Pharnext and Global Tech Opportunities 13 Agree to Stop Convertible Bond Program from End of May 2022

Dec 22, 2021

Pharnext and Global Tech Opportunities 13 (with Alpha Blue Ocean acting as arranger on behalf of Global Tech Opportunities 13) have reached an agreement, expected to be effective from February 2022, to amend the terms of the existing financing program announced in June 2021 in order to (among other adjustments) reduce the number of OCEANE-BSA tranches to 5 OCEANE-BSA tranches over the 5-month period from January to May 2022 (reducing the total number of OCEANE-BSA tranches from 35 to 12).Accordingly, the last OCEANE-BSA tranche is expected to be issued in May 2022.
These 5 OCEANE-BSA tranches to be drawn from January to May 2022 will represent a gross total par value of €15 million, subject to customary conditions.
Certain terms of the amendement are subject to the approval of a specific authorization at an Extraordinary General Meeting of shareholders to be held at the latest by February 11, 2022
In consideration for entering into this agreement, Pharnext will grant a low single-digit royalty on net sales of the PXT3003 product during the lifetime of the related patent

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