Pharnext Announces €20.5 Million Bond Loan
Pharnext SA (Paris:ALPHA) (FR0011191287 - ALPHA), a biopharmaceutical company pioneering a new approach to the development of innovative drug combinations based on big data genomics and artificial intelligence, today announced a financing of up to €20 million through a bond loan with IPF Partners, one of the top providers of alternative financings in the healthcare sector.
“This financing with IPF Partners, in combination with the private placement announced earlier this year, strengthens our financial position and enables us to continue advancing the clinical development and commercial preparation for our innovative drug combinations,” said Prof. Daniel Cohen, M.D., Ph.D., Co-Founder and Chief Executive Officer of Pharnext. “We are grateful for the continued support from our shareholders and financial partners, and we look forward to reporting top-line results from our Phase 3 trial of PXT3003 in Charcot-Marie-Tooth disease type 1A later this year.”
The financing consists of three tranches of bonds with an annual interest rate of EURIBOR+11%. The first tranche of €11.5 million will be issued on June 30, 2018 at the latest, the second tranche of €3.5 million will be issued on July 30, 2018 at the latest and the third tranche of €5 million could be issued at Pharnext’s will and following top-line results from Pharnext’s ongoing pivotal Phase 3 trial of PXT3003, its lead drug candidate for the treatment of Charcot-Marie-Tooth disease type 1A (CMT1A), expected in the second half of 2018.
Additionaly, a line of convertible bonds will be also issued with Yorkville Advidors for up to €0.5 million in convertible securities, with a maturity date of one year following their date of issue.
The transaction closed today concludes a series of successive financings for Pharnext which began in April 2018, for total proceeds of €36.5 million.
CHARACTERISTICS OF THE PRIVATE PLACEMENT
IPF Partners. The bonds have been issued in accordance with the approval of the Board of Directors implemented according to the Eighth Resolution of the Shareholders’ Meeting of June 28, 2017 (the “Shareholders’ Meeting”), without pre-emptive subscription rights, to the company IPF Fund I SCA, SICAV FIS et IPF Fund II SCA.
A total of 20,000,000 bonds could be issued via private placement, with a price of each equal to €1, and each comprising an ordinary warrant (“Warrant”). Warrants entitle to subscribe a total of 574.372 ordinary shares for the two firsts tranches and 53.968 ordinary shares for the third tranche. Such total of new shares will be entirely assimilated into existing Pharnext shares with an exercise price equal to the volume-weighted average price of an ordinary share of Pharnext on Euronext Paris for the last three days prior to the date of issuance of each tranche minus a five (5) percent discount and will represent approximately 4.81% of the number of outstanding shares in the event of their exercise by IPF. The Warrants may be exercised until July 31, 2026.
YorkVille. Convertible Bonds (“CB”) has been issued in accordance with the approval of the Board of Directors implemented according to the Eighth Resolution of the Shareholders’ Meeting, without pre-emptive subscription rights, to YA II PN, LTD, an investment funds managed by a portfolio management company Yorkville Advisors Global, LP. A total of 50 CB will be issued, each with a par value of €10,000, representing a total aggregate nominal amount of €500,000 and will be subscribed at 98% of par. The convertible bonds have a maturity of 12 months from their date of issue. The CB holder may convert all or any of the CB into a number of ordinary shares equal to the corresponding aggregate principal amount divided by 92% of the lowest daily volume weighted average price over the 10 trading days prior to each conversion date. The CB will not be listed or admitted for trading on the Euronext Growth Paris market. Trading Days during which the CB holder has sold any share of Pharnext in the market will be excluded from the 10 trading days preceding the Conversion Date.
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.
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
For more information, visit http://www.pharnext.com/
IPF Partners is a leading alternative financing provider focused on the healthcare sector with over €200m under management. IPF invests directly in emerging pharma/biotech, medtech and diagnostics companies. Founded in 2011 by a seasoned multi-disciplinary team combining over fifty years of finance and investment and over thirty years of healthcare experience, IPF is providing bespoke, long-term financing.
For more information visit www.ipfpartners.com.
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.
François Chamoun, +33 (0)1 41 09 22 30
Financial Communication (France)
Stéphane Ruiz, +33 (0)1 56 88 11 15
Investor Relations (U.S.)
Stern Investor Relations, Inc.
Matthew Shinseki, +1 212 362 1200
Investor Relations (Europe)
MC Services AG
Anne Hennecke, +49 211 529252 22
Media Relations (Europe)
Bruno Arabian, +33 (0)1 81 70 96 30
Media Relations (U.S.)
