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Sensorion to Raise €15M Through Reserved Offering of Shares

NEW YORK – Sensorion on Monday announced that it is raising €15 million ($16.28 million) through a reserved offering of its new ordinary shares that it will use to develop gene therapies for deafness.

The firm, based in Montpellier, France, is offering 24,574,694 new ordinary shares at €0.63 per share to existing shareholders, including Redmile Group, Invus, Sofinnova Partners and a large, unnamed investment management firm. The reserved offering is expected to take place on April 11. The new shares will trade with its existing shares on Euronext Growth in Paris.

This latest financing follows a reserved offering in February, through which it raised around €50 million. According to Sensorion CEO Nawal Ouzren, the company has raised around €100 million in less than nine months. The capital raised to date, combined with the €37 million in cash and cash equivalents Sensorion had as of Dec. 31, 2023, will allow it to fund operations until the end of 2025.

The funds from the new reserved offering will go specifically toward accelerating two gene therapy programs, SENS-501 (OTOF-GT) and GJB2-GT. The first is a gene therapy designed to restore hearing in patients with deafness caused by mutations in the OTOF gene, and the second is designed to treat hearing loss related to mutations in the GJB2 gene.

The firm said it is progressing SENS-501 within the Phase I/II Audiogene trial, for which researchers are already recruiting patients in European countries, including in France. The company said it is also readying a clinical trial application seeking permission to begin human testing of GJB2-GT in the first half of 2025.

Leerink Partners and Stifel Europe are lead agents on the reserved offering. Chardan Capital Markets is the placement agent, Stifel is the centralizing agent, and Namsen Capital is the equity capital markets advisor for Sensorion.