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Financial structure

Bone Therapeutics strengthens its financial structure with

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Disbursement offer for the first tranche of € 8.0 million, payment of which is expected in September.

Issue of warrants to the EIB and Patronale Life.

Renegotiation of the loan with Patronale Vie.

Gosselies, Belgium, August 27, 2021, at 9 a.m.: 00 h CESTBONE THERAPEUTICS (Euronext Brussels and Paris: BOTHE), a biotechnology company focused on the development of innovative cell therapies addressing unmet medical needs in orthopedics and other diseases, today announced that it has received a disbursement offer from the European Investment Bank (EIB) for the first tranche of € 8.0 million of the € 16.0 million financing contract signed in July 2021. The first tranche of € 8.0 million will be released at the beginning of September 2021.

The receipt of the EIB’s disbursement offer for this first tranche follows the approval of the associated warrants issued by the Extraordinary General Meeting (“Extraordinary general meeting”) Of Bone Therapeutics which took place on August 23, 2021. It resulted in the issue of 800,000 warrants for the benefit of the EIB.

As part of this agreement, Bone Therapeutics also announces the renegotiation of the 800 convertible bonds issued on May 7, 2020 (for an amount of 2 million euros) to Patronale Life in a loan subject to the same repayment conditions as the agreement with the BEI, and the issue of 200,000 additional warrants subscribed unconditionally by Patronale Vie under the terms and conditions decided by the Extraordinary General Meeting. The 800 convertible bonds held by Patronale Life will be canceled as soon as the first tranche of € 8.0 million has been paid by the EIB. The 800 convertible bonds issued on May 7, 2020 into Intégrale remain unchanged.

Each warrant will give its holder the right to subscribe to one Bone Therapeutics share with an exercise price of € 2.52. The warrants will be exercisable from the date of repayment of the tranche concerned.

“We are very happy to receive the first tranche of our financing agreement with the European Investment Bank. Aligning the repayment conditions of the convertible bonds issued in 2020 with the terms of this financing agreement is an additional asset to strengthen our cash flow, ” said Jean-Luc Vandebroek, CFO of Bone Therapeutics. “This support gives us increased financial visibility to pursue our development. We sincerely thank the EIB and our shareholders, whose confidence has enabled us to take these decisive steps in our development. ”

The specific terms and conditions applicable to warrants associated with EIB loans are available in the minutes of the Extraordinary General Meeting of 23 August 2021, in the Investors section of the Bone Therapeutics website.

About the EIB

The European Investment Bank (EIB) is the European Union’s long-term lending institution, owned by its member states. It makes long-term funding available for sound investments in order to contribute to the political objectives of the EU.

About bone therapy

Bone Therapeutics is a leading biotechnology company focused on developing innovative products to meet significant unmet needs in orthopedics and other diseases. The Company has a, diverse portfolio of cell and biologic therapies at different stages ranging from preclinical immunomodulation programs to mid to late stage clinical development for orthopedic conditions, targeting markets with large unmet medical needs and limited innovation.

Bone Therapeutics develops a new generation viscosupplement, JTA-004, currently in phase III development for the treatment of pain in osteoarthritis of the knee. Made up of a unique combination of plasma proteins, hyaluronic acid – a natural component of the knee’s synovial fluid and a fast-acting pain reliever, JTA-004 aims to provide additional lubrication and protection to the cartilage of the joint. arthritis and relieve arthritis pain and inflammation. The positive Phase IIb efficacy results in patients with osteoarthritis of the knee showed a statistically significant improvement in pain relief compared to a viscosupplement.

Bone Therapeutics’ core technology is based on its advanced allogeneic cell therapy platform with differentiated mesenchymal stromal cells (MSCs) from the bone marrow that can be stored at the point of use in the hospital. Currently in preclinical development, BT-20, the newest product candidate for this technology, targets inflammatory conditions, while the lead investigational drug, ALLOB, represents a unique and proprietary approach to bone regeneration, which transforms stromal cells undifferentiated into healthy cells. donors in bone formation cells. These cells are produced through Bone Therapeutics’ evolutionary manufacturing process. Following the approval of CTA by regulatory authorities in Europe, the Company initiated patient recruitment for the Phase IIb clinical trial with ALLOB in patients with difficult tibial fractures, using its optimized production process. ALLOB continues to be evaluated for others orthopedic indications including spinal fusion, osteotomy, maxillofacial and dental.

Bone Therapeutics cell therapy products are manufactured to the highest GMP (Good Manufacturing Practices) standards and are protected by a broad portfolio of IP (Intellectual Property) covering ten patent families as well as know-how. The Company is based in the BioParc in Gosselies, Belgium. More information is available at

For more information, please contact:

Bone Therapeutics SA
Miguel Forte, MD, PhD, President and CEO
Jean-Luc Vandebroek, Chief Financial Officer
Phone: +32 (0) 71 12 10 00
investor [email protected]

For media inquiries and Belgian investors:
Catherine haquenne
Phone: +32 (0) 497 75 63 56
[email protected]

International media inquiries:
Communications picture box
Neil Hunter / Michelle Boxall
Phone: +44 (0) 20 8943 4685
[email protected] / [email protected]

For French media and investor inquiries:
NewCap Investor Relations & Financial Communication
Pierre Laurent, Louis-Victor Delouvrier and Arthur Rouillé
Phone: +33 (0) 1 44 71 94 94
[email protected]

