Pharnext and Néovacs announced on Thursday the signature of an agreement designed to provide a framework for their financing and strategic support agreement presented at the end of 2022.

This agreement is designed to provide a framework for the reinforcement of Néovacs' financial support, which is intended to cover its cash flow requirements in the event that Pharnext is unable to draw on the financing agreement in the form of OCABSAs by Global Tech Opportunities 13, as was the case last month.

In this context, Neovacs has undertaken to increase its financial support by up to an additional two million euros per month between now and the end of 2023.

Under this agreement, Neovacs has undertaken to make available to Pharnext, until December 31, 2023, the maximum sum of 24 million euros.

The company is thus covering Pharnext's potential financing needs until the expected publication of the first results from the pivotal Phase III clinical trial evaluating drug candidate PXT3003 in Charcot-Marie-Tooth type 1 disease (CMT1A).

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