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Ewoud Welten (Biocartis Group N.V. (Euronext Brussels: BCART))

Welten, Ewoud (Biocartis 201607 CFO)


Organisation Organisation Biocartis Group N.V. (Euronext Brussels: BCART)
  Group Biocartis (Group)
Products Product Idylla™ molecular diagnostics system
  Product 2 finance

Biocartis Group N.V.. (7/20/16). "Press Release: Biocartis Attracts EUR 55 Million Non-dilutive Financing". Mechelen.

Biocartis Group NV (‘Biocartis’), an innovative molecular diagnostics company (Euronext Brussels: BCART), today announces that it has attracted a total of EUR 55m of non-dilutive financing, consisting of a EUR 40m bank and lease financing facility and a EUR 15m subordinated loan. The funds will be used to finance the expansion of Biocartis’ manufacturing capacity for its Idylla™ diagnostics tests, to refinance an existing loan of EUR 5m and to strengthen the company’s financial position to continue to execute its strategic plan.

The bank and lease financing facility is provided by KBC Bank and KBC Lease and includes a partial guarantee by the Flemish Government through Gigarant, managed the Flemish Investment Company ‘ParticipatieMaatschappij Vlaanderen’ (PMV). The new subordinated loan is provided by a consortium of PMV and the Belgian ‘Federal Holding and Investment Company’ (FPIM).

Commenting on the new financings, Ewoud Welten, Chief Financial Officer of Biocartis, said:
“The new bank facility and subordinated loan strengthen our capitalisation and will further support us in realising our ambitious growth trajectory. It also underlines Biocartis’ ability to attract funding beyond equity capital markets from reputable debt financing partners that acknowledge our potential within the molecular diagnostics market. We are pleased with the continued support of KBC and PMV and much welcome FPIM and Gigarant as new partners.”

Bank and lease financing facility

The bank and lease financing facility provided by KBC consists of three tranches:

EUR 15m lease financing;
EUR 15m rollover credit line; and
EUR 10m working capital credit line.

The lease financing will be used to fund the equipment of a second Idylla™ cartridge manufacturing line that Biocartis ordered end of 2015. Furthermore, the two lines of credit that Biocartis now has at its disposal can be used to fulfil certain future financing needs in, amongst others, working capital. Both lines of credit are partially guaranteed by Gigarant.

The lease financing has a five year duration and the rollover credit line a four year duration. The working capital credit line is provided until further notice.

Wim Eraly, Senior General Manager KBC Bank, added: “KBC is dedicated to support highly innovative companies such as Biocartis, which we underlined today with this new financing facility. We have been a long term partner to Biocartis and look forward to further support the company in realising its ambition to disrupt the global molecular diagnostics market.”

Subordinated loan

The new EUR 15m subordinated loan provided by PMV and FPIM has a duration of five years. Part of the proceeds from this loan will be used to refinance the company’s current subordinated loan of EUR 5m (excluding accrued interest charges) that is due end of 2016.

Roald Borré, Head of Equity Investments of PMV, added: “We are pleased to play an important role in the further financing of Biocartis’ business. Enabling companies like Biocartis to be successful positively impacts the Belgian economy in terms of employment and growth of local knowledge. Both being elements that FPIM and PMV actively want to support.”

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For more information:

Renate Degrave
Corporate Communications & Investor Relations
+32 15 631 729

About Biocartis

Biocartis (Euronext Brussels: BCART) is an innovative molecular diagnostics (MDx) company providing next generation diagnostic solutions aimed at improving clinical practice for the benefit of patients, clinicians, payers and industry. Biocartis’ proprietary MDx Idylla™ platform is a fully automated sample-to-result, real-time PCR (Polymerase Chain Reaction) system that offers accurate, highly reliable molecular information from virtually any biological sample in virtually any setting. Biocartis launched the Idylla™ platform in September 2014. Biocartis is developing and marketing a rapidly expanding test menu addressing key unmet clinical needs in oncology and infectious diseases. These areas represent respectively the fastest growing and largest segments of the MDx market worldwide. Today, Biocartis has five oncology tests and two infectious disease tests on the market. More information: Press Photo Library available here. Follow us on Twitter: @Biocartis_.

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors’ current expectations and projections concerning future events such as the Company's results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Record changed: 2019-01-24


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