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Less Intensive Monitoring After Thrombolysis Is Safe

Less Intensive Monitoring After Thrombolysis Is Safe

Medscape23-05-2025
HELSINKI, Finland — Less intensive monitoring of patients with acute ischemic stroke who have undergone thrombolysis appeared to be safe in new findings that challenge current guidelines.
The large international OPTIMISTmain trial showed that less frequent monitoring of vital signs and neurologic function during the first 24 hours did not compromise recovery or increase the risk for serious adverse events compared with standard protocols.
'The key message from our study is that it is safe to relax the monitoring of these patients, and this will allow nurses to be freed up from taking constant measurements so they can spend more time on delivering direct interventions and generally providing better care of the patients,' study investigator Craig Anderson, MD, George Institute for Global Health, Sydney, Australia, told Medscape Medical News .
'Another benefit will be less disruption to patients, which is especially important if they are trying to sleep.'
The trial also showed that less intensive monitoring was feasible outside of an intensive care unit (ICU), which the researchers said would have benefits such as flexibility in nursing workflow and the release of intensive care resources.
'This trial result has wide applicability and is relevant all around the world, and we believe that hospitals could consider incorporating this approach to improve systems of care for acute stroke,' Anderson said.
Anderson presented the results of the OPTIMISTmain trial on May 21 at the European Stroke Organization Conference (ESOC) 2025. The trial was also simultaneously published online in The Lancet .
Nurse-Driven Research
Anderson noted that this was a nurse-driven study and was the idea of co-lead author Debbie Summers, MSN, a senior nurse practitioner at Saint Luke's Hospital of Kansas City, Missouri, who questioned whether the high-intensity monitoring of patients with stroke after thrombolysis administration was necessary, given its high burden on nurses and level of disruption to patients.
Current guidelines recommended 37 assessments within the first 24 hours after thrombolysis, including vital signs — such as heart rate and blood pressure — and neurologic checks using the Glasgow Coma Scale or the National Institutes of Health Stroke Scale (NIHSS). These are conducted every 15 minutes for 2 hours, every 30 minutes for the next 6 hours, and then hourly.
The low-intensity monitoring protocol tested in the study involved 17 assessments over the same 24-hour period, with vital signs and neurologic checks conducted every 15 minutes for 2 hours, every 2 hours for the next 8 hours, and then every 4 hours. Investigators were also encouraged to implement the protocol in a stroke unit rather than an ICU, where hospital infrastructure allowed.
Anderson explained that high-intensity monitoring was put in place when thrombolysis was first used in routine clinical practice, as this was the protocol used in the initial randomized clinical trial of alteplase for acute ischemic stroke in the mid-1990s.
'There was concern that use of thrombolysis in this setting could cause intracerebral hemorrhage (ICH), and the trial, therefore, included a careful monitoring strategy to detect any deterioration in the patient as quickly as possible.
'In addition, thorough monitoring and reporting was necessary in the evaluation of a new drug. Then, because this high-intensity monitoring program had been used in the trial, it was adopted after alteplase was approved for use in acute ischemic stroke and rolled out into clinical practice,' Anderson said.
However, this high-intensity monitoring protocol has never been tested in a major study to determine if this intensive monitoring is actually necessary, he added.
Lower Rates of ICU Admission
Guidelines often recommend ICU monitoring for these patients due to the high level of nursing care required. While some countries have relaxed this requirement, others — such as the United States, where medicolegal concerns are more prominent — continue to manage these patients in the ICU.
OPTIMISTmain was an international, cluster-randomized trial conducted at 114 hospitals across eight countries: Australia, Chile, the United Kingdom, the United States, China, Malaysia, Mexico, and Vietnam.
It was designed to test the noninferiority of a new low-intensity monitoring protocol to the standard high-intensity monitoring protocol in patients with acute ischemic stroke who were clinically stable with mild to moderate neurologic impairment (NIHSS score < 10) within 2 hours of initiation of thrombolysis.
