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Pharnext establishes an equity line facility with Kepler Cheuvreux

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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(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. 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

investors@pharnext.com

+33 (0)1 41 09 22 30

Financial Investor Relations Investor Relations (Europe)
Communication (U.S.)
(France)

MC Services AG
Stern Investor
Actifin Relations, Inc.

Anne Hennecke

Stéphane Ruiz Jane Urheim

anne.hennecke@mc-services.eu

sruiz@actifin.fr jane.urheim@sternir.com

+49 211 529252 22

+33 (0)1 56 88 +1 212 362 1200
11 15
Media Relations Media Relations (U.S.)
(Europe)

RooneyPartners
Ulysse
Communication

Kate L. Barrette

Bruno Arabian

kbarrette@rooneyco.com

barabian
[3]@ulysse-commu
nication.com +1 212 223 0561

+33 (0)1 81 70
96 30

Kepler Cheuvreux

Thierry du Boislouveau

thierry.du-boislouveau@keplercf.com

+41 22 361 51 51


[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


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=cb3681285800d269b63272738266ab82&application_id=916861&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=17d7eeaeab80c33fe70ecc5ba973abc0&application_id=916861&site_id=vwd&application_name=news
3: mailto:pharnext@alizerp.com
4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=a604879f8823af1f89d048ab41fc7bef&application_id=916861&site_id=vwd&application_name=news


(END) Dow Jones Newswires

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