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GENFIT Corp. (ALGFT): €2.3 M Participating Development Contract With Oseo



7/6/2010 3:07:08 PM

Lille (France), Cambridge (Massachusetts, United States), July 6th, 2010 – GENFIT (Alternext: ALGFT; ISIN: FR0004163111), a biopharmaceutical company at the forefront of drug discovery and development, focusing on the early diagnosis and preventive treatment of cardiometabolic and associated disorders, today announces that it has signed a Participating Development Contract under which it will receive €2.3 million of funding from the French public organization OSEO.

This development contract, that takes the form of a 4-year loan exempt of repayments for 2 years, accompanies the private investment deal that was closed in February 2010.

Jean-François Mouney, Chairman of GENFIT’s Management Board, declared: “We would like to thank OSEO for their renewed confidence in our company’s strategy. In conjunction with last February’s private investment deal, this funding brings our cash position to €17.95 million as of June 30th , 2010; this corresponds to approximately 18 months of cash. In particular, these two deals will enable us to calmly pursue our ongoing partnering discussions on the co-development of GFT505, our most advanced drug candidate. At the same time, we will initiate an additional Phase II clinical trial to evaluate its anti-diabetic efficiency in patients with Type 2 diabetes at inclusion.”

About GENFIT:

GENFIT is a biopharmaceutical company focused on the Discovery and Development of drug candidates in strategic therapeutic fields linked to cardiometabolic and neurodegenerative disorders (prediabetes/diabetes, atherosclerosis, dyslipidemia, obesity, Alzheimer’s…). GENFIT uses a multi-pronged approach based on early diagnosis, preventive solutions, and therapeutic treatments to address these major public health concerns and their unmet medical needs. GENFIT’s proprietary research programs and its partnerships with leading pharmaceutical companies, including SANOFI-AVENTIS, SOLVAY GROUP, and SERVIER, have resulted in the creation of a rich and diversified pipeline of drug candidates at different stages of development. GENFIT’s lead proprietary compound, GFT505, is currently in Phase II and two other compounds, in partnership with SANOFI- AVENTIS and SOLVAY, are in the advanced stages of Phase I. With facilities in Lille, France, and Cambridge, MA (USA), the Company has approximately 120 employees. GENFIT is a public company listed on the Alternext trading market by Euronext™ Paris (Alternext: ALGFT; ISIN: FR0004163111). www.genfit.com

Contacts:

GENFIT Jean-François Mouney – Chairman of the Management Board +33 (0)3 2016 4000

MILESTONES – Press Relations Bruno Arabian +33 (0)1 75 44 87 40 / +33 (0)6 87 88 47 26 – barabian@milestones.fr


Read at BioSpace.com


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