Cereno Scientific, a biotech company listed on Nasdaq First North, has announced it has secured loan financing of at least SEK250 million to fund its clinical programs through 2026. The financing includes a cash loan of SEK175 million due in April 2026, provided in two tranches, and convertible loans of SEK75 million with Fenja Capital and Arena Investors.
The funding is earmarked to advance Cereno Scientific's lead candidate, CS1, through regulatory FDA approval for a Phase IIb trial or a pivotal Phase IIb/III trial in Pulmonary Arterial Hypertension (PAH). Additionally, it will support the completion of the CS014 Phase I trial and the progression of the Expanded Access Program (EAP) investigating the long-term clinical use of CS1 in PAH. The financing will also facilitate regulatory approval for a CS014 Phase II trial in Idiopathic Pulmonary Fibrosis (IPF).
"With this financial runway, we are well-positioned to reach critical development milestones," said Sten R Sörensen, CEO of Cereno Scientific.
CS1 in Pulmonary Arterial Hypertension
Pulmonary Arterial Hypertension (PAH) is a progressive and life-threatening disease characterized by high blood pressure in the pulmonary arteries, leading to heart failure. Current treatments offer symptomatic relief but do not address the underlying disease mechanisms. CS1, Cereno Scientific's lead candidate, is being developed to potentially modify the disease course.
CS014 in Idiopathic Pulmonary Fibrosis
Idiopathic Pulmonary Fibrosis (IPF) is a chronic and progressive lung disease characterized by scarring of the lung tissue, leading to shortness of breath and reduced lung function. There is a significant unmet need for effective therapies that can halt or reverse the progression of IPF. CS014 is being investigated as a potential treatment for IPF, with the aim of addressing this unmet need.
Loan Details and Allocation
Part of the first tranche of the loan will be used to repay an outstanding loan of approximately SEK91 million to Fenja. The second tranche of SEK50 million is conditional upon the company receiving FDA approval regarding CS1 for a Phase IIb study or a pivotal Phase III study, as well as fulfilling additional financial conditions.
