Centogene Raises $62 Million in Equity and Debt Financings to Support Growth Plan
February 1, 2022
Centogene, a commercial-stage company focused on generating data-driven insights to diagnose, understand, and treat rare diseases, closed a $17 million (EUR 15 million) private placement financing, as well as entering into a $45 million senior secured loan facility provided by Oxford Finance.
The new funds will enable the company to focus on its core business of delivering valuable, data-driven insights to patients, and pharmaceutical companies globally.
“We are now looking forward to expeditiously delivering on the promise of strong growth in our core business in 2022 and strengthening Centogene’s position as the unique and essential partner for patients, physicians, and biopharma in rare, metabolic, and neurodegenerative diseases,” said Kim Stratton, CEO of Centogene.
The private placement financing includes the sale of 4.5 million shares of common stock at a price per share of $3.73 and warrants to acquire up to 1.34 million additional shares of common stock at an exercise price per share of $7.72. Under the terms of the loan facility, Centogene has drawn down $25 million and will have access to a second tranche of $20 million upon the achievement of certain conditions.
Centogene engages in diagnosis and research around rare diseases transforming real-world clinical, genetic, and multiomic data to diagnose, understand, and treat rare diseases. The company has developed a global proprietary rare disease platform based on a real-world bio/databank of more than 600,000 patients representing over 120 different countries. Its platform includes epidemiologic, phenotypic, and genetic data that reflects a global population, as well as a biobank of patients’ blood samples and cell cultures, which the company says allows for better identification and stratification of patients and their underlying diseases to enable and accelerate discovery, development, and access to orphan drugs.
“This significant capital infusion will not only strengthen our balance sheet, but also allow us to accelerate growth and innovation and to deliver on some exciting, future value inflection milestones as outlined in our strategic plan,” said René Just, chief financial officer.
Author: Rare Daily Staff
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