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

Cred Opens Its Platform to Developers and Businesses10.12.2018 20:21Pressemelding

Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced the launch of CredX, Cred’s developer platform, enabling any company or developer to turn their products into powerful financial applications for their customers. Crypto exchanges, crypto wallets, miner service providers, even traditional financial institutions have the ability to access Crypto Lending as a Service (CLaaS™) and create a rich set of customer experiences for their customers. “Lending and Earning Crypto are hard businesses to get right, particularly in a bear market,” said Dan Schatt, Co-Founder of Cred and the Universal Protocol Alliance. “A crypto custodian, wallet, merchant or exchange business can now offer their customers compelling credit and treasury management features built directly into their own apps, powered by Cred. Businesses can choose to use their own balance sheets, or leverage Cred’s to provide credit and earning services to generate revenue,

Axonics® Announces Publication of NICE Briefing10.12.2018 16:03Pressemelding

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 the publication of a Medtech Innovation Briefing by The National Institute for Health and Care Excellence (“NICE”) following a careful review of the innovations offered by the Axonics System. The NICE Medtech Innovation Briefing entitled: “Axonics rechargeable sacral neuromodulation system for overactive bladder and faecal incontinence,” describes published clinical evidence on the Axonics r-SNM System®, confirming efficacy as well as the potential positive economic impact that is possible by the use of the Axonics system in the United Kingdom. The Axonics r-SNM System is the first rechargeable Sacral Neuromodulation system approved for sale in Europe and commercially available to all hospitals and clinics in the U.K. for patients

The Largest Blockchain Conference in Asia to Be Held 30–31 January in Yokohama, Japan10.12.2018 15:00Pressemelding

The Global Blockchain Association (Shimizu Building 6F, 3-19 Hayabusacho, Chiyoda-ku, Tokyo, President: Toshikazu Masuyama) is proud to host the largest blockchain conference in Asia: The Japan Blockchain Conference (JBC) – 2019 Yokohama, to be held on 30 and 31 January at Pacifico Yokohama. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005057/en/ The Japan Blockchain Conference (JBC) - 2019 Yokohama (Graphic: Business Wire) The conference will host top companies and organizations from Japan and abroad who represent the future of the rapidly growing blockchain space. This is the place where the leaders of blockchain and crypto can interact, form partnerships, and showcase their leading technologies and developments. We are actively looking for companies to join the best of the blockchain industry and exhibit at our conference. More details can be found here: http://japan-blockchain-c.com/en/ We welcome a wide range of

Global Payments’ TouchNet Business Named “Partner of the Year” by Ellucian10.12.2018 13:30Pressemelding

Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions is pleased to announce that its TouchNet business was named “Partner of the Year” by Ellucian, a provider of software and services that power higher education, at its Partner Forum reception during the annual EDUCAUSE Conference this year in Denver, CO. TouchNet was recognized for its collaborative efforts to deliver streamlined engaging, cloud-based, student commerce and credential solutions. This honor further demonstrates the depth and breadth of the TouchNet platform and its dedication to delivering software-driven and technology-enabled strategies to institutions of higher education. “TouchNet’s commitment to delivering maximum value enables Ellucian to consistently provide customers with best-in-class solutions, support and service,” said Chris Westfall, Vice President Partnerships Ellucian. “When you combine Ellucian’s feature rich technology and in-depth customer knowledg

CTS Engines Hires Tom Bode as Senior Vice President, Operations10.12.2018 13:00Pressemelding

CTS Engines, the global leader for mature engine maintenance within the Aerospace & Defense industry, announced today that it had hired Tom Bode as its Senior Vice President, Operations. In his new role, Mr. Bode will be responsible for all operations, quality, and engineering functions, and will report to Vesa Paukkeri, CTS Engines’s President and COO. Since 2008, Mr. Bode has been the General Manager of the Columbus Engine Center for Pratt & Whitney, a company he joined in 2000. Prior to 2000, Mr. Bode worked at GE Aviation, where he was a quality and engineering leader. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005036/en/ Tom Bode (Photo: Business Wire) “As the General Manager of CEC, Tom managed over 700 employees across multiple engine production lines and reduced overhaul turnaround times through the promotion of Lean manufacturing principles,” said Mr. Paukkeri. “His performance as a manager was recognized

Tracxpoint Signed a Major Agreement to Deploy its Artificial Intelligence Cart (AiC®) Platform at CONAD, One of the Largest and Most Sophisticated Supermarket Chains in Italy with 3,000 Locations in Lieu of Amazon Go after Intensive Study10.12.2018 11:00Pressemelding

Tracxpoint, a global provider of next-generation self-checkout grocery solutions, today announced an agreement to roll out its Artificial Intelligence Cart (AiC®) at CONAD DEL TIRRENO, one of the seven cooperatives of CONAD’s chain with more than 3,000 supermarket stores in Italy. This is a major milestone for the Israeli startup in its mission to establish the AiC® platform as the most powerful, accessible and comprehensive solution for self-checkout and personalized in-store engagement on the market today. CONAD DEL TIRRENO will start implementing the AiC® ecosystem during 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005176/en/ The Tracxpoint AiC enables checkout-free stores and personalized in-store engagement for Italy's largest supermarket chain, CONAD. (Photo: Business Wire) In direct contrast to capital-intensive and smaller store concepts like Amazon Go or its imitators that rely on ceiling cameras for