Pharnext establishes an equity line facility with Kepler Cheuvreux

Pharnext 
Pharnext establishes an equity line facility with Kepler Cheuvreux 
 
19-Nov-2019 / 17:45 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
      PARIS, France, 05:45 pm, November 19, 2019 (CET) - Pharnext SA [1] 
      (FR0011191287 - ALPHA), a biopharmaceutical company pioneering a new 
   approach to developing innovative drug combinations based on big genomics 
   data and artificial intelligence, today announced the establishment of an 
     equity line facility to enhance the Company's financial flexibility and 
      improve liquidity for shareholders. 
 
    "This equity facility provides us with greater flexibility regarding our 
    financing plans, alongside our other financing alternatives, in order to 
      execute our operational plans, including the protocol finalization and 
     initiation of an additional Phase 3 trial for PXT3003 in CMT1A. We have 
chosen Kepler to execute this equity line facility for their professionalism 
    and extensive experience in the market with this instrument", says Peter 
      Collum, CFO of Pharnext. 
 
     As a reminder, during the first half of 2019, Pharnext strengthened its 
equity both by a private placement of 15 million euros and by converting all 
of the convertible bonds issued for Tasly for 25 million euros. In addition, 
      the company had a cash position of 24.71 million euros as of June 30, 
      2019[1]. 
 
      According to the agreement put in place, Kepler Cheuvreux committed to 
    underwrite up to 3,000,000 shares (corresponding to approximately EUR 15 
      million in total equity financing[2]) on its own initiative, within a 
   maximum period of 24 months, provided the contractual conditions are met. 
 The share price will be equal to the average of the trading prices weighted 
     by volumes for the last two stock market trading sessions prior to each 
  issuance, which may be reduced by a discount of up to 7%. These conditions 
 allow Kepler Cheuvreux, acting as financial intermediary, to underwrite the 
  subscription of these shares. Pharnext retains the option of suspending or 
      terminating this agreement at any time. 
 
  This operation has been implemented in accordance with the 22nd resolution 
      from the annual shareholders meeting of 26 of June, 2019. 
 
If all warrants were exercised, a shareholder holding 1% of the common stock 
      of Pharnext before the exercise would hold 0,835% of the capital after 
      exercise. 
 
      The number of shares issued pursuant to this agreement and admitted to 
      trading will be announced on Pharnext website. 
 
  In accordance with the provisions of the General Regulations of the French 
    Financial Markets Authority ("AMF"), this financial operation is not and 
      will not be qualified by way of prospectus. 
 
      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 completed an 
 international Phase 3 trial with positive topline results for the treatment 
 of Charcot-Marie-Tooth disease type 1A and benefits from orphan drug status 
   in Europe and the United States. PXT864 has generated encouraging Phase 2 
 results in Alzheimer's disease. Pharnext has developed a new drug discovery 
      paradigm based on big genomics data and artificial intelligence: 
  PLEOTHERAPY. Pharnext identifies and develops synergic combinations of 
   drugs called PLEODRUG. 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. More 
      information at www.pharnext.com [2] 
 
     Pharnext is listed on the Euronext Growth Stock Exchange in Paris (ISIN 
      code: FR0011191287). 
 
      Disclaimer 
 
   This press release contains certain forward-looking statements concerning 
     Pharnext and its business. Such forward-looking statements are based on 
 assumptions that Pharnext considers to be reasonable. However, there can be 
no assurance that the estimates contained in such forward-looking statements 
   will be verified, which estimates are subject to numerous risks including 
    the risks set forth in Pharnext's document de base filed with the AMF on 
June 2, 2016 under number I.016-0050 as well as in any other periodic report 
      and in any other press release (a copy of which is available on 
  www.pharnext.com) and to the development of economic conditions, financial 
     markets and the markets in which Pharnext operates. The forward-looking 
statements contained in this press release are also subject to risks not yet 
     known to Pharnext or not currently considered material by Pharnext. The 
      occurrence of all or part of such risks could cause actual results, 
      financial conditions, performance or achievements of Pharnext to be 
      materially different from such forward-looking statements. Pharnext 
      disclaims any intention or obligation to publicly update or revise any 
  forward-looking statements, whether as a result of new information, future 
      events, or otherwise. 
 
This press release and the information that it contains do not constitute an 
offer to sell or subscribe for, or a solicitation of an offer to purchase or 
      subscribe for, Pharnext shares in any country. 
 
CONTACTS 
 
Peter Collum 
 
Chief Financial Officer /Chief Business Officer 
 
[e-mail] 
 
      [phone] 
 
Financial        Investor Relations      Investor Relations (Europe) 
Communication    (U.S.) 
(France) 
 
                                         MC Services AG 
                 Stern Investor 
Actifin          Relations, Inc. 
 
                                         Anne Hennecke 
 
Stéphane Ruiz    Jane Urheim 
 
                                         [e-mail] 
 
[e-mail] [e-mail] 
 
                                         [phone] 
 
[phone]   [phone] 
11 15 
Media Relations  Media Relations (U.S.) 
(Europe) 
 
                 RooneyPartners 
Ulysse 
Communication 
 
                 Kate L. Barrette 
 
Bruno Arabian 
 
                 [e-mail] 
 
barabian 
[3]@ulysse-commu 
nication.com     [phone] 
 
[phone] 
96 30 
 
Kepler Cheuvreux 
 
Thierry du Boislouveau 
 
[e-mail] 
 
[phone] 
 
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[1] Press release of 16 of October, 2019 
 
[2] On the indicative basis of the average price of Pharnext share from the 
last 12 of November 
 
Regulatory filing PDF file 
 
Document title: PDF EN 
Document: http://n.eqs.com/c/fncls.ssp?u=OXXNKHTICH [4] 
916861 19-Nov-2019 CET/CEST 
 
 
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(END) Dow Jones Newswires

November 19, 2019 11:45 ET (16:45 GMT)