PARIS, FRANCE / ACCESSWIRE / March 6, 2019 / Pharnext SA (FR0011191287 - ALPHA), a biopharmaceutical company pioneering a new approach to developing innovative drug combinations based on big-data genomics and artificial intelligence,announced today the implementation of the conversion of all of the convertible bonds held by Tasly, a leading Chinese pharmaceutical group, for a total amount of EUR25 million.
Within the framework of the different agreements signed with Tasly on May 10, 2017, the group made an investment of EUR25 million in the form of convertible bonds. The conversion price of EUR13 represented a premium of greater than 50% in connection with the stock market price at the time.
"This conversion of convertible bonds by Tasly reflects their expressed confidence from 2017 in the future of Pharnext,"said Daniel Cohen, M.D., Ph.D., co-founder and Chief Executive Officer of Pharnext."This operation significantly reinforces our equity capital."
Mr. Kaijin Yan, President and CEO of Tasly Pharmaceuticals added, "We are pleased to have the opportunity to express our enthusiasm about the future of Pharnext, its products and its revolutionary PLEOTHERAPY(TM) platform."
After the conversion, Tasly (https://en.tasly.com/) will hold 15.89% of Pharnext issued capital.
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 genomic data and artificial intelligence: PLEOTHERAPY(TM). Pharnext identifies and develops synergic combinations of drugs called PLEODRUG(TM). 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 the Euronext Growth Stock Exchange in Paris (ISIN code: FR0011191287).
For more information, visit www.pharnext.com.
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.
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SOURCE: Pharnext SA