- Approval by shareholders of all resolutions proposed at GeNeuro's Annual General Meeting (AGM), with over 90% of shares represented
- €5m drawn from credit facility, providing cash for operations until mid-2020
- Following positive results from ANGEL-MS, continuing constructive discussions for partnering lead product temelimab
- CMO steps down for personal reasons; COO to assume responsibilities
Regulatory News:
GeNeuro (Euronext Paris: CH0308403085 GNRO) (Paris:GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases such as multiple sclerosis (MS) and type-1 diabetes (T1D), today announced the approval by shareholders of all resolutions proposed at its Annual General Meeting (AGM) of 24 May, 2019. These included among others:
- Approval of the annual report and accounts for the year ended 31 December 2018
- Re-election of the Chairman and Members of the Board of Directors
- Approval of maximum aggregate Board of Directors and Managerial compensation for 2020
- Re-election of PriceWaterhouseCoopers, Geneva, as auditors
- Change in conditional capital options to provide financial flexibility
On 31 May, 2019, GeNeuro drew down the final €5 million from its credit facility with its shareholder GNEH SAS, a subsidiary of Institut Mérieux. This final tranche will ensure that GeNeuro has the maximum resources and flexibility for ongoing business activities, and now has solid financial visibility until mid-2020 covering all planned activities.
These activities include continued constructive discussions on partnering its lead product, temelimab, to tackle the key unmet medical need of disease progression in multiple sclerosis, as a single agent and/or combined with existing anti-inflammation MS drugs.
Separately, GeNeuro announced the departure of its Chief Medical Officer (CMO) Dr Robert Glanzman, who will be returning to the US for family reasons at the end of June. Dr François Curtin, GeNeuro's Chief Operating Officer and former CMO of the company, will take over the functions of CMO ad interim.
"I would like to take this opportunity to thank Robert for his contribution to GeNeuro, in particular his role in the clinical development of temelimab. While we regret his departure, we do of course understand the reason for his decision and wish him all the best for the future. François has previously held the CMO position so I am confident there will be a smooth transition," said Jesús Martin-Garcia, CEO of GeNeuro.
About GeNeuro
GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. It has 27 employees and rights to 17 patent families protecting its technology.
For more information, visit: www.geneuro.com
Disclaimer:
This press release contains certain forward looking statements and estimates concerning GeNeuro's financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words, such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "is designed to," "may," "might," "plan," "potential," "predict," "objective," "should," or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management's current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company's control. Consequently, the actual results, financial condition, performances and/or achievements of GeNeuro or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and GeNeuro undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190603005620/en/
Contacts:
GeNeuro
Jesús Martin-Garcia
Chairman and CEO
+41 22 552 48 00
investors@geneuro.com
NewCap (France)
Louis-Victor Delouvrier /
Mathilde Bohin (investors)
+33 1 44 71 98 52
Nicolas Merigeau (media)
+33 1 44 71 94 98
geneuro@newcap.eu
Halsin Partners
Mike Sinclair (media)
+44 20 7318 2955
msinclair@halsin.com
LifeSci Advisors
Chris Maggos (investors)
+1 646 597 6970
+41 79 367 6254
chris@lifesciadvisors.com