Edison Investment Research - Pharnext SA (ALPHA) Pharnext - Approaching clinical validation

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Edison Investment Research

Sean Conroy

Pharnext - Approaching clinical validation

We revisit our assessment for Pharnext after an eventful few weeks that saw the company announce encouraging new data (five years of trial time) from its PLEO-CMT-FU open-label extension study, complete patient enrolment in its pivotal Phase III PREMIER trial and make progress in raising new, non-dilutive financing. We maintain our outlook for the PREMIER study (likely to conclude in Q423), bolstered by the positive data from the extension study (sustained benefit to patients after five years of treatment). The recently announced €12m fixed-rate financing should ease the funding overhang in the short term, but we estimate the need to raise up to €10m in Q422 and a further €50m in FY23. We raise our overall valuation slightly to €267.4m (from €265.6m) but pare the per share valuation to €0.41 (from €2.0) following recent debt-to-equity conversions.

28/06/2022 1 EN

Underlying

Pharnext SA

Pharnext SA is a France-based biopharmaceutical company. The Company is focused on discovering, developing and licensing new therapeutic solutions (Pleodrugs) and companion tests for unmet medical needs (large and niche markets) by using the Pleotherapy approach. Pharnext SA runs all its own activities, from research through to clinical development (no further than the end of Phase II trials), and then licenses the Pleodrugs to industrial partners. The Company's prime focus is on neurodegenerative diseases and metabolic diseases.

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FR0011191287 Euronext Paris France

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Pharnext - Approaching clinical validation

Pharnext - Termination of coverage

Pharnext - Potential licensing deals could add confidence

Pharnext - Improving FY23 financial footing

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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