Nicox S.A. announced that it will receive €16.3 million in a round of funding on January 23, 2019. The company will issue bonds and 308,848 warrants to purchase for 308,848 common shares in the transaction. The transaction will include participation from new investor Kreos Capital.

The company will receive funding in 3 tranches, first tranche of €8 million or about February 1, 2019, the company has the option, but no obligation, to draw down a further maximum amount of €7 million on August 1, 2019, and a maximum amount of €5 million, on November 1, 2019. The bonds are senior and secured in nature. The bonds will mature in 4 years and bears an interest rate of 9.25%.

The warrants have an exercise price of €5.99 exercisable immediately and over a period of 5 years. The transaction has been approved by board of directors of the company. The company announced that it has received 100,000 warrants in the transaction.

The company intended to raise €20 million in the transaction.