(BFM Bourse) – The biotechnology company specializing in the fight against autoimmune diseases has repaid all of the liabilities that had been stopped in this recovery plan. In response, the action jumped on Euronext Growth.
Néovacs continues its resurrection and the market appreciates. The biotechnology company specializing in the fight against autoimmune diseases announced on Monday that it had repaid all of the liabilities that had been stopped from its recovery plan in May 2020.
As a reminder, the financial restructuring carried out by the group two years ago enabled it to clear the vast majority of its debts. His liabilities of a total of 20.4 million euros had been reduced to almost 3.3 million euros. It is this last amount that the biotech has repaid in advance, eight years ahead of the schedule set by the Paris Commercial Court.
Listed on Euronext Growth since 2010, Néovacs had experienced significant difficulties which had led it to a placement in receivership at the end of 2019. The arrival of a new shareholder, namely the fund specializing in restructuring companies HBR Investment Group , allowed him to get out of this procedure and thus reduce his debt to his creditors.
“A page that turns”
By reimbursing this remainder of approximately 3.3 million euros in liabilities, Neovacs is completing its recovery plan. “This is a page that is turning for our company. We are leaving behind us the mistakes of the past which had led the company to declare itself in cessation of payments and to consider a pure and simple liquidation”, rejoiced Hugo Brugière. , the CEO of Neovacs, quoted in a press release.
On the Paris Stock Exchange, the Neovacs share soared, gaining nearly 20% to 0.1399 euros around 10:45 a.m. on Euronext Growth.
Neovacs can now focus entirely on its priorities, which include relaunching research programs around its Kinoid technology platform. This technology enables the immune system to generate natural polyclonal antibodies that can act against the overproduction of cytokines responsible autoimmune disease. Neovacs is thus working on clinical trials evaluating potential vaccines in the treatment of lupus or even asthma.
Biotech has also developed an investment activity in companies considered promising in the field of life sciences. As a recent example, Neovacs announced at the beginning of the month an investment project in the biopharmaceutical company Pharnext for a maximum amount of 20 million euros.
Pharnext, which develops new therapies for neurodegenerative diseases currently without a satisfactory therapeutic solution, took 6.3% on the Paris Bourse on Monday morning.
by Julien Marion
Jean-Louis Dell’Oro – ©2022 BFM Bourse
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