Brief: Pharnext Gets Extra Funding From Neovacs, Appoints Hugo Brugiere As Chairman And CEO

Neovacs SA

29/12/2022 06:46

Dec 29 (Reuters) - Pharnext  PHARN.PA :
    * ANNOUNCED ON WEDNESDAY NEOVACS HAS COMMITTED TO INCREASING
ITS
FINANCIAL SUPPORT UP TO ADDITIONAL €2 MILLION PER MONTH UNTIL
END 2023
    * INCREASE IN FUNDING COMMITMENT IN ORDER TO MEET PHARNEXT'S
FINANCIAL NEEDS THROUGH FIRST RESULTS OF PIVOTAL PHASE III
CLINICAL STUDY OF DRUG CANDIDATE PXT3003 AND TO COVER POTENTIAL
12-MONTH LIQUIDITY RISK
    * EXTENSION COMPLEMENTS FINANCING AGREEMENT SIGNED IN
OCTOBER 2022
WITH NEOVACS, FOR NET AMOUNT OF €20.7 MILLION
    * UNDER TERMS OF AGREEMENT, NÉOVACS COULD BECOME REFERENCE
SHAREHOLDER OF PHARNEXT AS OF JAN. 1, 2024
    * THIS CONTRIBUTION WILL BE MADE IN FORM OF CURRENT-ACCOUNT
CONTRIBUTION OF ASSOCIATES
    * PHARNEXT EXPECTS TO RE-ENGAGE FINANCING AGREEMENT WITH GTO
13
ONCE CONDITIONS PRECEDENT WOULD BE MET AGAIN
    * PHARNEXT AND GTO 13 HAVE INITIATED DISCUSSIONS WITH A VIEW
TO
AMICABLY TERMINATING THEIR PREVIOUS AGREEMENTS IN EVENT OF
SIGNATURE OF AGREEMENT WITH STRATEGIC INDUSTRIAL PARTNER
    * APPOINTMENT OF HUGO BRUGIÈRE AS CHAIRMAN AND CEO TO
REPLACE
JOSHUA SCHAFER, WHO REMAINS DIRECTOR OF COMPANY
    * CREATION OF AN AD HOC COMMITTEE DEDICATED TO SEARCH FOR
STRATEGIC INDUSTRIAL PARTNER TO DEVELOP THE COMPANY'S ASSETS AND
POTENTIAL

        
 Source text: https://bit.ly/3Q73hw7
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