BioSenic, the Belgian biotech born from the merger of Bone Therapeutics and Medsenic last year, is devising a survival plan to stretch its financial resources and pave the way for a phase 3 graft-versus-host disease (GvHD) trial set for next year.
BioSenic had a meager bank balance of 390,000 euros ($412,000) at the end of September, and while it secured two tranches of 300,000 euros each from Global Tech Opportunities 15, its financial situation remains precarious. Currently, the company estimates it can cover expenses only until the end of January.
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In an effort to secure its future, BioSenic is actively exploring various financing options, including a significant fundraising operation. It has reached an in-principle agreement with its main creditors, focusing its efforts on securing funds to support the phase 3 trial for arsenic trioxide in chronic GvHD.
BioSenic’s market cap is currently below 10 million euros, and its share price recently declined by 10%, reaching just 5 euro cents on the Brussels stock exchange. One potential lifeline for the company’s finances could be a deal for ALLOB, Bone’s stem cell therapy. BioSenic is in preliminary discussions with Pregene, a Chinese biotech that previously partnered with Bone, and other potential collaborators to negotiate a global agreement for the orthopedic therapy.
