(CercleFinance.com) – Pharnext announced on Wednesday that it had requested the suspension of its listing on the Paris Stock Exchange pending a future update on its operational, strategic and financial situation.
This announcement comes as the biotechnology company had recently declared that it intended to initiate a discussion with its shareholders regarding its situation and prospects.
Before that, the company had decided to initiate a drastic cost reduction plan
Despite the publication of disappointing phase III results in Charcot’s disease at the start of the year, Pharnext believes that there is a possibility of having its main drug candidate approved by demonstrating a favorable safety profile and a possible benefit on certain clinical criteria.
“I am aware of the complexity of our situation and the proliferation of recent announcements,” said Hugo Brugière, manager of Pharnext, in a press release.
‘It therefore seems necessary to me to provide a complete summary for the financial community through a press release to be published very soon,’ he adds.
For the record, the stock has lost more than 81% of its value since the start of the year.
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