Pharnext Announces a €2.5m Loan Agreement with Néovacs
PARIS, FRANCE / ACCESSWIRE / August 23, 2022 / Pharnext SA (FR0011191287-ALPHA) (the "Company"), an advanced late-clinical stage biopharmaceutical company developing novel therapeutics for neurodegenerative diseases with high unmet medical need, today announces the signing of a €2.5 million loan agreement (the "Loan") with Néovacs, a French biotechnology company listed on Euronext Growth Paris (ALNEV).
The Loan will bear interest at 1% per month for a maximum duration of six months, i.e. until 21 February 2023 at the latest.
The execution of the Loan is part of ongoing discussions between Pharnext and Néovacs to potentially enter into a broader financing agreement of Pharnext by Néovacs.
In the event Pharnext and Néovacs reach such an agreement, Pharnext and Néovacs agreed that the Loan and the remuneration of the Loan (including then incurred interests and a structuring fee equal to 1% of the principal amount of the Loan) will be payable by way of a set off against financial instruments issued by Pharnext to Néovacs or one of its affiliates. If no agreement is reached among Pharnext and Néovacs, the Loan will be reimbursed by Pharnext at the Loan maturity, i.e. on 21 February 2023.
Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapeutics for neurodegenerative diseases that currently lack curative and/or disease-modifying treatments. Pharnext has two lead products in clinical development. PXT3003 completed an international Phase III trial with positive topline results for the treatment of Charcot-Marie-Tooth disease type 1A (‘CMT1A') and benefits from orphan drug status in Europe and the United States. An international pivotal Phase III study of PXT3003 in CMT1A, the PREMIER trial, is currently ongoing. PXT864 has generated encouraging Phase II results in Alzheimer's disease and will be advanced through partnerships. Both of Pharnext's lead assets originated from the Pleotherapy™ R&D approach. Pharnext draws the attention of investors 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 Stock Exchange in Paris (ISIN code: FR0011191287).
Néovacs is a French biotech company listed on Euronext Growth since 2010. The Company is focused on therapeutic vaccines targeting the treatment of autoimmune diseases. Its innovative technology named Kinoid™, patented until 2038, induces a polyclonal immune response, applicable in several indications. Néovacs has developed the IFNα KINOID to treat lupus in a clinical phase IIb study, the main study is now ended and the full results have been presented at the 13th international Lupus Congress 2019. The Company also carried out preclinical work on IL-4/ IL-13 Kinoid, another therapeutic vaccine for the treatment of allergies. The aim of this "KINOID approach" is to enable patients to better cope with a life-long treatment that would be more effective, well tolerated and unburdensome. For more information: https://www.Néovacs.com/en/.
Contacts - Pharnext
Dr. David Horn Solomon
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
Media Relations (France)
+33 (0)6 87 88 47 26
+33 (0)1 81 70 96 30
Contacts - Néovacs
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