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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Poxel | EU:POXEL | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.012 | 2.33% | 0.527 | 0.52 | 0.529 | 0.529 | 0.508 | 0.52 | 61,892 | 13:15:01 |
Regulatory News:
POXEL SA (Euronext : POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, today publishes its cash position, provides an update on its financial situation for the second quarter and first half of 2024, ending June 30, 2024, reviews its activities on June 30, 2024 and announces the rescheduling of its Annual General Meeting 2024, in view of the postponement of the closing of its social and consolidated financial statements for the year ended December 31, 2023.
Thomas Kuhn, Chief Executive Officer of Poxel, stated: “TWYMEEG®'s commercialization in Japan continues to gain momentum, supported by many scientific papers and articles in Japanese journals, some of which were or will be presented at international scientific congresses. In parallel with the expected finalization of our exclusive financing discussions based on the monetization of royalties from TWYMEEG® sales in Japan, the additional protection granted to TWYMEEG® until 2036 potentially represents a further opportunity for the product”.
TWYMEEG® (Imeglimin)
Clinical development, intellectual property and scientific publications
Cash and cash equivalents in the second quarter and first half of 2024
As of June 30, 2024, total cash and cash equivalents amounted to EUR 2.8 million (USD 3 million1), compared with EUR 2.3 million (USD 2.6 million2) as of December 31, 2023 (unaudited data). Net financial debt (excluding IFRS16 impacts and derivative debts) amounted to EUR 46.6 million as of June 30, 2024, compared with EUR 45.6 million as of December 31, 2023 (unaudited data).
EUR (thousands)
Q2 2024
Q4 2023
Cash
2,812
2,341
Cash equivalents
-
-
Cash and cash equivalents
2,812
2,341
Unaudited data.
Finalization of exclusive discussions with a leading investor to monetize royalties from sales of TWYMEEG® (Imeglimin) in Japan and cash runway
With the priority objective of relaunching its R&D activities and executing its strategic plan in rare diseases, the Company has focused in recent months on securing additional financing, in particular non-dilutive solutions. In this context, the Company is currently finalizing exclusive negotiations with a leading investor to monetize royalties from TWYMEEG® (Imeglimin) sales in Japan. In addition, the Company is in advanced discussions – in some cases on an exclusive basis – with several potential partners for each of its three products: Imeglimin, for several countries not covered by its agreement with Sumitomo Pharma, PXL065 and PXL770.
Based on:
Poxel expects that its resources, including funds available to it, will be sufficient to maintain its operations and capital expenditure until completion of the current process to monetize royalties from sales of TWYMEEG® (Imeglimin) in Japan.
Rescheduling of the Annual General Meeting 2024
In view of this transaction, which is key for the Company to continue its operations, and which will be taken into consideration for the closing of its social and consolidated financial statements for the year ending December 31, 2023, Poxel announces that it requested and received confirmation from the Lyon Commercial Court of the rescheduling of its Annual General Meeting, which must be held before December 31, 2024. Once its social and consolidated financial statements are approved, Poxel will inform the market and its shareholders of its new financial calendar for 2024, including the new date of the General meeting, as soon as possible.
Upcoming presentation and participation of the Company in an event
3rd H.C. Wainwright Kidney Conference, July 15, 2024:
About Poxel SA
Poxel is a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare disorders. For the treatment of NASH, PXL065 (deuterium-stabilized R-pioglitazone) met its primary endpoint in a streamlined Phase 2 trial (DESTINY-1). In rare diseases, development of PXL770, a first-in-class direct adenosine monophosphate-activated protein kinase (AMPK) activator, is focused on the treatment of adrenoleukodystrophy (ALD) and autosomal dominant polycystic kidney disease (ADPKD). TWYMEEG® (Imeglimin), Poxel’s first-in-class product that targets mitochondrial dysfunction, is marketed for the treatment of type 2 diabetes in Japan by Sumitomo Pharma and Poxel expects to receive royalties and sales-based payments. Poxel has a strategic partnership with Sumitomo Pharma for Imeglimin in Japan, China, and eleven other Asian countries. Listed on Euronext Paris, Poxel is headquartered in Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan.
For more information, please visit: www.poxelpharma.com
All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements. There can be no assurance that the Company will complete any of the foregoing transactions or that it will do so on a timely basis. The Company does not endorse or is not otherwise responsible for the content of external hyperlinks referred to in this press release.
Glossary
You will find below a list of words and/or expressions that are used in this press release or in Poxel’s communication, with the aim to bring clarification and transparency:
__________________________________ 1 Converted at the exchange rate on June 30, 2024 2 Converted at the exchange rate on December 31, 2023 3 Since March 31, 2023, 11 additional tranches have been drawn for a total amount of EUR 5.8 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240714885795/en/
Investor relations / Media NewCap Nicolas Fossiez, Aurélie Manavarere / Arthur Rouillé investor@poxelpharma.com +33 1 44 71 94 94
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