(AOF) – Poxel, a biopharmaceutical company that relies on its expertise to develop innovative treatments against metabolic diseases, has announced that it is extending its financing horizon which extends at least until February 2023 on the basis of an agreement debt restructuring with IPF Partners (IPF) and the subscription of an equity financing line for a maximum amount of €6 million with Iris Capital Investment (IRIS).
“We have focused our efforts over the last few months to extend our financing horizon in order to exploit this opportunity and finance our strategy in rare diseases. The success of the restructuring of our debt associated with the establishment of a equity financing improves the Company’s cash position to support its ongoing operations,” commented Thomas Kuhn, Chief Executive Officer of Poxel.
In addition, the company recorded revenue of €83 thousand for the half-year ended June 30, 2022, compared to €13.3 million in revenue for the corresponding period in 2021. Cash and cash equivalents amounted to €16.1 million, compared to €32.3 million.
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