(AOF) – Phaxiam Therapeutics (formerly Erytech) announced today the completion of the consolidation of the shares making up its share capital as decided by the Chief Executive Officer on July 27, 2023, in accordance with the resolution of the General Meeting of shareholders of June 23, 2023. The consolidation resulted in the exchange of ten old shares with a nominal value of ten euro cents (€0.10) for one new share with a nominal value of one euro (1 €).
The New Shares resulting from the merger were admitted to trading on the regulated market of Euronext in Paris, as of today, the first day of trading, and were assigned a new ISIN code (FR001400K4B1).
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Biotechs put to the test
These companies are suffering from a much less favorable economic cycle, which is reflected in particular by a drop in venture capital financing of start-ups. These companies are therefore obliged to carry out layoff plans. Added to this is a much more restrictive regulatory framework. First, in the United States, measures linked to the Inflation Reduction Act (IRA) could have a strong impact on the margins of stakeholders. Indeed, from 2026, the federal Medicare program will be able to renegotiate the price of drugs marketed for nine years (chemical) or 13 years (biological), with discounts that could range from 35 to 60% for biotechs. Likewise, in Europe, with the new drug regulations presented in Brussels in April, the duration of patent protection will be reduced if the innovative treatment is not marketed in all member countries within two years.
