Pharnext announces its 2023 results and the progress of its conciliation procedure

Pharnext SCA, a French biopharmaceutical company, marked the year 2023 with significant progress despite financial challenges. The company concluded its Phase III clinical trial for PXT3003 intended to treat Charcot-Marie-Tooth disease type 1A, with publication of the first results in December 2023. At the same time, a cost control approach made it possible to reduce consumption cash flow of almost 6 million euros compared to 2022.

Pharnext has also initiated a conciliation procedure under the aegis of the Paris Commercial Court, requesting a suspension of debt payments by its main creditors while awaiting the final results of a study carried out in China. This strategic maneuver, aimed at readjusting resources to commitments, saw the approval of the latter for 70% of the Company's uncontested debts.

Financially, the year ends with cash of €0.2 million and drawing facilities resulting in €11.9 million thanks to the financing contract established with Global Tech Opportunities 13, indicating a potential maintenance of operationality until at the next critical deadlines.