BRIEF—Néovacs deal funds Pharnext until 2024

Pharnext has executed a financing agreement with Néovacs for around 21 million euros ($21 million), to help develop PXT3003 for Charcot-Marie-Tooth disease type 1A.

The deal includes several tranches of debt, with share warrants attached, and allows Pharnext to renegotiate existing financing agreements with Global Tech Opportunities 13.

The cumulative financing resulting from these agreements brings a total potentially available net amount of approximately 46.7 million euros to the company.

Pharnext said the deal would enable it to finance its operations and the PREMIER trial of PXT3003, until the first quarter of 2024.

Results from the trial are expected in the final quarter of 2023.