Paris, August 8, 2022 – 8 a.m. CET – Neovacs (Euronext Growth Paris: ALNEV) announces that it has entered into negotiations with the company Pharnext (Euronext Growth Paris: ALPHA) in order to support the biopharmaceutical company at an advanced clinical stage developing new therapies for neurodegenerative diseases with no satisfactory therapeutic solution.
The proposed funding would support Pharnext’s operations and cash flow needs, including the pivotal Phase III clinical study of PXT3003 in Charcot-Marie-Tooth disease type 1A (CMT1A). The first results of this study are expected to be announced during the fourth quarter of 2023.
Neovacs has proposed an investment in the form of loans that can be converted in whole or in part into Pharnext shares for a maximum amount of €20 million, along with share subscription warrants that can ultimately give access to approximately 1/3 of the capital of Pharnext company. A first immediate payment of €2.5 million could be put in place as soon as the agreement is signed. This new financing would replace the €12 million fixed-rate loan announced by Pharnext on June 8, 2022 and in addition to the ongoing OCEANE program for which Neovacs has requested, if the negotiations were to conclude positively. with Pharnext, temporary suspension for a period of at least 3 months while studying with the company the best possible options.
5
th
Neovacs strategic investment
Through this new investment project, Neovacs is accelerating its support strategy for promising French BioTech and MedTech companies. The company relies on its scientific expertise to select the most ambitious projects and contribute to their future success. This activity makes it possible to diversify the risk carried by Neovacs by investing in innovative but realistic projects. If approved, Neovacs will apply for a position on the Board of Directors of Pharnext.
This operation is the 4
th
Neovacs’ investment in BioTech companies, after Bio Detection K9, Signia Therapeutics and NETRI, and comes on top of the investment in the Medical Devices Venture, an investment vehicle in the MedTech universe.
Neovacs will communicate on the progress of the discussions.
ABOUT NEOVACS
Neovacs is a French biotechnology company, listed on Euronext Growth since 2010, specializing in therapeutic vaccines targeting the treatment of autoimmune diseases. Its innovative technology called Kinoid®, patented until 2038, makes it possible to induce a polyclonal immune response, applicable in several indications. Neovacs has developed IFNα Kinoid for the treatment of lupus in a phase IIb clinical study. The main study has been completed, the full results were presented on the 13
th
2019 international lupus congress. The Company has also completed promising preclinical work with another therapeutic vaccine, IL-4/IL-13 Kinoid, for the treatment of allergies. The ambition of this “Kinoid® approach” is to enable patients to better tolerate a lifelong treatment which would be more effective, well tolerated and very flexible in its administration.
For more information :
www.neovacs.fr
Jérôme FABREGUETTES-LEIB | Deborah SCHWARTZ |
This publication has the service “? Actusnews SECURITY MASTER”.
– SECURITY MASTER Key:
mZprk8iakmnImpxtlZtqb2pla2eXm2WdbWSXnJNwap7GcJxox21naZrKZnBmnmdp
– To check this key:
https://www.security-master-key.com.
Regulated information:
Inside information:
– Issuer operations (acquisitions, disposals, etc.)
Full and original press release in PDF format:
https://www.actusnews.com/news/75923-cp_neovacs_pharnext_vdef.pdf
© Copyright Actusnews Wire
Receive the company’s next press releases free of charge by email by subscribing to www.actusnews.com