– The strategic merger would rely on the expertise and complementary resources of the two companies in order to accelerate the development of phage therapy intended to fight against antibiotic resistance, in particular via the phase II PhagoDAIR study conducted by PHERECYDES, and to its extension to other anti-infective and therapeutic areas with significant unmet medical needs
– The financial visibility of the new entity resulting from the merger would extend until the 3rd quarter of 2024, with a consolidated cash position of approximately 41 million euros as of December 31, 2022, and would make it possible to finance multiple clinical stages of its existing and future programs
– This operation would complete the strategic evaluation process announced by ERYTECH on several occasions since November 2021 and would pave the way for the expansion of PHERECYDES’ development programs in the field of antibiotic resistance and beyond
– Closing of the transaction is scheduled for the end of the second quarter of 2023
– The operation, supported by the main shareholders of PHERECYDES and ERYTECH, will allow the historical shareholders of PHERECYDES to hold approximately 49% of the combined entity
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