Exhibit 99.1
ObsEva Announces $31 million Debt Retirement and $11 million Debt Refinancing
Ad hoc announcement pursuant to Art. 53 LR of the SIX Swiss Exchange
GENEVA, Switzerland – August 1, 2022 – ObsEva SA (NASDAQ: OBSV; SIX: OBSN), a biopharmaceutical company developing novel therapies for women’s health, today announced the early retirement of $31 million in debt that was part of amounts owed to certain funds and accounts managed by JGB Management, Inc. (JGB) pursuant to the Company’s Securities Purchase Agreement with JGB. Additionally, the Company has entered into an amendment and forbearance agreement with respect to the outstanding debt held by JGB.
Under the terms of the agreement, ObsEva and JGB agreed to apply the $31 million cash previously held as collateral in a control account against the outstanding convertible notes on a pro rata basis, with JGB waiving a 25% prepayment penalty on the early debt retirement. In addition, JGB has agreed to forbear for a period of up to three months from enforcing any rights or remedies under the notes in connection with certain events of default by the Company in connection with the Company’s prior announced application to the Swiss court for a preliminary moratorium to facilitate the Company’s planned restructuring. In exchange, $1.5 million was added to the outstanding principal balance under the notes, resulting in an aggregate of approximately $11 million of convertible notes outstanding, and the conversion price of the notes was adjusted to a conversion price of $0.26 per share. Further information with respect to the agreement will be provided in a Form 6-K filed by ObsEva with the Securities and Exchange Commission on August 1, 2022.
About ObsEva
ObsEva is a biopharmaceutical company developing novel therapies to improve women’s reproductive health and pregnancy. Through strategic in-licensing and disciplined drug development, ObsEva has established a clinical pipeline with development programs focused on new therapies for the treatment of preterm labor and improving clinical pregnancy and live birth rates in women undergoing in vitro fertilization. ObsEva is listed on the Nasdaq Global Select Market and is traded under the ticker symbol “OBSV” and on the SIX Swiss Exchange where it is traded under the ticker symbol “OBSN”. For more information, please visit www.ObsEva.com
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “ongoing”, “objective”, “plan”, “potential”, “predict”, “should”, “will”, “would”, or the negative of these and similar expressions, and are based on ObsEva’s current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These forward-looking statements
