GeNeuro: a procedure to restructure debt

(CercleFinance.com) - GeNeuro announced on Monday that it had filed an application with the Geneva Court of First Instance for a debt-restructuring moratorium with a view to restructuring its debt and ensuring the continuity of its activities.


The Swiss biopharmaceutical company, which is listed on the Paris stock exchange, explains that this decision follows the announcement last month of the failure of its Phase 2 clinical trial in patients suffering from post-Covid neuropsychiatric syndromes.

In a press release, the company explains that its Board of Directors has decided that it is necessary to notify the company of its situation of overindebtedness and to put in place a procedure enabling the restructuring of its debts and the development of solutions to put its financial situation on a sounder footing.

During this suspension period, the company will enter into negotiations with its creditors, while continuing to seek ways of recapitalizing itself and monetizing its multiple sclerosis and amyotrophic lateral sclerosis assets.

It should be noted that the application for debt-restructuring moratorium filed by the company concerns only GeNeuro SA, the Swiss parent company of the GeNeuro Group, and that the activities of its French R&D subsidiary, GeNeuro Innovation SAS, are continuing as of the date hereof and are not currently concerned by these proceedings or by any equivalent collective proceedings under French law.

The share price fell by 39% following these announcements.

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