Pharnext announced that it has signed a €2.5m short-term bridge loan agreement with the French biotechnology company Neovacs (ALNEV). The loan has a six-month maturity and will carry an interest rate of 1% per month. The current loan is part of ongoing discussions between Pharnext and Neovacs to potentially enter into a broader financing agreement. As a reminder, in June 2022, Pharnext had raised another €12.0m in short-term, fixed-rate financing from Global Tech Opportunities 13, a member of the Alpha Blue Ocean (ABO) group, proceeds from which were to be used in part to pay off €8.0m in venture debt obligations to IPF Partners (raised in 2018), releasing Pharnext from the restrictive covenants requiring it to maintain a €8.0m cash balance. If talks progress with Neovacs, we expect the new deal to replace this fixed-rate ABO loan. We await more information before updating our estimates.Den vollständigen Artikel lesen ...