Edison Investment Research - Pharnext SA (ALPHA) Pharnext - Convertible debt terms revised

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Edison Investment Research

Sean Conroy

Pharnext - Convertible debt terms revised

Due at least in part to significant recent share price depreciation, Pharnext has announced a revision in the terms of its June 2021 convertible debt financing (OCEANE-BSA). Effective February 2022, the number of tranches will be reduced to 12 from 35, with the last five tranches to be issued between January and May 2022 for total proceeds of €15m. As of 28 December, the first six tranches have been drawn down for gross proceeds of €20.5m. This development has the potential, in time, to reassure investors, given that dilution had been a significant factor in driving down the stock price since the June 2021 debt issue. Separately, Pharnext also announced the appointment of Dr Elisabeth Svanberg as chairman of the board of directors (effective 1 January 2022), succeeding Michel de Rosen.

29/12/2021 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 - Convertible debt terms revised

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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