€30.9million raised; market capitalization €100.4 million
Paris – 18 July 2016– EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today welcomed French biotech company Pharnext for its first day of trading on Alternext in Paris.
Pharnext is a pioneering pharmaceutical company that develops new therapeutics for severe neurodegenerative diseases—both rare and common, including type A1 Charcot-Marie-Tooth disease and Alzheimer’s disease—for which no adequate treatment is currently available. The company specialises in developing pleodrugs: synergetistic combinations of low doses of drugs already approved to treat other illnesses. It is a commercial approach that addresses some key challenges in the pharmaceutical industry, including the high cost and high rate of failure incurred in drug development.
Pharnext joins a community of 79 life science companies listed on Euronext markets.
Pharnext’s admission and issuing price was set at €10.82 per share. Market capitalisation on the day of listing was €100.4 million, and the operation raised a total of €30.9 million.
Prof. Daniel Cohen, MD, PhD, founder and CEO of Pharnext, said: “Today we are pleased to announce the completion of our initial public offering on the Alternext market of Euronext Paris. It represents an important milestone in Pharnext’s growth and its innovative approach that seeks to develop a new generation of drugs. This IPO will primarily serve to finance our Phase 3 study of type 1A Charcot-Marie-Tooth disease for adults, prepare/initiate the pediatric study and launch Phase 2b for our Alzheimer’s disease treatments. Pharnext is a French company listing on Euronext — a market which has in recent years become Europe’s leading financial centre for biotechnology companies, making it the natural choice for us.”
TheGlobal Offering was made up of a Public Offering that included an Open Price Public Offering and a Global Placement with institutional investors in France and other countries
Pharnext is an advanced clinical stage biopharmaceutical company founded by renowned scientists and entrepreneurs including Professor Daniel Cohen, a pioneer in modern genomics. Pharnext focuses on neurodegenerative diseases and has two lead products in clinical development: PXT3003 is currently in an international Phase 3 trial 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 positive Phase 2 results in Alzheimer’s disease. Pharnext is the pioneer of a new drug discovery paradigm: pleotherapy. The Company identifies and develops synergic combinations of repositioned drugs at low dose. These “pleodrugs” offer several key advantages: efficacy, safety, and intellectual property including several composition of matter patents already granted. The Company is supported by a world-class scientific team.
The company Pharnext is listed on Euronext Alternext Stock Exchange in Paris (ISIN code : FR00111911287).
For more information please visit www.pharnext.com