NEOVACS REQUESTS A REORGANIZATION PROCEEDINGS OF THE COMPANY
Paris et Boston, November 13, 2019 - 06:00pm CET - NEOVACS (Euronext Paris: ALNEV) announces having filed today a declaration for suspension of payments and a request for the reorganization proceedings ("Redressement Judiciaire") of the company before the Commercial Court of Paris. The employees' representative bodies have been informed beforehand.
This decision comes after acknowledging that the current amount of liabilities is higher than the realizable and available short-term assets.
The purpose of this procedure consists to evaluate various potential interests and all other options enabling to maintain Neovacs' assets in a secure frame.
The company will continue its current activities during the observation period. Neovacs will pursue its interaction with the French National Agency for the Safety of Medicines and Health Products (ANSM), for the adoption of LLDAS1 as a primary endpoint in a phase III clinical trial to treat Lupus and also its preclinical studies with IL-4/Il-13 kinoid for the treatment of allergies the results of which will be submitted by the end of this year to a peer-reviewed scientific journal.
The company will inform the stock market of the decision of the Commercial Court.
In this context the Neovacs' share quotations (ISIN: FR0004032746) and the subscription warrants "Neovacs 2017" (ISIN: FR0013275971) remain suspended.
About Neovacs
Listed on Euronext Growth since 2010, Neovacs has become a major player in therapeutic vaccines targeting the treatment of autoimmune and inflammatory diseases and certain cancers. Thanks to its innovative technology inducing a polyclonal immune response, possibly protected until 2032 by four patent families, Neovacs is focusing its clinical development efforts on IFNa KINOID for the treatment of lupus. Neovacs also carries out preclinical work on other therapeutic vaccines for the treatment of allergies. The aim of this "KINOID approach" is to enable patients to better cope with a life-long treatment that would be more effective.
For more information:www.neovacs.fr
Contacts
NEOVACS - Corporate Communication & Investor Relations
Charlène Masson
actionnaires@neovacs.com
+33 (0)1.53.10.93.00
1 Lupus Low Disease Activity State
Attachment
- PR neovacs 131119 vdef (https://ml-eu.globenewswire.com/Resource/Download/afa79876-c5fe-4656-90d1-9a6f15d3c169)
