BRIEF—$99 million financing for Paris-based Pharnext

French biotech Pharnext has secured financing of up to 81 million euros ($99 million) from Global Tech Opportunities 13, with the investment being spread out over 35 tranches.

Using its novel Pleotherapy platform, the company is working on innovative drug combinations, “based on big genomics data and artificial intelligence.”

The company intends to use the net proceeds of the financing program to continue the Phase III PREMIER trial of lead candidate PXT3003 in rare disease Charcot-Marie-Tooth disease type 1A.

Chief executive David Horn Solomon said the financing program “relieves our financing overhang and allows us to progress our business plan to value creation for patients and shareholders with enthusiasm.”

The money is expected to extend the company’s financing horizon up until the first quarter of 2022.