The trial enrolled 4922 patients, with 2789 participants assigned to the low-intensity monitoring group and 2133 to the standard monitoring group.
The primary outcome was the proportion of participants with an unfavorable functional outcome defined by a Modified Rankin Scale score from 2 (indicating some disability) to 6 (death) at 90 days.
This occurred in 31.7% of patients in the low-intensity monitoring group and 30.9% of those in the standard monitoring group, giving a relative risk of 1.03 (95% CI, 0.92-1.15), satisfying the noninferiority criteria ( P noninferiority = .057).
Symptomatic intracerebral hemorrhage occurred in five (0.2%) patients in the low-intensity group and eight (0.4%) patients in the standard monitoring group, a nonsignificant difference.
The number of participants with a serious adverse event was similar between the low-intensity monitoring group (11.1%) and the standard monitoring group (11.3%).
The low-intensity monitoring protocol was associated with lower rates of ICU admission, with 12.8% in the low-intensity group admitted directly to an ICU compared with 16.8% of patients in the standard monitoring group.
Universally Applicable Results
These figures and the differences between the protocols were much greater in the United States, where immediate ICU admission occurred in 47.1% of patients in the low-intensity monitoring group vs 77.1% of those in the standard monitoring group.
'This was a large trial with hard, accepted, patient-centered outcomes, and the results should be applicable across the world,' Anderson said.
He pointed out that the trial also included process evaluations from the nurses and physicians involved, which he said were 'pretty much uniformly comfortable with the less intensive monitoring protocol.'
'It is not for us to recommend what guidelines do,' he added. 'But we have suggested that hospitals should consider implementing this intervention according to local circumstances to improve the efficiency of their care.'
While a cost analysis has not yet been published, Anderson said the less intensive monitoring protocol is expected to save costs.
'Just the observation that there was a significant reduction in the use of ICU beds, especially in the United States, will result in significant cost savings,' he noted.
'This trial shows that we can use our nurses in a more efficient manner, and we don't need to send all our patients to the ICU; we can use our regular beds or stroke unit beds better and be a bit smarter,' he added.
Anderson added that over the many years of using thrombolysis for acute ischemic stroke in clinical practice, it has become apparent that the incidence of ICH is low and that such strict monitoring might not be required. 'We have become more confident about how to use thrombolysis and which patients are at higher risk.'
However, he cautioned that the low-intensity protocol would not be appropriate for all patients.
'This study only included patients who had a moderate level of disability when they presented. Patients also had to be alert, with good blood pressure control, heart rate, and respiration, and without other complicating health problems. We estimate that this would account for at least a third, maybe half, of all the stroke patients that come through hospitals around the world,' said Anderson.
'Less Is More'
Commenting on the OPTIMISTmain trial, Valeria Caso, MD, PhD, professor of neurology and consultant neurologist at Santa Maria della Misericordia Hospital, University of Perugia, Perugia, Italy, and a past president of the European Stroke Organisation, said she was 'very impressed' with the study.
She pointed out that nurse-led trials are important as so much of stroke care is carried out by nurses.
'This trial is another example of 'less is more' that we are seeing in several aspects of stroke medicine,' said Caso.
'I think we will implement this lower-intensity monitoring protocol for less severe stroke patients in Italy. Nurses are in high demand, and we need to prioritize the resources we have. These results will allow us to prioritize the nursing resources regarding intensive monitoring in the first 24 hours for patients with severe strokes.'
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Consortium Led by Nordic Capital and Permira Will Make All-Cash Recommended Purchase Offer for Bavarian Nordic
Consortium Led by Nordic Capital and Permira Will Make All-Cash Recommended Purchase Offer for Bavarian Nordic

