- $6 million PIPE financing with potential for over $7 million of additional capital via cash-exercise warrants -
- Daewoong has entered binding term sheet for exchange of $15 million of notes plus accrued interest into equity, $1.5 million new note due 2030 and 8 million cash-exercise warrants totaling over $8M of potential proceeds -
- Transactions expected to support uninterrupted advancement of AEON's ABP-450 biosimilar program following positive analytical data submitted to FDA,
IRVINE, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- AEON Biopharma, Inc. ("AEON" or the "Company") (NYSE:AEON), a biopharmaceutical company seeking accelerated and full-label U.S. market entry by developing ABP-450 (prabotulinumtoxinA) as a BOTOX® (onabotulinumtoxinA) biosimilar, today announced two complementary transactions totaling up to ~$22 million in potential proceeds that will collectively transform the Company's balance sheet, eliminate nearly all outstanding debt, and provide capital to accelerate program execution ahead of AEON's upcoming FDA Type 2a meeting.
"Together, these two transactions mark a turning point for AEON, enabling the elimination of nearly all outstanding debt, strengthening our balance sheet, and accelerating our ABP-450 biosimilar program," said Rob Bancroft, President & Chief Executive Officer of AEON. "The continued commitment of our investors and Daewoong, our strategic partner, has been instrumental in driving today's change. With positive analytical data now submitted to the FDA and in anticipation of alignment with the FDA coming from our scheduled Type 2a meeting, AEON enters the next phase of its biosimilar development with strong alignment and a clear path toward value creation. The proceeds from today's PIPE financing, excluding any potential warrant exercise, extends our cash runway into the second quarter of 2026, and through the receipt of the FDA Type 2a meeting minutes."
$6 Million PIPE Financing with Potential to Raise Over $7 Million in Additional Capital
AEON entered into a securities purchase agreement for a private placement ("PIPE") with two existing investors providing for: (i) the sale of 6,581,829 shares of the Company's Class A common stock (or pre-funded warrants in lieu of shares) at a price per share of $0.9116, for total gross proceeds of $6 million; (ii) five-year warrants to purchase up to 6,581,829 shares of Class A common stock at an exercise price of $1.094 per share (the "PIPE Warrants"); and (iii) the investors' rights to receive anti-dilutive warrants following the exchange of the Daewoong notes, for a number of shares not to exceed 6,581,829 shares (the "anti-dilutive Warrants").
The first closing of the PIPE is expected to occur in November 2025, subject to the satisfaction of customary closing conditions, and result in $1.79 million in gross proceeds to AEON. The second closing of the PIPE will be subject to stockholder approval, the closing of the exchange of the Daewoong notes, and other customary closing conditions. The PIPE Warrants and anti-dilutive Warrants will be issued only at the second closing.
Proceeds from the financing will enable uninterrupted execution of AEON's analytical program and are expected to accelerate biosimilar development by up to six months.
Daewoong Convertible Note Exchange
AEON and Daewoong Pharmaceutical ("Daewoong") have entered into a binding term sheet contemplating the exchange (the "Exchange") of $15 million of existing convertible note principal plus accrued interest for an estimated 23,103,694 shares of AEON common stock (or pre-funded warrants in lieu of shares), a $1.5 million ...
