AEON Biopharma secures $15 million in private placement
Investing.com | Editor Lina Guerrero
Published Mar 19, 2024 05:20PM ET
IRVINE, Calif. - AEON Biopharma, Inc. (NYSE AMEX: AEON, AEON WS), a clinical-stage biopharmaceutical company, has announced a $15 million private placement of senior secured convertible notes with Daewoong Pharmaceutical Co., LTD. The investment is set to support the late-stage clinical development of ABP-450, AEON's proprietary botulinum toxin complex, and general working capital needs.
The funding arrangement includes a two-part payment, with the first $5 million expected to close before the end of March 2024, and the remaining $10 million in April 2024. Following the completion of the second installment, AEON will expand its Board of Directors to include a designee from Daewoong's senior management team.
In a strategic move, AEON also terminated its forward purchase agreements (FPAs), allowing the FPA providers to retain 6,275,000 shares of common stock without further financial obligations. This decision aims to streamline AEON's capitalization structure.
AEON's focus on ABP-450 for debilitating medical conditions has shown promise with a successful end-of-Phase 2 meeting with the FDA, based on Phase 2 data for episodic migraine released in October 2023. The company is also planning an interim analysis of its ongoing Phase 2 program for chronic migraine in the second quarter.
ABP-450, manufactured by Daewoong under good manufacturing practice, is already approved for cosmetic use as Jeuveau. AEON holds exclusive development and distribution rights for therapeutic indications of ABP-450 in various territories, including the United States and the European Union.
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