Certain statements, beliefs and opinions contained in this press release are forward-looking and reflect the Company or, where applicable, the current expectations and projections of the directors of the Company regarding future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by forward-looking statements. These risks, uncertainties and assumptions could have an unfavorable impact on the results and financial effects of the plans and events described herein. A multitude of factors, including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ materially from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly, the Company expressly disclaims any obligation or commitment to publish any update or revision to any forward-looking statement contained in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company, nor its advisers or representatives, nor any of its subsidiaries or its officers or employees guarantees that the assumptions underlying these forward-looking statements are free from errors and accepts no responsibility as to the future accuracy of the statements. forward-looking statements. statements contained in this press release or the actual occurrence of anticipated developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

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The strange case of the bankruptcy of Jet Airways: an analysis of the financial structure

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The bizarre case of Jet Airways bankruptcy: an analysis of the financial structure – Journal of Operational Risk

  • The overall risk to which companies are exposed in the market inevitably affects the financial structure.
  • The Altman Z-score and the Piotroski F-score are useful tools for predicting potential bankruptcy, and the Beneish M-score for predicting potential manipulation of profits as financial malpractice.
  • The case under investigation is the bankruptcy of Jet Airways.
  • The evidence that emerged from the analysis showed that there was no financial malfeasance, but problems with the connection between the business model and the financial model underlying the bankruptcy of Jet Airways.

The global aviation industry has changed very rapidly in recent years, mainly due to changing technology and business models. These changes have also impacted the industry in India, forcing Indian airlines to face new and unpredictable challenges, not always successfully. The bankruptcy of Jet Airways is a relevant but still “unsolved” example in this regard. We study the financial structure of the company, with the aim of understanding whether financial turmoil for an airline can be a precedent for predicting the risk of bankruptcy. A combined assessment using the Altman Z-score, Piotroski F-score and Beneish M-score emphasizes that financial instability functions as a predictor of bankruptcy (for Z– and F-scores) in the analyzed case, while excluding (through the M-score) the potential manipulation of profits as financial malpractice.

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How the financial structure of American men’s football limits it- Marketplace

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Some 40 or 50 kids, ages 7 to 19, work on their passing skills on a soccer field northeast of Austin, Texas. The practice is run by Upper Ninety, a youth development program. But what sets Upper Ninety apart from other football programs is that it’s free.

This is a good thing for Samuel Osezua, 18, who left Nigeria about a year ago.

“Programs like this have helped me get set up faster because because it’s free, it’s appealing to everyone,” he said.

In the United States, elite competitive club football tends to be expensive. Dues from a team affiliated with the official United States football organization – as opposed to a recreational league or school team – can cost $ 5,000 per year. Not to mention the travel costs. These could also support a family’s thousands of dollars over the course of a season.

Upper Ninety founder Kaitlin Swarts grew up in Austin and played club football most of her life. She saw football getting more and more expensive and decided to do something about it.

“I’m really lucky to be born into a family that could afford it, but that’s just not the reality for most people,” Swarts said.

When the English Premier League kicks off this weekend, all eyes (at least many American eyes) will be on a 20-year-old phenomenon from Hershey, Pa. Named Christian Pulisic. He’s a little curious as there are only a handful of American men who play football in the elite world leagues.

The fact that football is often unaffordable tends to limit the potential of the US men’s team soccer. Youth clubs do not provide enough players for the national team, which was not even good enough to qualify for the World Cup in 2018. In the United States, the financial burden of developing young players from elite rests with parents.

“In Europe, there is an incentive for clubs to develop these players because once they grow up they can either contribute to the senior team or be sold for millions of dollars to a rival club,” said Tom Farrey, executive director of Sports. & Society Program at the Aspen Institute.

A leading German league team sent young American Pulisic to Chelsea late last year. Chelsea paid $ 73million to sign Pulisic.

If Pulisic were to come from Europe, the youth club he played in before turning pro in Germany would get a big 10% slice of that $ 73 million. This is called a solidarity payment and is not part of the process in the United States.

Tom Cove, president and CEO of the Sports & Fitness Industry Association, said for some American clubs the solidarity payment could mean a lot.

“With that kind of money you can sort of meet a lot of needs, really focusing on the elite and developing that better player, but also coming back into the community,” he said. “It’s a significant amount of money to reach a local club.”

The governing body here, US Soccer, has chosen to opt out of the system. One reason for this: American professional players fear that when a big club like Chelsea have to pay this solidarity tax, they will get less money.

Ultimately, that means PA Classics – Pulisic’s childhood development club – won’t receive a dime from his transfer. Steve Klein, director of PA Classics, declined an interview.

But what about the US Women, who just won another World Cup? Is the financial structure of American football also holding back women? Farrey at the Aspen Institute said not really.

“In a country of 330 million people, we have so many more girls playing football,” he said. “Our ability to put together a roster of 20 or 24 players is going to be pretty good, much easier than in a lot of other countries.”

Back in northeast Austin, Swarts of Upper Ninety isn’t too concerned about elite youth clubs getting money for their star players. His organization is not a club team and would not be eligible for these payments anyway. Its purpose is totally different.

“Football should be a community thing, and you shouldn’t need all the time and money to enjoy it,” she said.

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