• Santhera secures approximately CHF 20 million of additional funding from existing investors Highbridge and R-Bridge to accelerate global rollout
• Demand for AGAMREE® (vamorolone) in US/China ahead of plan; increased inventory needs and launch timing shifts drive need for incremental growth capital

Santhera Pharmaceuticals announces new financing agreements with R-Bridge, an affiliate of CBC Group, and certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), respectively.

Financing update

As outlined in today’s results, Santhera continues to expand the global reach of AGAMREE® (vamorolone) for the treatment of Duchenne muscular dystrophy (DMD), with over 1000 patients treated worldwide. In China, partner Sperogenix Therapeutics Ltd. (“Sperogenix”) is seeing increased demand expectations in 2025 and 2026 following their launch into the private-pay market. In the United States, partner Catalyst Pharmaceuticals, Inc. (“Catalyst”) reported strong first-half 2025 performance with AGAMREE sales of USD 49.4 million, driven by accelerated physician adoption and sustained uptake. Demand across Europe continued to remain strong.

To meet this demand and support the acceleration of launches globally, particularly to bring forward its plans to increase inventory in China, Santhera has secured approximately CHF 20 million (subject to USD/CHF FX) in additional growth capital.

This CHF 20 million is comprised of USD 13 million from a royalty monetization with R-Bridge, on terms that preserve long-term value while providing near-term capital growth. In addition, Highbridge has strengthened its commitment with an additional CHF 10 million upsizing of its convertible bond, extending maturity and providing flexibility. Additional details are provided further down in the press release.

Dario Eklund, Chief Executive Officer of Santhera, said: “Demand for AGAMREE continues to exceed expectations across the US, Europe and China. With this additional funding, we can accelerate launches, build inventory, and pursue our trajectory towards cashflow break-even in 2026. We are pleased to continue our partnership with these high-quality investors as we enter the next stage of growth.”

Financing details:

R-Bridge royalty monetization (USD 13 million)

Santhera has secured a royalty monetization with existing investor R-Bridge. Pursuant to this transaction, R-Bridge will receive 25% of net royalties on AGAMREE from Catalyst (North America) and Sperogenix (China). Upon closing, R-Bridge will pay Santhera USD 13 million (net of certain fees).

This is in addition to an existing agreement under which R-Bridge is entitled to 75% of net royalties from these licenses. As with the prior arrangement, payments to R-Bridge are capped; once the agreed ceiling or duration is met, North American and Chinese royalties revert to Santhera. Santhera retains buy-back rights over the royalty stream.

Highbridge convertible bond extension (CHF 10 million)

Under the agreement, Highbridge will provide an additional CHF 10 million via a new convertible note. The instrument will also exchange, at parity, the existing CHF 7 million convertible bond that was previously scheduled to mature on 30 September 2025. The new convertible bond will have a three-year maturity, with a conversion price set at a 10% premium to the closing share price on the date of this announcement. In addition, the company will issue Highbridge approximately 110,000 shares as consideration for Highbridge agreeing to increased flexibility in relation to the CHF 35 million four-year term loan signed in August 2024.