Termination of the financing contract granted to Pharnext

Neovacs, a preclinical-stage biopharmaceutical company, announced the early termination of its financing agreement with Pharnext. This contract, concluded in September 2022 and managed by a trustee since October 2022, was revoked due to defects reported by Pharnext on July 3, 2024.

As a result, the trustee responsible for managing the agreement asked Pharnext to repay the remaining €22 million. If this request is not honored, the trustee reserves the right to enforce the security interests granted, including the intellectual property, bank accounts and insurance claims of Pharnext.