Additional funds for Oculis’ SPAC

Last October Lausanne-based Oculis and Nasdaq listed European Biotech Acquisition Corp (EBAC) announced that they have entered into a definitive business combination agreement. The transaction is expected to be completed in H1 2023. In an 8-K filing EBAC disclosed that the PIPE (Private Investment in Private Equity) will be increased.

Additional $15 million secured

Subsequent to the Initial PIPE Financing, on January 26, 2023, EBAC entered into additional subscription agreements. The subsequent PIPE Investors agreed to subscribe for and purchase an aggregate of 788,500 EBAC ordinary shares for a purchase price of $10.00 per share, for aggregate gross proceeds of $7,885,000.

In October, Oculis has also announced that it has entered into a convertible loan agreement with certain of its existing equity holders. On January 26, 2023, Oculis and an additional lender together with the Initial Lenders entered into a convertible loan agreement in substantially the same form as the Initial Convertible Loan Agreement. The Additional Lender has granted Oculis a right to receive a convertible loan with certain conversion rights in an aggregate amount of $7,000,000.

Oculis is a global biopharmaceutical company developing treatments to save sight and improve eye care with breakthrough innovations. The company is currently advancing its diversified product portfolio, which includes three clinical-stage product candidates (OC-1, OC-2 and OC-5). OCS-01 is currently in Phase 3 development, globally (USA, EU, CN) for DME (Diabetic Macular Edema) with the potential to become the first non-invasive, topical eye drop for a back of the eye disease. OCS-01 is also in Phase 3 development in the USA for the treatment of inflammation and pain following cataract surgery, which would, if approved, potentially be the first once-a-day steroid for this indication.

(Press release / SK)