Associated Press

time20 minutes ago

  • Associated Press

Consortium Led by Nordic Capital and Permira Will Make All-Cash Recommended Purchase Offer for Bavarian Nordic

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION COPENHAGEN, Denmark, July 28, 2025 – Bavarian Nordic A/S (OMX: BAVA) ('Bavarian Nordic') announced today that it has entered into an announcement agreement with Innosera ApS (the 'Offeror'), a newly formed company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH ('Permira'), pursuant to which the Offeror will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding shares (excluding treasury shares) in Bavarian Nordic (the 'Offer'). Highlights of the Offer Luc Debruyne, Chair of the Board of Directors of Bavarian Nordic, said: 'Our scientific heritage and proven track record of successfully transferring technology and integrating commercial assets has created a unique platform that enables Bavarian Nordic to drive growth and deliver life-saving solutions to patients worldwide. The offer received from Nordic Capital and Permira is the result of intense negotiations aimed at securing the best possible terms for our shareholders. The Board of Directors has unanimously agreed that it intends to recommend that Bavarian Nordic's shareholders accept the offer when formally submitted. Together with Nordic Capital and Permira, the growth strategy of Bavarian Nordic can be accelerated and strengthen the company's position in the global vaccine market to the benefit of patients, employees and other stakeholders'. Background and reasons for the Offer Nordic Capital and Permira believes that Bavarian Nordic has successfully initiated its transformation to become a leading international vaccine company with a differentiated portfolio of travel and endemic vaccines. This transformation remains ongoing and will require continued investments to scale the current vaccine portfolio, expand the company's commercial footprint, and continue its successful M&A strategy to further grow and diversify its portfolio. Nordic Capital and Permira have informed Bavarian Nordic that they firmly believe that the transaction will enable the company to accelerate its growth strategy and pursue long-term value creation in a privately held ownership structure, with access to ample capital and resources. Nordic Capital and Permira bring extensive healthcare expertise, operational capabilities, and a growth-focused investment approach centred on long-term value creation. As highly experienced investors in the sector with a track record of over 30 years of investing in healthcare companies and building leading companies on global scale, Nordic Capital and Permira are committed to supporting and accelerating Bavarian Nordic's strategic ambitions and expanding its international operations. Nordic Capital and Permira recognise Bavarian Nordic's contribution to public health as well as the important role the company plays within the local life science ecosystems and will support the long-term value creation for all stakeholders including society, patients, and employees. It is Nordic Capital and Permira's intention to continue operating Bavarian Nordic in the same manner as prior to the Offer, including operating the company's main sites in partnership with the management and employees. Nordic Capital and Permira are committed to supporting Bavarian Nordic's core aim of providing life-saving vaccines, both as a global provider of travel vaccines and as a preferred partner to governments and international organisations on vaccines for public preparedness. The Board of Directors' recommendation Taking into consideration the Offer Price offered to the Bavarian Nordic shareholders as well as the other terms and conditions of the Offer, the Board of Directors has unanimously decided that it intends to recommend the shareholders of Bavarian Nordic to accept the Offer, when made in the form of an offer document approved by the Danish Financial Supervisory Authority. The Board of Directors will in accordance with Section 23 of the Danish Executive Order on Takeover Offers publish a statement in respect of the Offer following publication of the offer document, which will include the Board of Directors' considered statement on the Offer. The Board of Directors' assessment of the financial merits of the Offer took into account, among other factors, two written opinions, each dated 28 July 2025, from Bavarian Nordic's financial advisors, Citigroup Global Markets Europe AG ('Citi') and Nordea Danmark, Filial af Nordea Bank Abp, Finland ('Nordea'), respectively, that, as of such date and based on and subject to the various assumptions made, procedures followed, matters considered and limitations and qualifications on the reviews undertaken by Citi and Nordea, respectively, as set forth in their respective written opinions, the Offer Price was fair, from a financial point of view, to the shareholders of Bavarian Nordic (other than the Offeror and its affiliates) (the 'Fairness Opinions'). The full text of each of the Fairness Opinions is available at Each Fairness Opinion was provided solely for the information of the Board of Directors in its evaluation of the Offer and is not intended to be and does not constitute a recommendation to any shareholder of Bavarian Nordic as to how such shareholder should act on any matters relating to the Offer and may not be relied upon by any third party or used for any other purpose. Conditions to completion The Offer will be made subject to a number of customary conditions, including a requirement that, unless waived, the Offeror at the expiry of the Offer period owns or has received valid acceptances with respect to shares representing more than 90% of the voting rights and share capital of Bavarian Nordic, that necessary approvals by relevant regulatory authorities are obtained, that the Board of Directors of Bavarian Nordic has not withdrawn or adversely amended its recommendation to the shareholders to accept the Offer, the non-occurrence of certain material adverse changes, and certain other customary conditions. According to the Offeror's assessment, the completion of the Offer will require customary merger control and foreign direct investment approvals. The Offeror has in the announcement agreement made certain commitments to Bavarian Nordic for the purpose of satisfying the regulatory conditions. Offer process, terms and conditions The announcement of the Offeror's decision to make the Offer is attached. The Offer will be conducted in accordance with Danish law and the terms and