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PHARNEXT – Pharnext convenes its shareholders to supply itself with the authorized and monetary framework tailored to its venture – 01/24/2023 – 08:30

PARIS, France, January 24, 2023 at 8:30 a.m. (CET) – Pharnext SA (FR001400BV89 – ALPHA) (the “Firm”), a biopharmaceutical firm at a sophisticated medical stage growing new therapies for neurodegenerative ailments with no passable therapeutic resolution, declares that it has convened its shareholders to a Mixed Common Assembly (odd and extraordinary) on February 24, 2023 at 4:00 p.m. rue de la République, 92150 Suresnes. On this event, shareholders will probably be known as upon to vote on:

  • The implementation of a brand new authorized construction with a change of the Firm, at present constituted as a public restricted firm, right into a partnership restricted by shares (SCA) and, consequently, a brand new governance;
  • Varied regular resolutions for the aim of continuing with doable monetary transactions.

To be able to legally mirror the dedication of its new administration to the correct execution of its 2023 roadmap and to guard its exercise in a vital interval of worth creation, the Board of Administrators of Pharnext has expressed the intention to remodel the Firm , at present included as a public restricted firm, as a partnership restricted by shares. Within the occasion of transformation of Pharnext right into a partnership restricted by shares, the corporate Pharnext Développement, a simplified joint inventory firm managed by the corporate Néovacs SA (FR00140077X1 – ALNEV) can be the only real basic accomplice, thus turning into collectively and severally accountable for the money owed of the society.

When it comes to governance, Néovacs (represented by Hugo Brugière, CEO of Néovacs and present CEO of Pharnext) would develop into Chairman of Pharnext Développement, which might in flip be the supervisor of Pharnext. The supervisory board of Pharnext (constituted as an SCA) can be made up of the present members of the board of administrators (excluding Hugo Brugière), specifically Joshua Schafer, Lawrence Steinman and James Kuo.

Hugo Brugière declares: “ I’m delighted with the will proven by Neovacs to make its dedication alongside Pharnext over the long run to disclose the intrinsic worth of the Firm. As we speak, the large discrepancy between the estimated worth of property, in line with the work of monetary analysts, and the inventory market exposes us to a hostile takeover at a low worth. This could be catastrophic for the loyal shareholders who’ve made big sacrifices and as we method the tip of the pivotal worldwide Part III medical examine of PXT3003 in CMT1A, a significant worth creation milestone within the occasion of favorable outcomes.

On this context, I want to give the Firm the time and the means to calmly search a long-term accomplice. For the report, now we have created an advert hoc committee for this objective, made up of the most effective consultants within the subject from our Board and our Administration Committee. We even have the dedication of GTO 13 and Neovacs to finish the bond financing contracts as quickly as a structuring partnership is signed. This partnership may happen throughout the framework of a capital transaction that might in the end result in a takeover of the Firm. »

The discover of assembly of the Mixed Common Assembly together with the agenda of the assembly, the textual content of the draft resolutions submitted to the assembly and the principle phrases of participation and voting on the assembly, has been printed Friday, January 20, 2023 within the Bulletin des Annonces Légales Obligatoires (BALO) quantity 9.

All of the paperwork and data offered for in Article R.225-73-1 of the Business Code will probably be made out there, throughout the authorized deadlines, to shareholders on the registered workplace or on the Firm’s web site, within the devoted part at Common Conferences: https://pharnext.com/fr/buyers#assembly.

In accordance with Article R. 225-84 of the Business Code, every shareholder has the suitable to deal with the Board of Administrators, which is able to reply within the assembly, any written questions of their selection. Questions have to be despatched by registered letter with acknowledgment of receipt to the Firm’s tackle or by e-mail to the next tackle: agmpharnext2023@pharnext.com.

Written questions will probably be taken into consideration as quickly as they’re despatched no later than the fourth enterprise day previous the date of the overall assembly, i.e. February 20, 2023. They have to be accompanied by a registration certificates both inside registered securities accounts held by the Firm, or in bearer securities accounts held by the licensed middleman.

About Pharnext

Pharnext is a late-stage biopharmaceutical firm growing novel therapies for neurodegenerative ailments that at present haven’t any passable therapeutic resolution. Pharnext has two merchandise in medical growth. PXT3003 has accomplished a global Part III trial with first optimistic leads to Charcot-Marie-Tooth illness kind 1A (CMT1A) and has orphan drug standing in Europe and america. A pivotal worldwide Part III medical examine of PXT3003 in CMT1A, the PREMIER trial, is at present underway. PXT864 has obtained encouraging Part II leads to Alzheimer’s illness and its growth will probably be pursued in partnerships. Pharnext’s two most superior drug candidates had been found with the Pleotherapy™ R&D method. Pharnext attracts buyers’ consideration to the chance components, significantly the monetary ones detailed in its monetary stories. Extra info on www.pharnext.com.

Pharnext is listed on the Euronext Development market in Paris (ISIN code: FR001400BV89).

contacts

Press Relations (Worldwide)
Consilium Strategic Communications
Mary Jane Elliott
Sukaina Virji
Alexandra Harrison
pharnext@consilium-comms.com
Monetary Press Relations
NEWS finance & communication
Deborah Schwarz
dschwartz@actus.fr
+33 (0)1 53 67 36 35
Investor Relations
NEWS finance & communication
Jerome Fabreguettes Leib
pharnext@actus.fr
+33 (0)1 53 67 36 78

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