curasan and Riemser Pharma agree on long-term financing covenant

  • Remaining tranche from reacquisition of dental business stretched until 2019
  • Quarterly payments adjusted to future revenue growth
  • Interest rate of 2.9 percent provides sufficient financial leeway

Kleinostheim, 20.10.2015 – curasan AG (ISIN DE0005494538), a leading specialist for medical products in the field of bone and tissue regeneration, and Riemser Pharma GmbH have agreed on a long-term financing covenant regarding the final payment of 2.4 million Euros from the reacquisition of the dental regeneration business from Riemser.

Accordingly curasan will retroactively repay the debt outstanding from end of September 2015 onwards on a quarterly basis. The amount of the agreed payments have deliberately been linked to the expected revenue growth of curasan. It will increase from initial 125.000 Euros, through 150.000 Euros as of 2017, to 200.000 Euros as of 2018.

“The financial future of curasan is now clarified long-term in regard to our debt outstanding as well”, Michael Schlenk, CEO of curasan, explains. “These manageable payments in combination with the stipulated interest rate of 2.9 percent will give us enough scope, to flexibly manage our future growth.” After two capital increases and a settlement payment of 4.5 million Euros curasan now maintains sufficient liquidity to align the company towards operating break-even on a monthly basis by the end of 2016. After the now concluded agreement the company is furthermore planned to be free of remaining debt as of mid 2019.