PHARNEXT: Update following the general meeting of shareholders convened on February 15, 2024 – 02/15/2024 at 8:30 p.m.


PARIS, France, February 15, 2024 at 8:30 p.m. (CET) – Pharnext SCA (FR001400N1P4 – ALPHA)

(the “Company”), an advanced clinical stage biopharmaceutical company developing new therapies for neurodegenerative diseases without satisfactory therapeutic solutions, provides an update following the general meeting convened today.

The general meeting convened today could not validly be held, as initially planned, due to lack of quorum.

For the record, this general meeting aimed to initiate a discussion on the situation and prospects of the Company following the publication of the first results of the pivotal Phase III clinical study (PREMIER trial) of PXT3003 in Charcot’s disease. Marie-Tooth type 1A, unveiled on December 11

[1]

the announcement of the drastic cost reduction plan and the support of its financial partners, announced January 17, 2024

[2]

. Shareholders already have at their disposal the special report issued by the Company’s auditors, who alerted to their uncertainties relating to the continuity of operations

[3]

as well as the responses provided by management.

At the same time, the Company continues to work on aligning its financial resources and its commitments with its main partners.


Warning :

The company Pharnext has set up (i) 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, has not not intended to remain a shareholder of the company, and (ii) financing in OS which were then transferred to a trust, which is now responsible for their equitization.

The shares resulting from the conversion or exercise of the above-mentioned securities are generally sold in the market at very short notice, which can create strong downward pressure on the share price. In the specific case of the trust, the shares are sold on the market according to the terms set out in the trust agreement.

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 number of securities issued to the company Global Tech Opportunities 13 and/or trust.

Investors are advised to be very vigilant before making the decision to invest (or remain invested) 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.

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. More information on www.pharnext.com.

Pharnext is listed on the Euronext Growth market in Paris (ISIN code: FR001400N1P4).

Contacts

Financial Press Relations


NEWS finance & communication

Anne-Charlotte Dudicourt

[email protected]

+33 (0)1 53 67 36 32

Investor Relations


NEWS finance & communication

Jérôme Fabreguettes Leib

[email protected]

+33 (0)1 53 67 36 78


[1]

Pharnext provides an update on the first results of the pivotal Phase III clinical study (PREMIER trial) of PXT3003 in Charcot-Marie-Tooth disease type 1A

[2]

Pharnext undertakes a drastic cost reduction plan and receives the support of its financial partners to continue the development of its drug candidate in Charcot-Marie-Tooth type 1A disease

[3]

Phase 2 of the alert procedure


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Full and original press release in PDF format:

https://www.actusnews.com/news/84250-2024.02.15_report_age_fr_vdef.pdf

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