Sensorion announced on Thursday that it had completed a €35 million private placement with US and European biotech investors.

The specialist in the treatment of hearing loss will issue 107,142,856 new shares at a unit price of €0.28, representing a limited discount of less than 4% compared with the last five trading sessions.

In particular, this transaction will enable existing investors Invus and Sofinnova Partners to reinvest significantly in the company.

At the same time, a new investor, the American Redmile Group, will acquire a stake in Sensorion via the subscription of 17.857,143 warrants on the basis of 0.18 euros per share.

This new financing will enable Sensorion to extend its cash flow horizon to the end of September 2024, and to continue the clinical development of its OTOF-GT gene therapy.

The funds will also enable Sensorion to accelerate preclinical activities to set up its investigational new drug application for a second program.

As part of the private placement, Redmile is expected to join the company's board of directors, replacing Bpifrance.

On the stock market, Sensorion shares climbed 9% on Friday, bringing their three-month gain to almost 25%.

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