Pharnext: deadlock with Tasly, share price falls

(CercleFinance.com) - Pharnext fell sharply on the Paris Bourse on Friday, after declaring itself to be in a "deadlock" with its Chinese partner Tasly.


The biopharmaceutical company explains that it is unable to communicate on the results of a Phase III clinical study conducted in China on Charcot disease, due to its partner's refusal.

"The confidentiality agreements in force, as well as Tasly's status as a listed company, do not allow Pharnext to do so", it explains in a press release.

This blocking situation is preventing Pharnext from pursuing discussions with laboratories interested in exploiting PXT3003 (outside China), who prefer to wait for the publication of the trial's conclusions.

More generally, this situation prevents the company from pursuing discussions with its creditors, which has led it to seek financial support from its strategic and financial partner Néovacs, who has indicated its refusal.

Following this news, Pharnext's share price fell by 13%, after having tumbled by more than 20% in the course of the morning.

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