PHARNEXT: Edison Investment Research publishes a research report on Pharnext – 05/22/2023 at 08:30


PARIS, France, May 22, 2023 at 8:30 a.m. (CET) – Pharnext SCA (FR001400GUN7 – ALPHA)

(the “Company”), a late-stage biopharmaceutical company developing novel therapies for neurodegenerative diseases with no satisfactory therapeutic solution, today announces the publication by the research and investment advisory firm

Edison Group

of an updated research report that values ​​the company’s main asset, PXT3003, at more than 200 million euros.

In this note, entitled ”

Improvement of the financial situation for the financial year 2023

and published in the wake of the 2022 annual results, the research office indicates:



Pharnext’s results for fiscal year 2022 cover an eventful period, marked by efforts to strengthen its financial position in order to achieve the first results of its Phase III asset, PXT3003. The 2022 financial year also saw Pharnext strengthen its links with Neovacs (following a strategic financing agreement of €20.7m in September 2022 and a commitment of €24m in January 2023), culminating with a modification of the articles of association (transformation into a partnership limited by shares, editor’s note) and the appointment of Hugo Brugière, CEO of Néovacs, at the head of the company. Operating costs for the 2022 financial year were higher than our estimates, in particular administrative costs (€7.4m compared to €5.2m according to our estimates), leading to an EBITDA loss of €27.2m €. The gross cash balance at the end of the 2022 financial year was €0.6m, which should be reinforced by the €4m available in 2023 under the initial agreement with Neovacs. We estimate that Pharnext will need to raise an additional €22m in FY23 (potentially through the facility granted by Neovacs in January). Our revised valuation is €213.9m (vs. €217m). Our valuation per share is readjusted to €309.60/share based on the number of shares outstanding after the consolidation at the rate of 1 in 10,000.”

The stock market valuation of Pharnext (as of May 19, 2023) is €0.4 million

[1]

for a final price of €0.652.

The full research note explains the basis for the assessment, along with the assumptions and risks. It is available on the Pharnext and Edison websites.

About Pharnext

Pharnext is a late-stage biopharmaceutical company developing novel therapies for neurodegenerative diseases that currently have no satisfactory therapeutic solution. Pharnext has a new drug candidate, PXT3003, in development for Charcot-Marie-Tooth disease type 1A (CMT1A), an inherited, rare and debilitating peripheral neuropathy. PXT3003 has orphan drug status in Europe and the United States. In 2018, PXT3003 completed a Phase III clinical study, the PLEO-CMT trial, with encouraging preliminary results. This trial was followed by an open-label extension study, the PLEO-CMT-FU trial, in which 120 patients are still currently continuing treatment with PXT3003. The long-term results suggest a sustained benefit, in terms of tolerance and efficacy, after a total clinical study period of 5 years. A pivotal international Phase III clinical study, the PREMIER trial, is ongoing, in which 387 patients with CMT1A have been enrolled. The first results of the PREMIER trial are expected in the fourth quarter of 2023. PXT3003 was discovered with the R&D approach of Pleotherapy™. Pharnext draws investors’ attention to the risk factors, particularly financial, detailed in its financial reports. More information on www.pharnext.com.

Pharnext is listed on the Euronext Growth market in Paris (ISIN code: FR001400GUN7).

contacts

Financial Press Relations


NEWS finance & communication

Deborah Schwartz

[email protected]

+33 (0)1 53 67 36 35

Investor Relations


NEWS finance & communication

Jerome Fabreguettes Leib

[email protected]

+33 (0)1 53 67 36 78


[1]

Based on capital made up of 690,973 shares


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Full and original press release in PDF format:

https://www.actusnews.com/news/80062-2023.05.22_edison_report_en.pdf

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