Business Wire

Pharnext Successfully Raises €16 Million via Private Placement

Jaa

Regulatory News:

Pharnext SA (Paris:ALPHA) (FR0011191287 - ALPHA), a biopharmaceutical company pioneering a new approach to the development of innovative drug combinations based on big genomic data and artificial intelligence, today announced that it successfully closed a €16 million private placement.

The private placement includes 725,513 shares with warrants attached (“ABSA”) subscribed by CB LUX, generating gross income of €6.058 million, and convertible bonds (“CB”) for gross quasi-equity of €10.0 million subscribed by the Chinese pharmaceutical partner Tasly.

The proceeds from the private placement will provide the Company with additional resources to fund its strategy and continue its growth in the perspective of the forthcoming results of the Phase 3 trial of its most advanced PLEODRUG™, PXT3003 in the treatment of Charcot-Marie-Tooth disease type 1A.

“We would like to sincerely thank our partners for their trust and continued support of our Company and its innovative technological platform, PLEOTHERAPY™” said Prof. Daniel Cohen, M.D., Ph.D., Co-Founder and Chief Executive Officer of Pharnext. “We are thrilled by the major strategic and clinical advances we have achieved in our programmes, and look forward to reporting the results of the Phase 3 trial of our first-in-class product PXT3003 for the treatment of Charcot-Marie-Tooth disease type 1A in the second half of 2018.”

PRIVATE PLACEMENT DETAILS

ABSA has been issued in accordance with the approval of the Board of Directors implemented according to the Eighth Resolution of the Shareholders’ Meeting of 28 June 2017 (the “Shareholders’ Meeting”), without pre-emptive subscription rights, to the Company CBLUX S.A.R.L, already a 16.3% shareholder in Pharnext prior to this operation Pharnext (but not represented on its Board of Directors), and in which it will own 21.4% after the issuance.

A total of 725,513 ABSAs were issued via private placement, with a price of each equal to €8.35 (including premium), and each comprising an ordinary share and an ordinary warrant (“BSA”). The 725,513 new shares will be entirely assimilated into existing Pharnext shares and will represent approximately 6.48% of the number of outstanding shares after the private placement. Each BSA entitles to subscribe for 0.20 ordinary Pharnext shares, representing an additional issuance of 145,102 shares with a maximum exercise price of €8.27 per share. The shares that may be issued on exercise of the BSAs represent approximately 1.30% of the number of shares issued before the private placement. The BSAs may be exercised within 5 years from issuance. In the event all BSAs are exercised, the gross resulting income for Pharnext will be approximately 2 million euros. The theoretical value of five BSA giving right to one Pharnext share would be equal to 35% of a share price under Black & Scholes model.

CB has been issued in accordance with the approval of the Board of Directors implemented according to the Tenth Resolution of the Shareholders’ Meeting, without pre-emptive subscription rights, to Tasly, a leading Chinese pharmaceutical group and partner of Pharnext, already shareholder in Pharnext prior to this operation (but not represented on its Board of Directors) and with a 3.4%of the share capital after the operation.

A total of 10 convertible bonds were issued, each with a par value of 1 million euros, representing a total nominal amount of 10 million euros and bearing interest at a rate of 6.9% per year. The convertible bonds have a maturity of 3 years from their date of issue, and may be converted prior to the maturity date at a conversion price of €13 per share, representing a premium of 57% over the weighted average price during the last three trading sessions prior to their date of issue (automatic conversion at a price of 13 euros per share where the market price exceeds this value, on average, during three consecutive months, or conversion by the bondholder at any time, at a price of 13 euros). At the maturity date, the amount payable in respect of the convertible bonds will either be reimbursed, or converted at a rate representing 80% of the average value of the share price on the market, weighted by volume observed over a period of the last 20 trading sessions preceding the maturity date. On this basis, the shares that may be issued on conversion of the CB represent approximately a maximum of 6.8% of the number of shares issued prior to the issuance of both CB and ABSA, or 14,58% together with the ABSA. The CB will not be listed or admitted for trading on the Euronext Growth Paris market.

