Business Wire

Pharnext Successfully Raises €16 Million via Private Placement

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 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

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

ABB Showcases World-Leading e-Vehicle Fast Chargers and Launches AI Readiness Index at Hannover22.4.2018 10:00Pressemelding

ABB spotlighted its world-leading Terra HP family of fast chargers for electric vehicles at Hannover Messe, the biggest global industrial trade fair. By operating at powers of up to 350 kilowatts and adding as much as 300 kilometers of range to an electric vehicle in just 12 minutes, the Terra HP family of chargers have made electric cars more appealing for consumers by enabling them to refresh the batteries in about the same time required for filling up a petrol-powered car. Terra HP chargers are being installed around the world, and they have been selected for use by Electrify America, the biggest electric vehicle infrastructure project to date in the United States. ABB, whose broad array of digitally driven technologies for electric-power management are used by utilities and businesses worldwide, is also a global leader in industrial automation and robots enabled by artificial intelligence (AI). Demonstrating its commitment to helping the international community address the opportun

PSE: APM Forum 2018 Focus on Digitalisation for the Process Industries20.4.2018 15:13Pressemelding

At the 2018 Advanced Process Modelling (APM) Forum this week, process industry organisations presented on digital design and operations applications ranging from accelerating development of the next generation of pharmaceuticals to realising millions of dollars per year in increased profit for large process plants. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180420005517/en/ Ben Weinstein, head of R&D Product and Process Systems Modeling at Procter & Gamble, delivers the keynote speech on how digital design techniques are used systematically to accelerate innovation in P&G. (Photo: Business Wire) Introducing the conference, Prof. Costas Pantelides, MD of conference host Process Systems Enterprise (PSE), described the current wave of digitalisation as the culmination of many years of advanced modelling and IT development. “This is a time of extraordinary opportunities for the process industries” he said. Keynote speaker Ma

Aperta Provides Electronic Funds Transfer (EFT) in Cayman Islands20.4.2018 14:01Pressemelding

Once again, the Aperta Active Clearing System (ACS) has delivered the mechanism for a country to implement a world-class electronic payment processing environment to maximize a national payments system’s efficiency, effectiveness, security and control. Aperta partnered with the Cayman Islands ACH Operator (Prism Services (Cayman) Ltd.) and local commercial banks to deliver a new Electronic Funds Transfer system. The old process of banks swapping files in a wide-variety of standards and settling bilaterally has been replaced with a common system and standards, employing international-standard secure file transfer protocol, allowing participants to monitor real time net settlement and collateral positions via a secure portal. The Cayman Islands Automated Clearinghouse (CIACH) links all six of the country’s banks and provides the central clearing and settlement mechanism for banks to exchange direct debit and direct credit transactions seamlessly across the country. It is functionally NAC

FII Tech Growth Invests in SECO20.4.2018 13:39Pressemelding

FII Tech Growth, a fund managed by Fondo Italiano d’Investimento SGR, announces today its second investment in SECO SpA, one of the European leaders in the embedded electronics market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180420005413/en/ (Photo: SECO) SECO, headquartered in Arezzo, Tuscany, with subsidiaries in the U.S.A., Germany and Taiwan, was founded in 1979 by entrepreneurs Daniele Conti and Luciano Secciani. The company designs and manufactures micro-computers and integrated systems for industrial applications. With more than 250 employees, SECO supports customers with a worldwide presence such as Cimbali, Esaote, Technogym and Vimar, and generated revenue in excess of Euro 50 million in 2017. The ability to offer innovative solutions by using cutting-edge technologies has allowed SECO to grow steadily over time. The company developed a network of collaborations with universities and research centres La Sapi

Schlumberger Announces First-Quarter 2018 Results20.4.2018 11:05Pressemelding

Schlumberger Limited (NYSE:SLB) today reported results for the first quarter of 2018. (Stated in millions, except per share amounts) Three Months Ended Change Mar. 31, 2018 Dec. 31, 2017 Mar. 31, 2017 Sequential Year-on-year Revenue $7,829 $8,179 $6,894 -4% 14% Pretax operating income $974 $1,155 $757 -16% 29% Pretax operating margin 12.4% 14.1% 11.0% -169 bps 145 bps Net income (loss) - GAAP basis $525 $(2,255) $279 n/m 88% Net income, excluding charges & credits* $525 $668 $347 -21% 51% Diluted EPS (loss per share) - GAAP basis $0.38 $(1.63) $0.20 n/m 90% Diluted EPS, excluding charges & credits* $0.38 $0.48 $0.25 -21% 52% *These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details. n/m = not meaningful Schlumberger Chairman and CEO Paal Kibsgaard commented, “As forecast, our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs

Biogen and Ionis Expand Strategic Collaboration to Develop Drug Candidates for a Broad Range of Neurological Diseases20.4.2018 10:30Pressemelding

Biogen (Nasdaq: BIIB) and Ionis Pharmaceuticals (Nasdaq: IONS) announced today they have expanded their strategic collaboration through a new ten-year collaboration agreement to develop novel antisense drug candidates for a broad range of neurological diseases. This collaboration capitalizes on Biogen’s expertise in neuroscience research and drug development and Ionis’ leadership in RNA targeted therapies with the goal of developing a broad pipeline of investigational therapies. It builds upon a productive collaboration that produced SPINRAZA, the first and only approved treatment for patients with spinal muscular atrophy. Today, April 20, 2018, Biogen and Ionis will host company conference calls and webcasts to discuss the new collaboration. Full webcast details can be found below. Under the terms of the collaboration, Biogen will pay Ionis $1 billion in cash, which will include $625 million to purchase 11,501,153 shares of Ionis common stock at a price of $54.34 per share, at an appr