Business Wire

Pharnext Announces €20.5 Million Bond Loan

Del

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 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.

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 http://www.pharnext.com/

IPF Partners
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.

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
François Chamoun, +33 (0)1 41 09 22 30
Legal Officer
contact@pharnext.com
or
Financial Communication (France)
Actifin
Stéphane Ruiz, +33 (0)1 56 88 11 15
sruiz@actifin.fr
or
Investor Relations (U.S.)
Stern Investor Relations, Inc.
Matthew Shinseki, +1 212 362 1200
matthew@sternir.com
or
Investor Relations (Europe)
MC Services AG
Anne Hennecke, +49 211 529252 22
anne.hennecke@mc-services.eu
or
Media Relations (Europe)
Ulysse Communication
Bruno Arabian, +33 (0)1 81 70 96 30
barabian@ulysse-communication.com
or
Media Relations (U.S.)
RooneyPartners
Kate L. Barrette, +1 212 223 0561
kbarrette@rooneyco.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

Gilead Sciences Announces Executive Promotions14.8.2018 21:00Pressemelding

Gilead Sciences, Inc. (NASDAQ: GILD) today announced that Gregg Alton has been appointed Chief Patient Officer, a newly created role that will facilitate access to the company’s medicines and increase focus on reaching patients. The company also announced that Diana Brainard, MD, has been promoted to Senior Vice President, HIV and Emerging Viral Infections, and that Andrew Cheng, MD, PhD, Chief Medical Officer, has decided to leave Gilead to pursue another opportunity. Mr. Alton joined the company nearly 20 years ago and was the architect of its access program, which has enabled Gilead’s HIV medicines to reach more than 11 million people in the developing world. He has helped shape the organization in a number of executive positions, including as general counsel, and more recently, leading the company’s international commercial operations and corporate affairs groups. Prior to joining Gilead, he was an attorney at the law firm of Cooley Godward, LLP, where he specialized in mergers and

Thales and Gemalto Announce Regulatory Clearance from the Minister of Innovation in Canada14.8.2018 16:00Pressemelding

Regulatory News: Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 27 March 2018 in relation to the launch of the recommended all-cash offer by Thales for all the issued and outstanding shares of Gemalto (the “Offer”), the publication of the Offer Document, and the joint press release of Thales and Gemalto dated 10 August 2018 in relation to the further extension of the Acceptance Period. Terms not defined in this press release will have the meaning as set forth in the Offer Document. Thales and Gemalto today announce that they have received foreign investment Regulatory Clearance in Canada. Together with the anti-trust clearance obtained in China and Israel, and clearance relating to foreign investments in Australia, Thales and Gemalto have obtained 4 of the required 14 Regulatory Clearances. Thales and Gemalto continue to work constructively with the competent antitrust authorities to obtain the remaining

BCW Acquires Creative Powerhouse HZ, Significantly Expanding Expertise in Integrated Communications14.8.2018 14:26Pressemelding

BCW (Burson Cohn & Wolfe), a leading global communications agency and a WPP company, today announced it has acquired HZ, one of the largest independent, digitally driven, integrated creative agencies in the U.S. Headquartered in Rockville, Maryland with offices in Baltimore, Los Angeles, New York and Washington, D.C., the acquisition will add the capability of HZ’s nearly 200 creative and digital professionals to BCW’s deep expertise in integrated communications across all industry sectors. HZ’s wide-ranging offerings include a full spectrum of multichannel digital design and development, mobile activation, social media, brand and identity creation, content, film and video production, search marketing (SEO/SEM), data and analytics as well as integrated media solutions. HZ’s broad client base spans the consumer, hospitality, food & beverage, education, B2B, real estate, sports & entertainment, healthcare and technology industries and counts Hilton Worldwide, Salesforce.org and Tishman S

Andersen Global Initiates Expansion in Mozambique14.8.2018 13:30Pressemelding

Andersen Global continues expansion in Africa with Isalcio Mahanjane e Associados, a law firm headquartered in Maputo, Mozambique. The collaboration with Isalcio Mahanjane e Associados signifies Andersen’s growth in the African region, as Mozambique provides strategic coverage in Southeast Africa and is the sixth country to collaborate or join in Africa in the past 14 months. Led by Managing Partner Isalcio Mahanjane, the firm includes 10 professionals and specializes in providing quality services in all branches of law for corporations and individuals. These services include commercial and corporate law, banking and financial law, labor law, real estate management, oil and gas, mines, and law and administrative litigation. “Mozambique will be a key point of connectivity with our practice in Portugal as we continue to focus on best-in-class solutions in Africa,” commented Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz. “Isalcio and his team are passionate about their practice a

Gyeonggi Province of Korea Launches Beyond the Dream Global VLOG Contest14.8.2018 12:00Pressemelding

Gyeonggi Provincial Government and Gyeonggi Tourism Organization (GTO) are hosting an international video contest called “Beyond the Dream VLOG Contest 2018.” Video submissions will be accepted until August 26, 2018 (Korean Standard Time). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180814005240/en/ Gyeonggi Provincial Government and Gyeonggi Tourism Organization (GTO) are hosting an international video contest called "Beyond the Dream VLOG Contest 2018." Video submissions will be accepted until August 26, 2018 (Korean Standard Time). The goal of the "Beyond the Dream VLOG Contest 2018" is to raise global awareness of Gyeonggi Province as an attractive travel destination and to select a Gyeonggi-do tourism ambassador who will show the world the charms of the province. Four final-winning teams will win a 10 day trip to Gyeonggi Province. USD 10,000 travel expenses for airline tickets and other travel expenses will be provi

CTS Engines Inducts First PW2000 Engine14.8.2018 12:00Pressemelding

CTS Engines, the global leader for mature engine maintenance within the Aerospace & Defense industry, announced today that it had inducted the first PW2000 engine into its engine overhaul facility in Ft. Lauderdale, FL. Along with the CF6-80C2, CF6-80A, and CF6-50C2, the PW2000 represents the fourth engine model type serviced by CTS. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180814005021/en/ PW2000 Engine. (Photo: Business Wire) “The profile of the PW2000 engine—which will continue to operate on B757s in cargo configuration and on C-17 Globemaster military transport aircraft for years to come—is an ideal fit for the CTS product line,” said Vesa Paukkeri, CTS’s President and Chief Operating Officer. “CTS is the go-to independent jet engine MRO for sunset engines operating in cargo and military transport configurations. We look forward to servicing this engine through the remainder of its time on wing over the next 30+ ye