Pursuant to Article 211-3 of the AMF (Autorité des Marchés Financiers) General Regulations, it should be noted that neither of the above-mentioned issues has resulted or will result in the drafting of a prospectus submitted to the AMF for approval.

About Pharnext

Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapeutics for orphan and common neurodegenerative diseases that currently lack curative and/or disease-modifying treatments. Pharnext has two lead products in clinical development. PXT3003 is currently in an international Phase 3 trial for the treatment of Charcot-Marie-Tooth disease type 1A and benefits from orphan drug status in Europe and the United States. The results of this trial are expected in the second half of 2018. PXT864 has generated positive Phase 2 results in Alzheimer’s disease. Pharnext has developed a new drug discovery paradigm based on big genomic data and artificial intelligence: PLEOTHERAPY™. The Company identifies and develops synergic combinations of drugs called PLEODRUG™ offering several key advantages: efficacy, safety and robust intellectual property. The Company was founded by renowned scientists and entrepreneurs including Professor Daniel Cohen, a pioneer in modern genomics and is supported by a world-class scientific team.

Pharnext is listed on Euronext Growth Stock Exchange in Paris (ISIN code: FR0011191287).
For more information, visit www.pharnext.com.

Disclaimer

This press release has been issued to fulfil Pharnext's permanent reporting obligations. It does not constitute a public offering, subscription offering or a solicitation in view of a public offering.

Contact information

Pharnext
Amit Kohli
Chief Operating Officer
investors@pharnext.com
+33 (0)1 41 09 22 3030
or
Investor Relations (Europe)
MC Services AG
Anne Hennecke
anne.hennecke@mc-services.eu
+49 211 529252 22
or
Investor Relations (U.S.)
Stern Investor Relations, Inc.
Matthew Shinseki
matthew@sternir.com
+1 212 362 1200
or
Financial Communication (France)
Actifin
Stéphane Ruiz
sruiz@actifin.fr
+33 (0)1 56 88 11 15
or
Media Relations (Europe)
ALIZE RP
Caroline Carmagnol
Aurore Gangloff
pharnext@alizerp.com
+33 (0)1 44 54 36 66
or
Media Relations (U.S.)
RooneyPartners
Marion Janic
mjanic@rooneyco.com
+1 212 223 4017

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

NEC Establishes a Startup in Silicon Valley for Automating Data Analytics26.4.2018 05:00Tiedote

NEC Corporation (NEC; TOKYO: 6701) today announced the establishment of dotData, Inc., a new startup company based in Cupertino, California, in the heart of Silicon Valley, that develops and globally provides software that automates data science processes using artificial intelligence (AI). dotData will appoint Dr. Ryohei Fujimaki as CEO, who is a leader in the development of Predictive Analysis Automation, a core AI technology (*1), and one of the founders of dotData. dotData will accelerate product development and go-to-market by hiring top talent, strengthening products and technologies, engaging with global partners, and acquiring external capital. NEC will obtain an exclusive license from dotData to provide this software across Japan and will start to provide the software in the first half of FY2018. “NEC is now accelerating the monetization of its competitive technologies by creating diverse alliances as part of the ‘strengthening of business development capabilities’ in the ’res

Experience the Tour de France live with Mytyres.co.uk and Continental25.4.2018 19:05Tiedote

Steeped in tradition, the world’s most famous cycling race is soon to kick off for the 105th time. Customers of Mytyres.co.uk now have the unique opportunity to travel to Paris and watch as the teams cross the finishing line in one of the world’s most popular sporting events. In cooperation with premium manufacturer Continental, the online shop is giving away 15 places on a trip to the final stage of the Tour de France on the Champs-Élysées on 29th July 2018. Travel, accommodation, and transport is included for all participants. Participation is very easy. Simply buy at least 2 Continental summer tyres via Mytyres.co.uk before 6th May 2018, complete the registration form on the order confirmation page, and cross your fingers! The Continental tyre range available to customers on Mytyres.co.uk includes all current summer models. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180425006242/en/ Experience the Tour de France live