conditions of the Offer will be set out in an offer document, which will be published by the Offeror upon approval by the Danish Financial Supervisory Authority no later than four weeks from the date of this announcement. The Offer is expected to be made in the United States in compliance with Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the U.S. Securities Exchange Act of 1934, as amended (the 'Exchange Act'), subject to the 'Tier II' exemptions provided by Rule 14d-1(d) under the Exchange Act and otherwise in accordance with the requirements of Danish law. Once the offer document is published, all shareholders in Bavarian Nordic (except shareholders who are resident in certain restricted jurisdictions) will have the possibility to tender their Bavarian Nordic shares to the Offeror. The offer period is expected to expire six weeks from publication of the offer document but can be extended, including in order to satisfy the regulatory conditions. After expiry of the offer period (as may be extended), the Offeror will publish the preliminary results of the Offer, and no later than three business days thereafter, the final result of the Offer. The Offeror expects completion of the Offer, including payment to the tendering shareholders, to occur in Q4 2025. Advisors Citi and Nordea are acting as financial advisors to Bavarian Nordic. Kromann Reumert is acting as lead legal advisor to Bavarian Nordic on the transaction. Contact investors: Europe: Rolf Sass Sørensen, Vice President Investor Relations, [email protected], Tel: +45 61 77 47 43 US: Graham Morrell, Gilmartin Group, [email protected], Tel: +1 781 686 9600 Contact media: Nicole Seroff, Vice President Corporate Communications, [email protected], Tel: +45 53 88 06 03 Company Announcement no. 21 / 2025 Attachments: Section 4 announcement from Offeror. About Bavarian Nordic Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit About the Offeror, Nordic Capital and Permira The Offeror is a newly established company founded on 17 July 2025 under the laws of Denmark. Other than the activities associated with the Offer, the Offeror has not had any activities since its incorporation. Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Key regions are Northern Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 28 billion in 150 investments and its team of 250 professionals operates from 10 offices including local sector investment advisory teams in Denmark, Sweden, Germany, Norway, Finland, the UK and the US . Healthcare has been one of Nordic Capital's key focus sectors since its establishment in 1989. In total, Nordic Capital has invested in 43 Healthcare platform companies and has deployed EUR 10.4 billion of equity capital across its focus sub-sectors Pharma, Healthtech, Medtech & Life Sciences and Healthcare Services. Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €80bn. The Permira private equity funds make both long-term majority (Buyout) and minority (Growth Equity) investments in four key sectors: Healthcare, Technology, Consumer, and Services. The Permira funds have an extensive track record in healthcare investing, having deployed over €5 billion in 20+ companies to scale some of the most innovative healthcare businesses globally across specialty pharma, medical devices, healthcare outsourcing platforms and healthcare technology. Permira employs over 500 people in 17 offices across Europe, the United States and Asia. DISCLAIMERS The following announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities and is neither a tender offer document nor a prospectus for the purposes of EU regulation 2017/1129, and as such does not constitute or form part of an offer or invitation to make a sales offer in any jurisdiction. The Offer has not yet commenced. If and when the Offer is commenced, the terms and conditions of the Offer will be set forth in an offer document and related materials, which will be made available to eligible shareholders in accordance with applicable law. This announcement is not directed at shareholders of Bavarian Nordic resident in any jurisdiction in which the submission of the Offer, or acceptance thereof, or this announcement would contravene the law of such jurisdiction. Accordingly, neither this announcement nor any other material regarding the Offer may be distributed in any jurisdiction outside of Denmark or United States, if such distribution would require any registration, qualification, or other requirement in respect of any offer to purchase or sell securities or distribute documents or advertisements in respect thereof. Any person acquiring possession of this announcement or any other document referring to the Offer is expected and assumed to obtain on his or her own accord any necessary information on any applicable restrictions and to comply with such restrictions. This announcement does not constitute an offer or invitation to purchase any securities in Bavarian Nordic or a solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer will be made solely by means of an offer document approved by the Danish Financial Supervisory Authority, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. Shareholders in Bavarian Nordic are advised to read the offer document and the related documents when published as they will contain important information. The Offer is subject to the laws of Denmark. The offer document will be, and this announcement has been, drawn up in the Danish and English languages. In the event of any discrepancy between the two language versions of this announcement, the Danish language version will prevail. The Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material aspects from those applicable in the United States. For shareholders residing or precedent in the United States, please see notice below. Forward looking statements This announcement may contain, in addition to historical information, forward-looking statements related to the proposed tender offer. When used in this announcement, the words 'aims,' 'anticipates,' 'assumes,' 'believes,' 'could,' 'estimates,' 'expects,' 'intends,' 'may,' 'plans,' 'should,' 'will,' 'would' and similar expressions as they relate to the Offeror and Bavarian Nordic or the Offer identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Such statements are based on the Offeror's and management's current expectations and are subject to a number of uncertainties and risks, which could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements included in this announcement are based on information available to Bavarian Nordic as of the date of this