(CercleFinance.com) – Neovacs, a biotechnology company specializing in therapeutic vaccines, announced Thursday that it would strengthen its ties with Pharnext in order to ensure the next stages of development of its partner company.
In order to cover Pharnext’s financial needs until the first results of the Phase III clinical study in Charcot-Marie-Tooth disease type 1A, expected at the end of 2023, Neovacs has committed to strengthening its financial support for the company up to two million additional euros per month by the end of the next financial year.
This extension is in addition to the financing agreement already concluded with Neovacs last October, for a net amount of 20.7 million euros, providing for the issue of several tranches of bonds accompanied by subscription warrants. actions.
At the end of this agreement, Néovacs could become a reference shareholder of Pharnext as of January 1, 2024.
Neovacs explains that this enhanced support is intended to enable Pharnext to embark on a calm search for a strategic industrial partner at a time when the company has reached a sufficient degree of maturity to enhance its assets and its commercial potential.
If the first results of the current study are positive, they will form the basis of a marketing authorization application file in the United States and Europe.
In order to mark Neovacs’ increased commitment, Pharnext’s board of directors has unanimously decided to appoint serial entrepreneur Hugo Brugière, already head of Neovacs, as CEO replacing Joshua Schafer, who will remain administrator.
The latter will also join a committee responsible for seeking a strategic industrial partner who could lead to a takeover of the company, preferably by a player in the pharmaceutical industry.
Following these announcements, Néovacs lost 28% on the Paris Stock Exchange on Thursday, while the Pharnext share was now moving around equilibrium after having taken up 68% in the first exchanges.