Kate L. Barrette, +1 212 223 0561
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Hilton Launches New Brand, Signia Hilton, Delivering Sophisticated Travel While Reimagining Meetings and Events22.2.2019 17:00:00 | Pressemelding
Hilton (NYSE: HLT) today announced the launch of Signia Hilton, its dynamic, new meetings-and-events-focused brand. The portfolio of hotels is setting out to transform the industry for meeting professionals and sophisticated business travelers by infusing state-of-the-art technology and design into every aspect of the guest experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005071/en/ The brand further reinforces Hilton’s commitment to innovation that meets the evolving needs of today’s travelers and will bring premium experiences to top urban and resort destinations around the world. “In our 100th year of hospitality, we are more focused than ever on providing exceptional experiences to all of our guests – and that includes evolving those experiences to meet their changing needs,” said Christopher J. Nassetta, president and CEO, Hilton. “We are proud to launch Signia Hilton, which exemplifies our innovative sp
Axonics® Granted Expanded CE Mark Label; First and Only Sacral Neuromodulation System Approved for Use with Full-Body MRI Scans22.2.2019 16:30:00 | Pressemelding
Axonics Modulation Technologies, Inc. (NASDAQ: AXNX), a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, announced today that it has received CE mark approval for 1.5T and 3T full-body magnetic resonance imaging (“MRI”) conditional labeling for the Axonics r-SNM® System. The Axonics r-SNM System is the only implantable SNM system that has received full-body MRI conditional labeling for sale in Europe1. Raymond W. Cohen, Chief Executive Officer of Axonics, said, “Without this labeling, any patient requiring an MRI scan on any body part below the head must have their neurostimulator surgically explanted prior to the MRI scan, resulting in an additional surgery for the patient and additional costs to patients and the healthcare system. This authorization of full-body MRI scans in Europe is another important milestone for Axonics, differentiating our te
Fantastec Joins Forces with Arsenal FC Launching Official Blockchain Collectibles App22.2.2019 14:30:00 | Pressemelding
Fantastec announced today its first football licensing agreement with Premier League club Arsenal FC for a new blockchain authenticated collectibles app called Fantastec SWAP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005277/en/ Arsenal players appear on Fantastec SWAP in official licensing deal (Graphic: Business Wire) London-based Fantastec is a leading sports fan technology innovator, and its blockchain based ‘SWAP’ app will have broad appeal to global sports fans, gamers and sports card collectors alike. Fantastec SWAP unlocks unique and authentic club content through the app, like player autographs and exclusive footage. With its innovative blockchain technology, fans around the world can now discover, collect and swap officially licensed club collectibles with other fans with complete trust. “Fantastec SWAP is a game-changer for international football fans as well the sports collectibles industry,” commented
Volkswagen Protects Virtual Key Sharing App with Trustonic Application Protection22.2.2019 13:42:00 | Pressemelding
Volkswagen is working with mobile cyber security leader Trustonic to enable customers to use smartphones to access their vehicles, and to securely share their digital car keys to grant access to others via a smartphone app. Volkswagen is using the Trustonic Application Protection (TAP) platform to secure the mobile app and ensure that sensitive information and key transfer requests are securely displayed to, and approved by, a real authenticated user on a trusted device and not by hackers or malware simulating a user or device. “The smartphone is becoming the vehicle key of the future and our We Connect service is the interface for this today in the new Volkswagen Passat,” comments Alf Pollex, Head of Infotainment and Connected Car at Volkswagen AG. “The user installs the We Connect app on their smartphone which is then authorized via the infotainment system with a Transaction Number. The Mobile Key will be compatible with Android-based Samsung devices. No mobile network connection is
Mundipharma EDO GmbH: US FDA grants Orphan Drug Designation for etoposide toniribate in relapsed/refractory biliary tract cancer22.2.2019 13:30:00 | Pressemelding
Mundipharma EDO GmbH, part of the Mundipharma network of independent associated companies, and Imbrium Therapeutics L.P., an operating subsidiary of Purdue Pharma L.P., today announced that the US FDA has granted Orphan Drug Designation (ODD) to etoposide toniribate for the treatment of relapsed/refractory biliary tract cancer, also known as cholangiocarcinoma.3 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005126/en/ Biliary tract cancer is a rare tumour with approximately 8,000 patients diagnosed in the US every year and 10,571 in Europe.4,5 The FDA grants ODD status to medicines intended for the treatment, diagnosis or prevention of rare diseases or disorders that affect fewer than 200,000 people in the US. Radical surgery is the only curative treatment for biliary tract cancer but, in most cases, the cancer is inoperable. Patients who fail first-line chemotherapy have limited treatment options and the standard of
Lenovo Data Center Group Delivers Broad Edge Computing Portfolio, Expands Investments in IoT22.2.2019 13:13:00 | Pressemelding
Next week at MWC Barcelona, Lenovo Data Center Group (DCG) will showcase continued investments in its solutions supporting IoT and edge computing as part of its IoT growth plan over the next few years. Building on the momentum of its fifth consecutive quarter of profit growth, Lenovo DCG is building a portfolio that takes infrastructure to where the data is, whether that be in the traditional data center, in the cloud or increasingly, at the edge. Today, around 10 percent of enterprise-generated data is created and processed outside a traditional centralized data center or cloud. By 2022, Gartner predicts this figure will reach 75 percent. This migration is driving increased concerns around data privacy, security and regulations coupled with challenges of latency, bandwidth and downtime. Lenovo is addressing these challenges by creating a broad portfolio of edge computing offerings that address the different ways that customers want to deploy edge computing solutions for IoT use cases.