Moberg Pharma AB (publ), a Sweden-based pharmaceutical company, has signed a convertible note agreement with independent provider of corporate finance, Nice & Green SA (N&G), contingent on an authorisation at an Extraordinary General Meeting, it was reported on Monday.

The funds are intended for investment in Moberg's product, MOB-015. In December 2019, the company reported that the primary endpoint for MOB-015 was met in the North American phase three study. The company said that assessment of the study results indicated that the rapid and high antifungal effect of MOB-015 is world leading, but that dosing is likely to be optimised. Based on these data, the company claims that MOB-015 has the potential to become the future market leader in onychomycosis. The contract with N&G allows Moberg Pharma to pursue this potential and conduct an additional clinical study, depending on the result of the EU study likely to start at the end of the second quarter of 2020.

The financing is offered by N&G, a Swiss specialty investor focusing on financing solutions for public biotech and cleantech growth companies.

According to the financing agreement, Nice & Green SA has committed to subscribe for convertible notes with a nominal value of up to SEK216m, in tranches of initially SEK3m per month for the first six months and thereafter, depending on market conditions, with possibility to increase to SEK6m per month.

(EUR1=SEK11)