Thomas Feldthus, Chief Executive Officer of Saniona, commented, “The reduction in the loan value is a step in the right direction. The extention of the remaining loan provides more flexibility until income and proceeds from partnership agreements have started to kick in. Our aim is to establish at least two collaboration agreements this year. In July, we announced a new research collaboration with AstronauTx in Alzheimer’s disease which may give up to SEK 1.9 billion ($177 million) in milestone payments as well as royalties. The program is fully funded by AstronauTx and we expect to receive research funding of around 15 MSEK during the first year of the collaboration. We continue to make progress on our partnering efforts and I am optimistic about reaching another partnership agreement before year end.”

On June 30, 2021, Saniona entered into a loan agreement of 87 MSEK with Formue Nord. In September 2022, Saniona repaid part of the loan and the parties agreed that the remaining 74 MSEK should be payable in January 2024. The loan value has now been reduced with an additional 13 MSEK from 74 MSEK to 61 MSEK through a repayment of 3 MSEK by Saniona and a conversion of 10 MSEK into shares at 8.50 SEK per share equal to a discount of 6.6% to the closing price of August 11, 2023. Furhermore, the parties have agreed to extend the the term of the loan to January 31, 2025, and that the remaining loan value of 61 MSEK will continue to accrue at 1.5 per cent monthly interest until January 31, 2025. Formue Nord has also received a commitment fee of 4.8 MSEK, which also will be converted into shares at SEK 8.50 SEK per share. The total dilution from the new shares is 2.7%.