Authorization

Poxel Obtains Additional Funding to Advance Pipeline Programs

POXEL S.A. (Euronext a?? POXEL - FR0012432516), a biopharmaceutical company focused on the development of innovative treatments for metabolic disorders, including type 2 diabetes and non-alcoholic steatohepatitis (NASH), announced today that it has obtained additional funding in the form of a bond loan from IPF Partners, a leading alternative financing provider in the healthcare sector.


The financing consists of three separate bond tranches: EUR 6.5 million, EUR 10 million and EUR 13.5 million, for a total amount of EUR 30 million. The first tranche (EUR 6.5 million) is expected to be drawn down in November 2019. Under the conditions described below, Poxel may draw down the second tranche (EUR 10 million) by March 31, 2020 and the third tranche (EUR 13.5 million) by December 31, 2021.


"This EUR 30 million financing with IPF Partners strengthens our financial position and extends our cash runway into 2022, a date that potentially brings us through partner-related milestones as well as royalty income from Imeglimin sales in Japan. It also allows us to continue to advance our two clinical-stage NASH programs through key data readouts and inflection points,a?? said Thomas Kuhn, CEO of Poxel. "PXL770 is currently in a Phase 2 program and we expect results from a PK/PD trial in the first quarter of 2020 and results from a Phase 2a efficacy and safety study in the second quarter of 2020. For PXL065, we expect the results from the Phase 1b trial in the fourth quarter 2019 and expect to initiate the next phase of development in the first half of 2020 following the meeting with the U.S. Food and Drug Administration on the 505(b)(2) regulatory pathway.a??


Bond Financing Highlights and Terms


On October 24, 2019 the Companya??s board of directors approved the bond financing with IPF Partners using the delegation granted to it by the 17th resolution of the shareholdersa?? meeting of May 9, 2019 in accordance with article L. 225-138 of the French Commercial code.
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