Al Kasir Group Launches Diamond Trading on Blockchain25.4.2018 19:01Tiedote

Members of the Private Office of H.H. Sheikh Ahmad Bin Obaid Al Maktoum L.L.C., AL KASIR JEWELLERY TRADING L.L.C. and AL KASIR PORTAL L.L.C. announced the launch of Diamond Trading on Blockchain with three Diamond-backed Blockchain-Assets. These Assets are stored in highly secure Digital Blockchain Wallets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180425006234/en/ Dr. Amit Lakhanpal, Founder and CEO of Money Trade Coin Group and Mohammed Al Jariri, Director of Companies, Private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum along with other dignitaries (Photo: AETOSWire) The launch event, held April 15, 2018 at Burj Al Arab, was witnessed by the managements of the Private Office and Al Kasir Group. The guests included Shehab Bin Nouri, Walid Bin Nouri and Mohammed Aljariri. India's leading economist Dr Sharad Koli and 40 other VIPs. Over 140 members of the Press from across the globe were also present. Al Ka

Panasonic Is Exhibiting Latest Connected Supply Chain Solutions for Industry 4.0 Realization at CeMAT 2018 Trade Fair in Germany25.4.2018 18:50Tiedote

Panasonic Corporation is exhibiting its full range of logistics solutions at CeMAT 2018, the world's leading trade fair for the intralogistics and supply chain management sector, which is being held from April 23-27 in Hannover, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180425006197/en/ The Panasonic booth at CeMAT 2018 (Photo: Business Wire) [Video] Highlights of Panasonic at #CeMAT Supply Chain Solutions - Gemba Process Innovation https://youtu.be/oQq2EEjNSAs At its booth (Hall 20 / Stand C73), Panasonic is using live demonstrations and video displays to introduce its full line of solutions which maximize operational efficiency at each step of the supply chain from labeling and dispatch error detection at factories, to sorting and loading at distribution centers, on to transportation and proof of delivery. A video display at the front of the booth illustrates the flow of logistics information and material tra

Smithers Viscient Europe Appoints Jane Gray as Senior Manager, Terrestrial Ecotoxicology25.4.2018 18:42Tiedote

Smithers Viscient, a global contract research organization (CRO), today announced the appointment of Jane Gray to the position of Senior Manager, Terrestrial Ecotoxicology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180425006181/en/ Jane Gray, Senior Manager, Terrestrial Ecotoxicology at Smithers Viscient (Photo: Business Wire) Gray joins Smithers as a highly experienced Terrestrial Ecotoxicologist with over 17 years of CRO experience. Gray will oversee the management of a multidisciplinary team and lead the introduction of new study types as well as the design and conduct of guideline and non-standard studies to meet specific sponsor and regulatory objectives. “We are very excited to have Jane join our team as we continue to expand the Terrestrial team and grow our business in Harrogate. Jane’s experience and skill set in non-target arthropods; non-target plant studies and a range of pollinator studies will be an invalu

Munich Re: VitalityLife wins prestigious 2018 Celent Model Insurer Award for Operational Excellence25.4.2018 16:00Tiedote

Munich Re Automation Solutions Ltd. has announced that its long-established client, VitalityLife, has been recognized in Celent’s 2018 Model Insurer awards for its exemplary work in re-writing the rules of underwriting to achieve operational excellence. VitalityLife was rewarded for its novel use of technology in its Vitality Nurse initiative, reducing the time needed to fix underwriting terms for a life cover application from an average of 14 working days to as little as two hours. This initiative deploys a new team of Vitality nurses, equipped with the powerful third party data processor ALLFINANZ Evidence Analyzer from Munich Re. The nurse visits the client at home, carries out the blood test and enters their medical screening results directly into the ALLFINANZ Evidence Analyzer on their iPad, producing an immediate underwriting result. “We’re well known for our innovative products which are rooted in a culture of creativity and a desire to do what’s best for society” said Deepak J

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme