(CercleFinance.com) – Pharnext shares soared on the Paris Stock Exchange on Thursday following the presentation of a series of measures aimed at ensuring the next steps in the development of the biopharmaceutical company.
In order to cover its financial needs until the first results of its Phase III clinical study in Charcot-Marie-Tooth disease type 1A, its partner Neovacs has undertaken to strengthen its financial support for the company until two million additional euros per month by the end of 2023.
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.
In order to mark the reinforced commitment of Neovacs, the board of directors of Pharnext indicates that it has decided, unanimously, to appoint the ‘serial entrepreneur’ Hugo Brugière, already boss of Neovacs, as CEO in replacement of Joshua Schafer. , who will remain a director.
Schafer will join a committee tasked with seeking a strategic industrial partner that could lead to a takeover of the company, preferably by a player in the pharmaceutical industry.
‘Pharnext is one of the French biotechs with the greatest potential at present in my opinion’, emphasizes Hugo Brugière. ‘It was unthinkable that the company would find itself in difficulty and that is why we came to support it,’ he explains.
Following these announcements, Pharnext shares jumped 18% Thursday on the Paris Stock Exchange after having taken up to 68% in the first exchanges.