Geneva Court Grants Temporary Moratorium to ObsEva
Ad hoc announcement pursuant to Art. 53 LR of the SIX Swiss Exchange
Geneva, Switzerland – 31 January 2024 – ObsEva SA (SIX: OBSN), a biopharmaceutical company developing novel therapies for women's health, today announced that it was granted a temporary moratorium (sursis provisoire) by the competent court in Geneva, Switzerland. The Tribunal de première instance of Geneva granted the requested moratorium for a period of four months ending 29 May 2024 and appointed a commissioner (commissaire) to supervise the company's activities during the process. The moratorium limits the ability of ObsEva's creditors to enforce their claims against the company while it evaluates the possibility of a restructuring or orderly liquidation.
ObsEva had requested to be granted a temporary moratorium in December 2023 to enable the company to focus on negotiations and potentially finalize deals that could significantly influence its trajectory.
Dr. Ernest Loumaye, MD, PhD, Co-Founder and Chairman of the Board of Directors, has undertaken to secure "debtor in possession" funding (prêts d'assainissement) to finance ObsEva's operational expenditures until the anticipated conclusion of ongoing business development and financing discussions. The loan, if approved by the court-appointed commissioner, will rank senior to the company's other debts.
Fabien de Ladonchamps, Chief Executive Officer, said: “ObsEva is currently engaged in advanced negotiations for a transaction pertaining to Nolasiban, our compound developed to enhance the live birth rate in women undergoing in vitro fertilization, addressing a substantial unmet medical need. During the moratorium period, ObsEva will continue to advance these ongoing discussions under the supervision of the court-appointed commissioner. ”
About ObsEva
ObsEva is a biopharmaceutical company developing novel therapies to improve women’s reproductive health and pregnancy. ObsEva has established a development program focused on improving in vitro fertilization success rates. ObsEva is listed on the SIX Swiss Exchange where it is traded under the ticker symbol “OBSN”. For more information, please visit www.ObsEva.com.
For further information, please contact:
For general information: For investors information:
contact@obseva.ch IR@obseva.ch
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