HomeNovelObsEva announces the filing of the moratorium procedure
ObsEva announces the filing of the moratorium procedure
December 20, 2022
Ad hoc press release pursuant to art. 53 LR of the SIX Swiss Exchange
GENEVA, Swiss– December 192022 – ObsEva SA (NASDAQ: OBSV; SEI: OBSN), A biopharmaceutical company that develops and markets new therapies for women’s health, announced today that the competent court in Geneva, Switzerland has granted the company’s request to lift its moratorium on the grounds that the company is no longer over-indebted.
The Company resolved its excessive indebtedness resulting from the previously announced sale of all of its rights to Ebopiprant to XOMA Corporation (XOMA) for an upfront payment of $15 million. In addition, ObsEva is eligible to receive future milestone payments of up to approximately $98 million upon the achievement of certain development and regulatory milestones and sales milestones related to the development of Ebopiprant under a licensing agreement with Organon. In July 2021, ObsEva licensed Organon for the global development, manufacturing and commercial rights of Ebopiprant.
“The filing of the moratorium proceedings marks a turning point for ObsEva, as we now look forward to the future development of nolasiban and other strategic options to maximize shareholder value,” said Brian O’Callaghan, CEO of ObsEva. “After resolving our excessive debt and strengthening our financial position with a series of restructuring initiatives over the past few months, we are now focusing our resources on nolasiban. Nolasiban has the potential as a novel oral oxytocin receptor antagonist under development to improve IVF success rates, for which there is a significant unmet global need.
ObsEva holds the exclusive worldwide commercial rights for nolasiban, with the exception of the People’s Republic of China, where its partner Yuyuan BioScience plans to initiate a clinical trial following the recent approval of their investigational new drug application in China.
About ObsEva ObsEva is a biopharmaceutical company developing new therapies to improve women’s reproductive health and pregnancy. ObsEva has established a development program focused on improving IVF success rates. ObsEva is listed on the Nasdaq Global Select Market and trades under the ticker symbol “OBSV” and on the SIX Swiss Exchange where it trades under the ticker symbol “OBSN”. For more information please visit www.ObsEva.com
Any statements in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe”, “expect”, “may”. , “plan”, “potential”, “will” and similar expressions and are based on ObsEva’s current beliefs and expectations. These forward-looking statements include statements regarding ObsEva’s plans for the future development of nolasiban and other strategic options to maximize shareholder value and potential for nolasiban. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that could cause actual results to differ materially include uncertainties in ObsEva’s ability to successfully restructure its operations, ObsEva’s ability to regain compliance with Nasdaq’s continuing listing rules, the conduct of trials and clinical development, including the risk that earlier clinical trial results may not be predictive of later stage clinical trial results, ObsEva’s reliance on third parties over which it may not always have full control, and the ability to such third parties, the impact of the ongoing novel coronavirus outbreak and other geopolitical events, and other risks and uncertainties described in the Risk Factors section of ObsEva’s annual report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2022, in Reports on Form 6-K filed with the SEC dated May 17, 2022, August 17, 2022 and December 1, 2022 and other ObsE filings are made with the SEC. These documents are available on the Investors page of the ObsEva website at http://www.ObsEva.com. Any forward-looking statements speak only as of the date of this press release and are based on information available to ObsEva as of the date of this release, and ObsEva assumes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, events future or otherwise.