Pharnext S.A.. (1/23/19). "Press Release: Pharnext Raises €15 Million without Discount". Paris.

	Organisation	Pharnext S.A. (Euronext Paris: ALPHA)
	Organisation 2	CB Lux
	Product	PXT-3003 (Pharnext)
	Product 2	investment banking
	Index term	Pharnext–CB Lux: investment, 201901 private placement €15m with 1.02m new shares at €14.7/share to CB Lux raising share from 21.12% to 27.79%
	Person	Cohen, Daniel (Pharnext 201601 CEO + Founder before Genset + Millennium Pharmaceuticals)
	Person 2	Bastid, Pierre

Pharnext SA (FR0011191287 - ALPHA), a biopharmaceutical company pioneering a new approach to developing innovative drug combinations based on genomic big data and artificial intelligence, today announced that it successfully closed a €15 million financing from CB Lux.

"We thank our current shareholder CB Lux for its continued confidence in Pharnext, our unique platform and PXT3003, our late stage product, which is expressed by the size of this investment and the financial conditions," said Professor Daniel Cohen, founder and CEO of Pharnext. "This funding will provide Pharnext with additional means to advance PXT3003 development towards commercialisation for the treatment of Charcot-MarieTooth disease type 1A.

Furthermore, this fundraising will improve the cash position and capital structure of Pharnext and may facilitate our consideration of subsequent financial transactions under favorable conditions, including non-dilutive operations such as licensing agreements, R&D collaborations or loans.”

Professor Daniel Cohen added: “CB Lux has fulfilled our aim to find a reactive investor offering, a significant fundraising capacity and a price per share without any applicable discount. The financial structure of Pharnext has been reinforced by this investment.”

CHARACTERISTICS OF THE PRIVATE PLACEMENT

Pharnext completed a private placement for gross quasi equity of €15 million in the form of issuance of 1,020,408 new shares (the "Shares").

The Shares have been issued in accordance with the approval of the Board of Directors, implemented according to the twelfth resolution of the Shareholders’ Meeting on June 13, 2018 (the “Shareholders’ Meeting”) governed by the article L. 225-138 of the French Commercial Code (capital increase reserved for a category of beneficiaries), with preemptive subscription rights waived in favor of the company CB Lux. CB Lux, already a 21.12% shareholder in Pharnext prior to this operation, will own 27.29% of the issued capital after such funds are raised. The corporate governance of Pharnext will not change after this operation as CB Lux remains unrepresented on the Board of Directors.

The unit price of the Shares is equal to the weighted average market price of the three latest stock exchange sessions preceding the date of their issuance, i.e. €14.70 (including premium). The Shares will be entirely assimilated into Pharnext's existing shares and will represent approximately only 7.83% of the number of outstanding shares post-fundraising.

The main sharehoders of Pharnext will be, on a non-fully diluted basis: CB Lux (27.29%), Lohas, family office of M. Pierre Bastid (19.68%), funds managed by Truffle Capital (8.58%), M. Daniel Cohen (4.75%). Tasly, will hold 3.07% of the issued shares. To the knowledge of Pharnext, there are no existing shareholders’ agreements between such shareholders.

Pursuant to Article 211-3 of the Autorité des Marchés Financiers (“AMF”) General Regulation, it should be noted that the above-mentioned private placement has not resulted or will not 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 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 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™. 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.

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. This document does not constitute or form any part of any offer to sell, or the solicitation of an offer to buy or subscribe for, any shares or securities in Pharnext, in France, the United States or in any other jurisdiction. It does not constitute a public offering, subscription offering or a solicitation in view of a public offering.

This document does not purport to contain complete information about Pharnext and is qualified in its entirety by the business, financial and other information that Pharnext is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Euronext Growth Paris, including, in particular, the risk factors set out in Pharnext’s document de base registered by the French Financial Markets Authority (Autorité des marchés financiers) on June 2, 2016 under number I.16-0050, and in any other periodic report, which are available free of charge on the websites of the Company (www.pharnext.fr) and the AMF (www.amf-france.org). All statements in this press release are to be forward-looking statements. These forward-looking statements are not guarantees of future performance and involve a number of known and unknown risks and uncertainties. These risks and uncertainties, and other factors, could adversely affect the outcome of the forward-looking statements, and actual results could differ materially from those contemplated in the statements. As a result, readers are cautioned that forward-looking information and statements in this press release are subject to various risks and uncertainties which are difficult to predict and may cause actual data and statements to differ materially from those expressed in, or projected by this document.

All persons accessing this document are deemed to agree to all the limitations and restrictions set out above.

CONTACTS:

Pharnext
François Chamoun
Legal Officer
investors@pharnext.com
+33 (0)1 41 09 22 30

Financial Communication (France)
Actifin
Stéphane Ruiz
sruiz@actifin.fr
+33 (0)1 56 88 11 15

Investor Relations (U.S.)
Stern Investor Relations, Inc.
Kendra Packard
kendra@sternir.com
+1 212 362 1200

Investor Relations (Europe)
MC Services AG
Anne Hennecke
anne.hennecke@mc-services.eu
+49 211 529252 22

Media Relations (Europe)
Ulysse Communication
Bruno Arabian
barabian@ulysse-communication.com
+33 (0)1 81 70 96 30

Media Relations (U.S.)
RooneyPartners
Kate L. Barrette
kbarrette@rooneyco.com
+1 212 223 0561

Record changed: 2023-06-05