announcement, and except to the extent Bavarian Nordic may be required to update such information under any applicable securities laws, Bavarian Nordic assumes no obligation to update such forward-looking statements. Restricted jurisdictions The Offer will not be made, and the Bavarian Nordic shares will not be accepted by the Offeror for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction. Persons obtaining this announcement and/or into whose possession this announcement comes are required to take due note and observe all such restrictions and obtain any necessary authorizations, approvals or consents. Neither Bavarian Nordic nor any of its advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward this announcement to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction, before taking any action. The distribution of this announcement in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of this announcement should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction. Notice to shareholders in the United States The Offer, if and when commenced, will be subject to the laws of Denmark. The Offer will relate to the securities of a Danish company and will be subject to the disclosure requirements applicable under Danish law, which may be different in material respects from those applicable in the United States. The Offer, if made, will be made in the United States in compliance with Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), and otherwise in accordance with the requirements of Danish law. The Offer will not be subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Offer will be subject to disclosure and procedural requirements that may be different from those applicable to U.S. domestic tender offers, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered), and waivers of conditions. In addition, any financial information included in the Offer documents may not have been prepared in accordance with generally accepted accounting principles in the United States and thus may not be comparable to financial information relating to U.S. companies. Shareholders whose place of residence, seat, or habitual residence is in the United States ('U.S. Shareholders') are encouraged to consult with their own advisors regarding the Offer. If and when commenced, the Offer will be made to U.S. Shareholders on the same terms and conditions as those made to all other shareholders to whom the Offer is made. Any information documents, including the offer to purchase, will be disseminated to U.S. Shareholders on a basis reasonably comparable to the method that such documents are provided to other shareholders. It may be difficult for U.S. Shareholders to enforce certain rights and claims they may have arising in connection with the Offer under U.S. securities laws, since the Offeror and Bavarian Nordic are located in non-U.S. jurisdictions, and some or all of their respective officers and directors are residents of non-U.S. jurisdictions. U.S. Shareholders may not be able to sue the Offeror or Bavarian Nordic and/or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may not be possible to compel the Offeror or their respective affiliates, as applicable, to subject themselves to the judgment of a U.S. court. The receipt of cash pursuant to the Offer by a U.S. Shareholder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each U.S. Shareholder is urged to consult its independent professional advisor immediately regarding the tax consequences to such U.S. Shareholder of accepting the Offer. In accordance with customary Danish practice and to the extent permitted by applicable Law, including Rule 14e-5(b) of the Exchange Act, the Offeror or any affiliates or nominees or brokers of the foregoing (acting as agents or in a similar capacity), may from time to time make certain purchases of, or arrangements to purchase, shares (or any securities that are convertible into, exchangeable for or exercisable for such shares) outside of the U.S., other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. If, prior to Completion, the Offeror or any affiliates or any nominee or broker of the foregoing acquires Shares at a higher price than the Offer Price, the Offeror will increase the offer price correspondingly as required by applicable law. In addition, affiliates of the financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Bavarian Nordic, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with applicable law and regulation. Any information about such purchases will be announced through Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law or regulation. Neither the U.S. Securities and Exchange Commission nor any securities commission or other regulatory authority in any state of the United States has approved or declined to approve the Offer or any offer documents, passed upon the fairness or merits of the Offer, or provided an opinion as to the accuracy or completeness of this announcement or any other documents regarding the Offer. Any declaration to the contrary constitutes a criminal offense in the United States. This announcement is not intended for distribution in any jurisdiction where such distribution would violate applicable law or regulation. The Offer will be made only through the official offer documents and only to such persons and in such jurisdictions as permitted under applicable law. No recommendation is made as to whether holders of securities should tender their securities in connection with the Offer. Holders of securities should consult their own financial, legal, and tax advisors before making any decision regarding the Offer. 1 'Nordic Capital Fund XI' refers to Nordic Capital Epsilon SCA, SICAV-RAIF (acting through its general partner Nordic Capital Epsilon GP SARL) for and on behalf of its compartment Nordic Capital Epsilon SCA, SICAV-RAIF - Compartment 2. 'Nordic Capital' refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital's entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as 'Nordic Capital Advisors'. 2 Maria Montserrat Montaner Picart (the Conflicted Director), who is affiliated with Nordic Capital, has not taken part in the Board of Directors' deliberations and otherwise Bavarian Nordic's handling of the transactions contemplated by the announcement agreement and the Offer, including the negotiations leading to the entering into of the announcement agreement. Accordingly, any reference to Bavarian Nordic's Board of Directors in this announcement shall, unless otherwise so specifically stated, be understood to exclude the Conflicted Director. Attachments

MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology
MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology

Associated Press

time29 minutes ago

  • Associated Press

MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology

LYON, France--(BUSINESS WIRE)--Jul 28, 2025-- Regulatory News: MaaT Pharma(EURONEXT: MAAT – the 'Company'), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies™ (MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announced that it has secured a €37.5 million, 4-tranche financing from the European Investment Bank (EIB). The financing will support the advancement of its late-stage hemato-oncology clinical programs including the lead-asset Xervyteg ®, recently partnered with Clinigen in Europe, and currently under regulatory review by the European Medicines Agency (EMA) for the treatment of acute Graft-versus-Host Disease (aGvHD) and the second drug candidate, MaaT033, currently being evaluated in a Phase 2b randomized controlled trial in improving survival for patients receiving allogeneic stem cell transplants. With robust cGMP manufacturing, proprietary therapies, and a development platform, MaaT Pharma is a global leader in microbiome-based oncology, pioneering full-ecosystem therapies to improve survival in oncology. Since completing enrollment in the ARES trial for Xervyteg ® (MaaT013) in October 2024, MaaT Pharma has steadily advanced its roadmap, reporting topline results in January 2025, submitting the Marketing Authorization Application with the European Medicines Agency in June 2025, and signing an exclusive agreement for marketing and distribution in Europe with Clinigen in July 2025. The €37.5 million financing from the EIB follows a rigorous due diligence process by the EIB and further confirms MaaT Pharma's innovation, strategic vision and operational maturity. This funding is part of a global financial strategy to support the Company's development that combines various non-dilutive and dilutive sources to best preserve shareholder value. Eric Soyer, Chief Financial Officer, MaaT Pharma, said: 'We are grateful for the confidence shown in MaaT Pharma and the support from the EIB, which is a further foundation towards the next phase of MaaT Pharma's growth on bringing the potential first microbiome-based therapy to market in Europe. Each operational and financing step strengthens our track record. Following the regulatory submission to the EMA for Xervyteg ® (MaaT013) and our recent partnership with Clinigen for its commercialization, the EIB financing represents another step in reinforcing the Company's financial position. As previously announced, MaaT Pharma intends to fund its plans and development programs while preserving shareholder value in the best manner possible with a mix of non-dilutive and dilutive financial sources, and the recent announcements of both partnership financing with the Clinigen agreement and debt financing with the EIB agreement, are benchmarks to reflect that strategy.' Summary of the main terms and conditions of the Loan and Warrants The loan would be available in four (4) tranches, respectively of €3.5 million for Tranche A, €6.0 million for Tranche B, €8.0 million for Tranche C, and €20.0 million for Tranche D, each tranche with Warrants attached. Disbursement of Tranches 2 to 4 are subject to operational and financing conditions. All Tranches are redeemable after a grace period of 4 years from the date of drawing, with reimbursement over a period of 2 years (Tranche A, B and C, i.e. a maturity of 6 years) to 4 years (Tranche D, i.e. a maturity of 8 years). Each tranche will bear interests at 7%, it being provided that some interests will be deferred and paid at maturity and for Tranche C and Tranche