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Neovacs plans to invest in Pharnext to fund the pivotal phase III study of PXT3003 in Charcot’s disease











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(Boursier.com) — Neovacs 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 without satisfactory therapeutic solution.
The contemplated financing 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 in the fourth quarter of 2023.

Néovacs 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 stock warrants that can ultimately give access to around 1/3 of the capital of the company. Pharnext company. A first immediate payment of 2.5 ME could be put in place as soon as the agreement is signed. This new financing would replace the fixed-rate loan for an amount of €12 million 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, the temporary suspension for a period of at least 3 months while studying with the company the best possible options.

5th strategic investment by Neovacs

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 transaction is Néovacs’ 4th 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…


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