(AOF) – Pherecydes Pharma, a biotechnology company specializing in precision phage therapy intended to treat antibiotic-resistant and/or complicated bacterial infections, today announces the completion of the capital increase announced on February 15, 2023 on the occasion publication of its proposed merger with Erytech. The capital increase for a total amount of 1.5 million euros was fully subscribed.
Pherecydes Pharma and Erytech Pharma announced last week their strategic merger project aimed at creating a global player in phage therapy and accelerating the development of a portfolio of drug candidates, targeting pathogenic bacteria in particular.
The financial visibility of the new entity resulting from the merger would extend until the third quarter of 2024, with a consolidated cash position of approximately €41 million at December 31, 2022, and would make it possible to finance multiple clinical stages of its existing and future programs