Pharnext, a biopharmaceutical company pioneering a new approach to developing innovative drug combinations based on genomic big data and artificial intelligence, today announced that it successfully closed a EUR15 million financing from CB Lux.
“We thank our current shareholder CB Lux for its continued confidence in Pharnext, our unique platform
“This funding will provide Pharnext with additional means to advance¬†SYNGILITY development¬†towards
Professor Daniel Cohen added: “CB
CHARACTERISTICS OF THE PRIVATE PLACEMENT 
Pharnext completed a private placement for gross quasi-equity of EUR15 million in the form of issuance of 1,020,408 new shares (the “Shares”).¬†
The Shares have been issued in accordance with the approval of the Board of Directors, implemented according to the twelfth resolution of the Shareholders’ Meeting on June 13, 2018 (the “Shareholders’ Meeting”) governed by the article L. 225-138 of the French Commercial Code (capital increase reserved for a category of beneficiaries), with preemptive subscription rights waived in favor of the company CB Lux. CB Lux, already a 21.12% shareholder in Pharnext prior to this operation, will own 27.29% of the issued capital after such funds are raised. The corporate governance of Pharnext will not change after this operation as CB Lux remains unrepresented on the Board of Directors.
The unit price of the Shares is equal to the weighted average market price of the three latest stock exchange sessions preceding the date of their issuance, ie EUR14.70 (including premium). The Shares will be entirely assimilated into Pharnext’s existing shares and will represent approximately only 7.83% of the number of outstanding shares post-fundraising.¬†
The main
Pursuant to¬†Article 211-3 of the¬†Autorit√© des March√©s Financiers (“AMF”) General Regulation, it¬†should be noted¬†that the¬†above-mentioned¬†private placement¬†has not resulted or will not result in the drafting¬†of a prospectus submitted to the AMF for approval.
