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“The objective of the amendment to the Atlas agreement is to address NOXXON’s financing requirements to advance its programs as well as offer guaranteed funding amidst the challenging market conditions at present. These changes will also address the declining liquidity of the company’s shares and to facilitate more orderly conversions so that we continue the transition of the capital structure in a more efficient direction,” commented Bryan Jennings, CFO of NOXXON.

The convertible bond agreement with ASO, initially disclosed on April 23, 2020, and amended on October 14, 2020, and on December 29, 2021, has now been further amended to adjust the capacity to €20.52 million divided into nineteen equal tranches of €1.08 million, modify the conversion conditions back to those of the original agreement in April 2020, and provide for more flexible conditions on two drawdowns at NOXXON’s discretion starting in July 2022.

The conversion price for conversion of outstanding convertible bonds to shares shall now be calculated by the average of any three daily VWAPs of the company’s share selected from any of the 10 consecutive trading days preceding the receipt of the conversion notice (“Pricing Period”).

The company and ASO additionally agree that following a recent issuance of convertible bonds on April 21, 2022, a next issuance of convertible bonds will not occur before July 1, 2022. The amendment also stipulates for the next two consecutive tranches of €1.08 million each, market liquidity and capitalization conditions are waived.

The full characteristics, terms and conditions of the financing may be found in the April 23, 2020, October 14, 2020, and January 3, 2022 press releases pertaining to the agreement and the dilutive potential of this latest amendment in the Annex to this press release. NOXXON maintains an updated summary table of issued convertible bonds in the Investors’ section of its website.

About the GLORIA Study
GLORIA (NCT04121455) is NOXXON’s dose-escalation, phase 1/2 study of NOX-A12 in combination with irradiation in first-line partially resected or unresected glioblastoma (brain cancer) patients with unmethylated MGMT promoter (resistant to standard chemotherapy). GLORIA further evaluates safety and efficacy of NOX-A12 three additional arms combining NOX-A12 with: A. radiotherapy in patients with complete tumor resection; B. radiotherapy and bevacizumab in patients with incomplete tumor resection; and C. radiotherapy and pembrolizumab in patients with incomplete tumor resection.

About the OPTIMUS Study
OPTIMUS (NCT04901741) is NOXXON’s open-label two-arm phase 2 study of NOX-A12 combined with pembrolizumab and nanoliposomal irinotecan/5-FU/leucovorin or gemcitabine/nab-paclitaxel in microsatellite-stable metastatic pancreatic cancer patients.

Disclaimer
Translations of any press release into languages other than English are intended solely as a convenience to the non-English-reading audience. The company has attempted to provide an accurate translation of the original text in English, but due to the nuances in translating into another language, slight differences may exist. Certain statements in this communication contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this communication regarding planned or future results of business segments, financial indicators, developments of the financial situation or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for updating such information, which only represents the state of affairs on the day of publication.