Pharnext said on Wednesday that its inability to communicate the results of its Phase III clinical trial in China, and the refusal of its partner Néovacs not to support it financially, constituted two significant adverse events considered as 'events of default'.

For the record, the biopharmaceutical company had entered into a convertible bond financing agreement with Néovacs in 2022, through a trustee under a management trust.

The company points out that the trustee is now entitled to terminate the financing agreement and, consequently, to enforce the security interests granted to it over Pharnext's intellectual property, bank accounts and insurance claims.

In these circumstances, Pharnext indicates that it has approached Global Tech Opportunities 13, another financial partner, in order to obtain its support and continue to study the legal framework best suited to its situation.

In anticipation of this, the share price was down by more than 10% on the Paris Bourse by mid-day Wednesday.

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