PHARNEXT: Fundraising of 2 million euros – 10/27/2023 at 8:00 p.m.

PARIS, France, October 27, 2023 at 8 p.m. (CET) – Pharnext SCA (FR001400JXB0 – ALPHA)

(the “Company”), an advanced clinical stage biopharmaceutical company developing new therapies for neurodegenerative diseases without satisfactory therapeutic solutions, announces a fundraising of 2 million euros through the issuance of OCEANE-BSA subscribed by Global Tech Opportunities 13.

This operation completes the global fundraising of 2.5 million euros announced on October 16, 2023, in order to cover short-term financing needs and allow the peaceful continuation of the process of valorization of its main asset. This additional financing was the subject of the usual press releases as the draws progressed.

As a reminder, in order to enable this rapid fundraising of 2.5 million euros, which falls outside the terms of the issue contract, Pharnext has agreed to pay Global Tech Opportunities 13 additional fees (“

waiver fees

“) corresponding to 10% of the amount of funds raised, i.e. €250,000

[1]

. These fees will be deducted from the funds raised as part of the next OCEANE-BSA issue.

Before the drawing announced today, the OCEANE-BSA issue raised 36.7 million euros, gave rise to the creation of 29,643,851,376 new shares and could still give rise to the creation of 32 190,295 new shares based on the last listed price. The participation of a shareholder holding 1% of the capital prior to these drawings is today less than 0.0008%.

The issuance of OCEANE-BSA announced today could give rise to the creation of 68,846,816 new shares based on the last listed price. The participation of a shareholder holding 1% of the capital prior to this new drawing would be 0.48%.

All of the OCEANE-BSA issues carried out to date could give rise to the creation of 101,037,111 new shares based on the last listed price. The participation of a shareholder holding 1% of the capital to date could thus amount to 0.22%.

This financing is part of the agreement of June 4, 2021 relating to the issuance of bonds convertible or exchangeable into new and/or existing shares accompanied by share subscription warrants (the “OCEANE-BSA”) , as amended in December 2021, in January 2022, in June 2022 then on September 30, 2022.

This issue does not give rise to the preparation of a prospectus subject to approval by the AMF. The role of the initial subscriber is to ensure that the company gradually raises funds. It is not intended to keep the securities and remain a long-term shareholder of the company but to gradually sell them on the market. The monitoring table for OCEANE-BSA and outstanding shares is available on the company’s website.

The OCA monitoring tables, the number of newly issued shares for conversions, the total number of shares to be issued by the Company to the Investor for conversions as well as the total number of shares in circulation are held on the Company’s website (https://pharnext.com/fr/investors).

The public’s attention is drawn to the risk factors relating to the company and its activity, described in the 2022 Annual Financial Report available on the company’s website. The realization of all or part of these risks is likely to have an adverse effect on the activity, financial situation, results, development or prospects of the company. On the date of the last Financial Report, the company carried out a specific review of its liquidity risk and considered itself able to meet its upcoming maturities over the next 12 months thanks in particular to the use of this bond financing line. .

Warning :

The company Pharnext has set up financing in the form of OCEANE-BSA with the company Global Tech Opportunities 13, which, after having received the shares resulting from the conversion or exercise of these instruments, is not intended to remain a shareholder of the company.

The shares resulting from the conversion or exercise of the above-mentioned securities will, in general, be sold in the market very quickly, which may create strong downward pressure on the share price.

Shareholders may suffer a loss of their invested capital due to a significant decrease in the value of the company’s stock, as well as significant dilution due to the large number of securities issued to the Global Tech Opportunities Company. 13.

Investors are advised to be very vigilant before making the decision to invest in the securities of the company admitted to trading which carries out such dilutive financing transactions, particularly when they are carried out successively. The company recalls that this dilutive financing operation is not the first that it has implemented.

Investors are particularly invited to take note of the risks relating to these operations, mentioned in the press release below.

About Pharnext

Pharnext is a late-stage clinical-stage biopharmaceutical company developing novel therapies for neurodegenerative diseases currently without satisfactory therapeutic solutions. Pharnext has a new drug candidate, PXT3003, in development for Charcot-Marie-Tooth disease type 1A (CMT1A), a rare and debilitating hereditary peripheral neuropathy. PXT3003 benefits from 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 continuing treatment with PXT3003. The long-term results suggest a benefit maintained in terms of tolerance and effectiveness, after a total clinical study duration of 6 years. A pivotal international Phase III clinical study, the PREMIER trial, including 387 patients with CMT1A was completed in August 2023. The first results of the PREMIER trial are expected in the fourth quarter of 2023. PXT3003 was discovered with the Pleotherapy™ R&D approach. 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: FR001400JXB0).

Contacts

[1]

See press release of October 19, 2023

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