D part of the interest will be paid quarterly. MaaT Pharma will issue warrants to the benefit of EIB at the time of (and subject to) disbursement of each tranche in a number depending, for each relevant tranche, on the amount of the relevant tranche and the average price per share paid by investors in the context of equity injection made prior to disbursement of the relevant tranche (except for tranche A where the average price per share over the last trading days preceding the date of execution of the financing agreement). Each warrant will give right to subscribe to one share at a price per warrant equal to 99% of the average price over a period of 5 trading days preceding the issuance of each Warrant. The Warrants may be exercised at any time following maturity of Tranche A. The Warrants will have a 20-year term. EIB and MaaT Pharma have also agreed on (i) a put option to the benefit of EIB under which MaaT Pharma undertook to acquire from EIB all or part of the Warrants upon occurrence of certain events and (ii) a call option to the benefit of MaaT Pharma under which EIB undertook to sell all its Warrants, upon occurrence of a public tender offer over the securities issued by MaaT Pharma. The Warrants are not transferable, except to affiliates of EIB or except in case of occurrence of certain events (including maturity date of Tranche D). In case of transfer of Warrants to third party, MaaT Pharma shall benefit from a preemptive right to acquire the Warrants first. MaaT Pharma was assisted in this transaction by Mr. Eric Briole and by Van Lanschot Kempen as Financial Advisors and McDermott Will & Emery as Legal Advisor. About EIB The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU's long-term financing institution. Across eight major priorities, we support investments in climate action and the environment, digital transition and technological innovation, security and defense, cohesion, agriculture and the bioeconomy, social infrastructure, capital markets union, and a stronger Europe in a more peaceful and prosperous world. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 projects in Europe and worldwide. In France, the EIB Group signed over a hundred operations in 2024 for a total amount of €12.6 billion. Nearly 60% of the EIB Group's annual financing supports projects contributing to climate change mitigation and adaptation, as well as the creation of a healthier environment. About MaaT Pharma MaaT Pharma is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, MaaT Pharma is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, MaaT Pharma develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. MaaT Pharma has been listed on Euronext Paris (ticker: MAAT) since 2021. Forward-looking Statements All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as 'target,' 'believe,' 'expect,' 'aim', 'intend,' 'may,' 'anticipate,' 'estimate,' 'plan,' 'project,' 'will,' 'can have,' 'likely,' 'should,' 'would,' 'could' and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements. View source version on CONTACT: EIB Andrea Morawski,[email protected], mobile: +352 691 284 349 Website: Press Office:[email protected] Pharma – Investor Relations Guilhaume DEBROAS, Ph.D. Head of Investor Relations +33 6 16 48 92 50 [email protected] Pharma – Media Relations Pauline RICHAUD Senior PR & Corporate Communications Manager +33 6 14 06 45 92 [email protected] Agency – U.S. Media Relations Heather Shea Media relations for MaaT Pharma +1 617-286-2013 [email protected] KEYWORD: FRANCE EUROPE INDUSTRY KEYWORD: ONCOLOGY HEALTH STEM CELLS CLINICAL TRIALS PHARMACEUTICAL CARDIOLOGY BIOTECHNOLOGY SOURCE: MaaT Pharma Copyright Business Wire 2025. PUB: 07/28/2025 01:30 AM/DISC: 07/28/2025 01:30 AM

MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology
MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology

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MaaT Pharma Secures €37.5 Million Loan From European Investment Bank (EIB) Marking a New Step in Advancing its Clinical Program in Hemato-Oncology

Tranche-based financing to support clinical development for the Company's late-stage assets in hemato-oncology including Xervyteg® currently under review for potential approval by the EMA and MaaT033 currently in Phase 2b clinical evaluation Funding is part of the European Investment Bank (EIB)'s strategy to support biotech companies with cutting-edge expertise in therapeutic areas such as hemato-oncology Structured Debt financing from the EIB is another stepping stone in MaaT Pharma's multi-sourcing financing strategy LYON, France, July 28, 2025--(BUSINESS WIRE)--Regulatory News: MaaT Pharma (EURONEXT: MAAT – the "Company"), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies™ (MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announced that it has secured a €37.5 million, 4-tranche financing from the European Investment Bank (EIB). The financing will support the advancement of its late-stage hemato-oncology clinical programs including the lead-asset Xervyteg®, recently partnered with Clinigen in Europe, and currently under regulatory review by the European Medicines Agency (EMA) for the treatment of acute Graft-versus-Host Disease (aGvHD) and the second drug candidate, MaaT033, currently being evaluated in a Phase 2b randomized controlled trial in improving survival for patients receiving allogeneic stem cell transplants. With robust cGMP manufacturing, proprietary therapies, and a development platform, MaaT Pharma is a global leader in microbiome-based oncology, pioneering full-ecosystem therapies to improve survival in oncology. Since completing enrollment in the ARES trial for Xervyteg® (MaaT013) in October 2024, MaaT Pharma has steadily advanced its roadmap, reporting topline results in January 2025, submitting the Marketing Authorization Application with the European Medicines Agency in June 2025, and signing an exclusive agreement for marketing and distribution in Europe with Clinigen in July 2025. The €37.5 million financing from the EIB follows a rigorous due diligence process by the EIB and further confirms MaaT Pharma's innovation, strategic vision and operational maturity. This funding is part of a global financial strategy to support the Company's development that combines various non-dilutive and dilutive sources to best preserve shareholder value. Eric Soyer, Chief Financial Officer, MaaT Pharma, said: "We are grateful for the confidence shown in MaaT Pharma and the support from the EIB, which is a further foundation towards the next phase of MaaT Pharma's growth on bringing the potential first microbiome-based therapy to market in Europe. Each operational and financing step strengthens our track record. Following the regulatory submission to the EMA for Xervyteg®(MaaT013) and our recent partnership with Clinigen for its commercialization, the EIB financing represents another step in reinforcing the Company's financial position. As previously announced, MaaT Pharma intends to fund its plans and development programs while preserving shareholder value in the best manner possible with a mix of non-dilutive and dilutive financial sources, and the recent announcements of both partnership financing with the Clinigen agreement and debt financing with the EIB agreement, are benchmarks to reflect that strategy." Summary of the main terms and conditions of the Loan and Warrants The loan would be available in four (4) tranches, respectively of €3.5 million for Tranche A, €6.0 million for Tranche B, €8.0 million for Tranche C, and €20.0 million for Tranche D, each tranche with Warrants attached. Disbursement of Tranches 2 to 4 are subject to operational and financing conditions. All Tranches are redeemable after a grace period of 4 years from the date of drawing, with reimbursement over a period of 2 years (Tranche A, B and C, i.e. a maturity of 6 years) to 4 years (Tranche D, i.e. a maturity of 8 years). Each tranche will bear interests at 7%, it being provided that some interests will be deferred and paid at maturity and for Tranche C and Tranche D part of the interest will be paid quarterly. MaaT Pharma will issue warrants to the benefit of EIB at the time of (and subject to) disbursement of each tranche in a number depending, for each relevant tranche, on the amount of the relevant tranche and the average price per share paid by investors in the context of equity injection made prior to disbursement of the relevant tranche (except for tranche A where the average price per share over the last trading days preceding the date of execution of the financing agreement). Each warrant will give right to subscribe to one share at a price per warrant equal to 99% of the average price over a period of 5 trading days preceding the issuance of each Warrant. The Warrants may be exercised at any time following maturity of Tranche A. The Warrants will have a 20-year term. EIB and MaaT Pharma have also agreed on (i) a put option to the benefit of EIB under which MaaT Pharma undertook to acquire from EIB all or part of the Warrants upon occurrence of certain events and (ii) a call option to the benefit of MaaT Pharma under which EIB undertook to sell all its Warrants, upon occurrence of a public tender offer over the securities issued by MaaT Pharma. The Warrants are not transferable, except to affiliates of EIB or except in case of occurrence of certain events (including maturity date of Tranche D). In case of transfer of Warrants to third party, MaaT Pharma shall benefit from a preemptive right to acquire the Warrants first. MaaT Pharma was assisted in this transaction by Mr. Eric Briole and by Van Lanschot Kempen as Financial Advisors and McDermott Will & Emery as Legal Advisor. About EIB The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU's long-term financing institution. Across eight major priorities, we support investments in climate action and the environment, digital transition and technological innovation, security and defense, cohesion, agriculture and the bioeconomy, social infrastructure, capital markets union, and a stronger Europe in a more peaceful and prosperous world. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 projects in Europe and worldwide. In France, the EIB Group signed over a hundred operations in 2024 for a total amount of €12.6 billion. Nearly 60% of the EIB Group's annual financing supports projects contributing to climate change mitigation and adaptation, as well as the creation of a healthier environment. About MaaT Pharma MaaT Pharma is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, MaaT Pharma is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, MaaT Pharma develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. MaaT Pharma has been listed on Euronext Paris (ticker: MAAT) since 2021. Forward-looking Statements All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "target," "believe," "expect," "aim", "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements. View source version on Contacts EIB Andrea Morawski, mobile: +352 691 284 349Website: – Press Office: press@ MaaT Pharma – Investor Relations Guilhaume DEBROAS, of Investor Relations+33 6 16 48 92 50invest@ MaaT Pharma – Media Relations Pauline RICHAUDSenior PR & Corporate Communications Manager+33 6 14 06 45 92media@ Catalytic Agency – U.S. Media Relations Heather SheaMedia relations for MaaT Pharma+1

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