(Boursier.com) — Pharnext SCA, an advanced clinical stage biopharmaceutical company developing new therapies for neurodegenerative diseases without a satisfactory therapeutic solution, today announces that it is entering the home stretch with a view to signing a licensing agreement for PXT30031, its lead drug candidate. most advanced currently in a pivotal Phase III clinical study (PREMIER trial) in Charcot-Marie-Tooth disease type 1A (CMT1A), a rare debilitating peripheral neuropathy.
COMMITTING OFFERS BY EARLY OCTOBER
At the end of the first phase of the partner search process, initiated in spring 2023, several pharmaceutical laboratories have expressed their interest in signing a licensing agreement in order to obtain commercial rights to PXT3003 in certain geographic areas in submitting a non-binding offer (“non-binding offer”).
These very detailed offers, already including the financial terms indicative of a potential agreement (initial payment, royalties on sales, exclusivity, etc.) were formulated after a complete evaluation phase (“duediligence”) carried out on the documentation made available under confidentiality agreements.
On the basis of the non-binding offers accepted, Pharnext invited the candidates to submit a binding offer (“binding offer”).
The first offers are expected on September 29 at 6:00 p.m. Pharnext will then review the offers received and select one or more potential partners with the aim of signing the definitive agreement(s) and closing the contemplated transaction by the end of October.
AN OVERALL VALUATION POTENTIAL OF AROUND 400 ME
According to the terms of the non-binding offers received, the total value of the licensing agreements on the PXT3003 would reach – based on the offers received to date – nearly 400 ME. This amount would include a significant portion of initial payments (“upfront payment”) currently estimated at around 10% of the overall value of each license.
The signing of such agreements would make it possible to cover Pharnext’s financing needs and thus put an end to the financing line by issuing OCEANE-BSA subscribed by Global Tech Opportunities 13.
Pharnext will communicate on the progress of this final phase during October, once the binding offers have been analyzed and validated by the Company and its advisors.
A PERFECTLY COMPLIED CALENDAR
This final step towards a partnership comes as Pharnext has just announced, at the end of August, the end of its PREMIER trial, a pivotal Phase III clinical study of its flagship drug candidate, PXT3003.
The PREMIER trial took place as planned and reassures Pharnext in its ability to successfully complete this ambitious program. The announcement of the preliminary results of this study is still planned for the 4th quarter of 2023. This final stage of clinical development will pave the way for the preparation of registration and marketing authorization files.