated as part of H.C. Wainwright’s mandate may
include, but are not limited to, equity funding, an acquisition, merger, business combination or
other strategic transaction involving Curetis.
There is no definitive timeline for completion of the assessment process and there can be no
assurance that the assessment would actually result in Curetis pursuing any transaction at all
or that a transaction, if it were pursued, could be completed successfully. Curetis does not
intend to discuss or disclose further developments regarding the strategic assessment
process unless and until its supervisory board and its management board have approved a
specific course of action or otherwise determined that further disclosure is appropriate or
required by applicable laws or regulations.
As part of its ordinary course of business and regular investor relations efforts, the Company
will be present at the 21st Annual H.C. Wainwright Global Life Sciences Conference to be held
in New York, NY, USA, on September 8-10, 2019.
In the context of the ongoing strategic assessment, the Company also announced that it will
reschedule the publication of its 2019 First Half-Year Business and Financial Update and H1-
2019 Earnings Call from its original financial calendar date on August 14, 2019 to September
18, 2019. This allows for an ongoing review of H1-2019 financials by the Company’s auditors,
especially in light of a series of important new IFRS standards that are now applicable, such
as IFRS 16 “Leases”.
The Company, however, hereby reports certain preliminary, non-audited financials for the first
half of 2019. Cash and cash equivalents as at June 30, 2019, amounted to EUR 7.8 million.
This includes a further EUR 5.0 million tranche under a debt financing facility provided by the
European Investment Bank (EIB) and the drawdown of the remainder of the first tranche (i.e.
EUR 1.5 million (gross)) under a convertible notes facility provided by YA II PN, Ltd, an
investment fund managed by Yorkville Advisors Global LP, both as previously announced on
May 21, 2019. Cash burn from operations and investments in H1-2019 has been reduced by
25.7% year-over-year as a consequence of the successful implementation of certain corporate
reorganization measures.
The worldwide installed base of Unyvero A50 Analyzers as at June 30, 2019, was 170,
compared to 162 as at June 30, 2018. This figure includes a significantly sized pool of
Analyzers now managed by Menarini Diagnostics in EMEA (9 new installations have already
been identified for H2-2019) as well as 37 Analyzers installed in the USA (including 20 for
current and future clinical trials). Furthermore, as part of a campaign performed towards the
end of Q2-2019, a total of 10 refurbished Unyvero Systems were ordered by various
international distribution partners with most of them being sold and shipped in H2-2019.