Pharnext announces a €2.5 million loan agreement with Neovacs
PARIS, FRANCE / ACCESSWIRE / August 23, 2022 / Pharnext SA (FR0011191287-ALPHA) (the “Company”), an advanced late-stage biopharmaceutical company developing novel therapeutics for neurodegenerative diseases with high unmet medical need, today announces the signing of a 2.5 million euros (the “Loan”) with Néovacs, a French biotechnology company listed on Euronext Growth Paris (ALNEV).
The Loan will bear interest at the rate of 1% per month for a maximum period of six months, i.e. until February 21, 2023 at the latest.
The execution of the Loan is part of the ongoing discussions between Pharnext and Neovacs to possibly conclude a broader financing agreement for Pharnext by Neovacs.
In the event that Pharnext and Néovacs reach such an agreement, Pharnext and Néovacs have agreed that the Loan and the remuneration of the Loan (including the interest then incurred and a structuring commission equal to 1% of the principal amount of the Loan) will be payable by way of netting with financial instruments issued by Pharnext to Neovacs or one of its affiliates. In the absence of an agreement between Pharnext and Neovacs, the Loan will be reimbursed by Pharnext at the maturity of the Loan, i.e. February 21, 2023.
Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapies for neurodegenerative diseases that currently lack cures and/or disease-modifying treatments. Pharnext has two flagship products in clinical development. PXT3003 has completed an international phase III trial with positive initial results for the treatment of Charcot-Marie-Tooth disease type 1A (“CMT1A”) and has orphan drug status in Europe and the United States. A pivotal international Phase III study of PXT3003 in CMT1A, the PREMIER trial, is currently underway. PXT864 has generated encouraging phase II results in Alzheimer’s disease and will be advanced through partnerships. Pharnext’s two flagship active ingredients come from the Pleotherapy™ R&D approach. Pharnext draws investors’ attention to the financial and other risk factors detailed in its financial reports. More information can be found at www.pharnext.com.
Pharnext is listed on the Euronext Growth market in Paris (ISIN code: FR0011191287).
Neovacs is a French biotechnology company listed on Euronext Growth since 2010. The Company focuses on therapeutic vaccines targeting the treatment of autoimmune diseases. Its innovative technology called Kinoid™, patented until 2038, induces a polyclonal immune response, applicable in several indications. Neovacs has developed IFNα KINOID to treat lupus in a phase IIb clinical study, the main study has now been completed and the full results were presented at the 13th International Lupus Congress 2019. The Company has also carried out preclinical work on IL-4/IL-13 Kinoid, another therapeutic vaccine for the treatment of allergies. The objective of this “KINOID approach” is to enable patients to better cope with a lifelong treatment that would be more effective, well tolerated and less burdensome. For more information: https://www.Neovacs.com/fr/.
Contacts – Pharnext
Dr. David Horn Salomon
Chief executive officer
+33 (0)1 41 09 22 30
Media Relations (international)
Consilium Strategic Communications
Financial Communication (Europe)
+33 (0)6 21 10 49 24
Press relations (France)
+33 (0)6 87 88 47 26
+33 (0)1 81 70 96 30
Contacts – Neovacs
THE SOURCE: Pharnext
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