- New Loans Guaranteed by the French State (PGE) in an amount of €3 million, from both BNP Paribas and Crédit du Nord (new banking partner of the Company)
- Total financing amount raised in 2020 equal to €11.9 million, including €6 million in the form of non-dilutive financing
- No intention of using the flexible bond financing line (“OCEANE-BSA”), which has never been used to date and will expire on September 23, 2021.
Voluntis (Euronext Paris, Ticker: VTX – ISIN: FR0004183960 – the « Company»), a leader in the field of digital therapeutics, announces that it has been granted new state-guaranteed loans (Prêt Garanti par l’Etat, or PGE in France) for a total amount of €3 million from BNP Paribas and Crédit du Nord and the optimization of the Company’s financial structure.
These PGE have an initial term of one year and are fully redeemable at maturity[1]. Repayment of the amounts due may be deferred again, at the Company’s option, until December 2026. The French State guarantees 90% of the amounts due.
These loans, which are non-dilutive to shareholders, bear a fixed annual interest rate of 0.25% for the first year[2].
The Company has therefore completed a €2 million subscription from its historical partner, BNP Paribas, and expanded its pool of banking partners by subscribing to €1 million from Crédit du Nord, a subsidiary of the Société Générale group.
For the record, the Company was granted a first PGE in the amount of €2 million from BNP Paribas in September 2020[3].
With this new financing, Voluntis brings to €11.9 million the amount of funds raised in 2020, including €6 million in non-dilutive financing (PGE and a R&D Innovation loan from Bpifrance Financement) and €5.9 million as part of an equity raise carried out notably with Debiopharm Innovation Fund, the corporate fund of the Swiss company Debiopharm, and Indigo, the personal holding company of Eric Carreel, President and co-founder of Withings.
With these additional resources, Voluntis is able to cover its financial needs beyond the next 12 months. Consequently, the Company does not intend to use the flexible bond financing facility (“OCEANE-BSA”) obtained on March 23, 2020, not used to date and for which the drawing possibility, at the exclusive initiative of Voluntis, will expire on September 23, 2021.
“These new financing lines, which are non-dilutive and which we can repay without penalty if they are not used, allow us to secure additional resources beyond the needs identified in our strategic roadmap. We thank BNP Paribas for its renewed confidence and are pleased to welcome Crédit du Nord among our banking partners.”
Pierre Leurent, Chief Executive Officer
About Voluntis
Voluntis creates digital therapeutics that empower people with chronic conditions to self-manage their treatment every day, thus improving real-world outcomes. Voluntis’ solutions, combining mobile and web apps, use clinical algorithms to deliver personalized recommendations to patients and their care teams. For example, these recommendations are used to adjust treatment dosage, manage side effects or monitor symptoms. Leveraging its Theraxium® technology platform, Voluntis has designed and operates multiple digital therapeutics, especially in oncology and diabetes. Voluntis has long-standing partnerships with leading life science companies. Based in Cambridge, MA, and Paris, France, Voluntis is a founding member of the Digital Therapeutics Alliance.
[1] Except in the usual cases of early repayment (non-payment, collective proceedings, non-compliance with one of the contractual obligations, etc.).
[2] This interest rate is likely to change in subsequent years, should the Company decide to defer repayment of the principal, but may not, in any event, exceed a percentage corresponding to the bank’s refinancing cost at the date of the deferral plus the government guarantee commission.
[3] See the company’s press release of September 14, 2020.