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Worries about default at Idorsia: Hope turns into a flop
Find out everything about Idorsia's uncertain future and the Swiss biotech company's financial challenges. Is there a threat of payment default? What about the convertible bond? Find out here! #Idorsia #Biotech #Switzerland
Worries about default at Idorsia: Hope turns into a flop
The Swiss biotech company Idorsia once again struggled with financial challenges in the first quarter of the current year. With sales of just 10 million francs, which resulted entirely from the sale of the sleeping pill Quiviq, and an operating loss of 85 million francs, the company is facing difficult times.
Of particular concern is the upcoming maturity of a convertible bond worth 200 million francs in July this year. Idorsia has determined that the currently available financing is not sufficient to repay this bond. The company is currently negotiating with creditors to achieve more flexible repayment terms. A planned bondholders' meeting was postponed due to ongoing discussions.
Despite these financial difficulties, Idorsia is hoping for possible EU approval for the blood pressure lowering drug Jeraygo, which would potentially enable use in 130 million people worldwide. This approval could open up new revenue opportunities and provide the company with much-needed prospects.
Analysts are skeptical about the situation, highlighting the high operating costs and financial challenges Idorsia faces. The Idorsia share is still in a downward spiral, having already lost significant value in the previous year. The coming months will show whether the company is able to stabilize its financial situation or whether serious measures need to be taken to ensure Idorsia's survival.