XBRANE BIOPHARMA'S PRINCIPAL OWNER SYSTEMATIC GROUP PROVIDES A SHORT-TERM LOAN OF SEK 20 M TO THE COMPANY
Xbrane Biopharma AB (publ) ("Xbrane" or the "Company") has today received a short-term loan from Systematic Group AB ("Systematic Group") of SEK 20 million (the "Loan").
The loan provided by Systematic Group amounts to SEK 20 million and runs for approximately 1 month until the expected up-front payment of €10 million from Intas Pharmaceuticals Ltd, in accordance with the previously communicated license agreement for Xdivane (Opdivo biosimilar candidate), is received. Interest is charged at 1 percent per month. The loan will finance the company's working capital needs until the above-mentioned up-front payment is received.