Poxel Secures EUR 6 Million in Non-Dilutive Financing Guaranteed by the French Government
15 Ottobre 2020 - 5:45PM
Business Wire
- Approvals received from BNP Paribas, Bpifrance and CIC
Lyonnaise de Banque for EUR 6 million in non-dilutive financing in
the form of a French Government Guarantee Loan (PGE Loan)
- New funding strengthens Poxel’s financial position
- As of June 30, 2020, Poxel’s cash and cash equivalents1
were EUR 46.0 million (USD 51.5 million)
POXEL SA (Euronext – POXEL – FR0012432516), a biopharmaceutical
company focused on the development of innovative treatments for
metabolic disorders, including type 2 diabetes and non-alcoholic
steatohepatitis (NASH), today announced that it has received
financing approval from BNP Paribas, Bpifrance and CIC Lyonnaise de
Banque for a total of EUR 6 million in the form of state-guaranteed
loans (Prêts Garantis par l’Etat, or PGE in France) in the context
of the COVID-19 pandemic.
“Over the last several months, we have strengthened our cash
position with a capital raise, a milestone payment from our
partner, Sumitomo Dainippon Pharma, based on the Imeglimin New Drug
Application submission in Japan, and now, through this non-dilutive
loan. We would like to thank the French government and our banking
partners for this funding which will allow us to further advance
our research and development activities,” said Thomas Kuhn, CEO of
Poxel.
Each individual lender will provide a loan of EUR 2 million. The
French government will guarantee 90% of the amount due in the case
of default.
Each loan has an initial term of one-year, with a five-year
extension option.
About Poxel SA
Poxel is a dynamic biopharmaceutical company that uses
its extensive expertise in developing innovative drugs for
metabolic diseases, with a focus on type 2 diabetes and
non-alcoholic steatohepatitis (NASH). In its mid-to-late
stage pipeline, the Company is currently advancing three drug
candidates as well as earlier-stage opportunities.
Imeglimin, Poxel’s first-in-class lead product, targets
mitochondrial dysfunction. Poxel has a strategic partnership with
Sumitomo Dainippon Pharma for Imeglimin in Japan, China, South
Korea, Taiwan and nine other Southeast Asian countries. A Japanese
new drug application (J-NDA) is under review by the Pharmaceuticals
and Medical Devices Agency (PMDA) to request approval for the
manufacturing and marketing of Imeglimin for the treatment of type
2 diabetes. Poxel also established a partnership with Roivant
Sciences for Imeglimin’s development and commercialization in
countries outside of the partnership with Sumitomo Dainippon
Pharma, including the U.S. and Europe. PXL770, a
first-in-class direct adenosine monophosphate-activated protein
kinase (AMPK) activator, has successfully completed a Phase 2a
proof-of-concept trial for the treatment of NASH. The Phase 2a
trial met its primary endpoint and study objectives. PXL770 could
also have the potential to treat additional metabolic diseases.
PXL065 (deuterium-stabilized R-pioglitazone), a MPC
inhibitor, is in a single Phase 2 trial for the treatment of NASH.
Poxel also has additional earlier-stage programs from its AMPK
activator and deuterated TZD platforms targeting chronic and rare
metabolic diseases. The Company intends to generate further growth
through strategic partnerships and pipeline development. 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.
In the context of the COVID-19 outbreak, which was declared a
pandemic by the World Health Organization (WHO) on March 12, 2020,
the Company is regularly reviewing the impact of the outbreak on
its business.
As of the date of this press release, and based on publicly
available information, the Company has not identified the
occurrence of any material negative effect on its business due to
the COVID-19 pandemic that remains unresolved. However, the Company
anticipates that the COVID-19 pandemic could have further material
negative impact on its business operations. The worldwide impact of
COVID-19 may notably affect the Company’s internal organization and
efficiency, particularly in countries where it operates and where
confinement measures are implemented by the authorities. In
addition, COVID-19 may impact market conditions and the Company’s
ability to seek additional funding or enter into partnerships.
Particularly, delays in the supply of drug substance or drug
products, in the initiation or the timing of results of preclinical
and/or clinical trials, as well as delays linked to the
responsiveness of regulatory authorities could occur, which could
potentially have an impact on the Company’s development programs
and partnered programs. The Company will continue to actively
monitor the situation.
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.
1 Net of financial liabilities as defined in our annual
financial statements.
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Poxel SA Jonae R. Barnes Senior Vice President, Investor
Relations, Corporate Communication and Public Relations
jonae.barnes@poxelpharma.com +1 617 818 2985
Aurélie Bozza Investor Relations and Communication Director
aurelie.bozza@poxelpharma.com +33 6 99 81 08 36
Investor relations / Media - EU/US Trophic Communications
Stephanie May or Valeria Fisher may@trophic.eu or fisher@trophic.eu
+49 171 185 56 82 or +49 175 804 1816
Investor relations / Media - France NewCap Emmanuel Huynh
/ Arthur Rouillé poxel@newcap.eu +33 1 44 71 94 94
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