Biopharmaceutical company Newron Pharmaceutical S.p.A. (SIX:NWRN) (XETRA:NP5) reported on Monday the receipt of Tranche 4 financing of up to EUR40m under its financing agreement with the European Investment Bank (EIB), subject to achieving agreed performance criteria.
The EIB loan is backed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe.
Tranche 4 consists of EUR7.5m to support Newron's development programmes for central nervous system diseases. Concurrently, EIB has received warrants to purchase up to 151,344 ordinary shares of Newron at an exercise price of EUR9.25 per share.
The first three tranches of the EIB loan of EUR 25m were received by Newron in 2019 and 2020.
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