{"id":55119,"date":"2023-03-23T08:04:24","date_gmt":"2023-03-23T07:04:24","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/poxel-announces-cash-runway-extended-through-q2-2025-based-upon-debt-restructuring-agreement-and-new-equity-linked-financing-facility\/"},"modified":"2023-03-23T08:04:24","modified_gmt":"2023-03-23T07:04:24","slug":"poxel-announces-cash-runway-extended-through-q2-2025-based-upon-debt-restructuring-agreement-and-new-equity-linked-financing-facility","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/poxel-announces-cash-runway-extended-through-q2-2025-based-upon-debt-restructuring-agreement-and-new-equity-linked-financing-facility\/","title":{"rendered":"Poxel Announces Cash Runway Extended Through Q2 2025 Based upon Debt Restructuring Agreement and New Equity-linked Financing Facility"},"content":{"rendered":"<div>\n<ul class=\"bwlistdisc\">\n<li>\n<b>Restructuring of the Company\u2019s debt postpones initiation of repayments to Q1 2025, to be repaid with positive net royalty<\/b><b><sup>1<\/sup> flow to Poxel anticipated to start in Sumitomo Pharma\u2019s FY2024<sup>2<\/sup> based on the strong growth trajectory of TWYMEEG<sup>\u00ae<\/sup> (Imeglimin) sales<\/b>\n<\/li>\n<li>\n<b>New equity-linked financing facility with IRIS and an initial drawdown of EUR 3.5 million<\/b>\n<\/li>\n<li>\n<b>Cash runway extended through Q2 2025 through the debt restructuring and assuming the full drawdown of the new equity-linked financing facility<\/b>\n<\/li>\n<li>\n<b>Company actively pursuing additional financing to initiate adrenoleukodystrophy (ALD) Proof-of-Concept (POC) studies<\/b>\n<\/li>\n<li>\n<b>Conference call today at 1:00pm CET (French) \/ 9:45am ET (English)<\/b>\n<\/li>\n<\/ul>\n<p>\n<strong>Warning in compliance with AMF Recommendation of 14 February 2023:<\/strong>\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20230322005827\/en\/729490\/5\/POXEL_LOGO_Q.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230322005827\/en\/729490\/21\/POXEL_LOGO_Q.jpg\"><\/a><\/p>\n<p>\n<strong><i>This press release notably refers to a financing Poxel has set up in the form of<\/i><\/strong><i> bonds redeemable for new or existing shares<\/i><strong><i> with IRIS, which, after receiving the shares resulting from the redemption of those instruments, is not expected to remain a shareholder of the Company.<\/i><\/strong>\n<\/p>\n<p>\n<strong><i>The shares, resulting from the redemption of the aforementioned securities, will, in general, be sold in the market at very short notice, and this may create a strong downward pressure on the share price.<\/i><\/strong>\n<\/p>\n<p>\n<strong><i>Shareholders may suffer a loss of their invested capital due to a significant decrease in the Company\u2019s share price, as well as significant dilution due to the large number of securities issued and to be issued to IRIS.<\/i><\/strong>\n<\/p>\n<p>\n<strong><i>Investors are invited to be very careful before making the decision to invest in the securities of companies admitted to trading that carry out such dilutive financing transactions, particularly when they are carried out repeatedly. The Company already put in place a similar dilutive financing transaction in August 2022 with IRIS.<\/i><\/strong>\n<\/p>\n<p>\n<strong><i>In particular, investors are invited to be aware of the risks associated with the transaction which are, mentioned above and below.<\/i><\/strong>\n<\/p>\n<p>LYON, France&#8211;(BUSINESS WIRE)&#8211;Regulatory News:\n<\/p>\n<p>\n<a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.poxel.com%2F&amp;esheet=53366574&amp;newsitemid=20230322005827&amp;lan=en-US&amp;anchor=POXEL+SA&amp;index=1&amp;md5=5dc561e9905abc9d1e63511922cefbed\" rel=\"nofollow noopener\" shape=\"rect\">POXEL SA<\/a> (Euronext: POXEL &#8211; FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for serious chronic diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, announced today that is has finalized (1) agreements with its lenders to restructure its existing debt obligations and (2) a new equity-linked financing with IRIS with an initial drawdown of EUR 3.5 million. With these agreements, assuming the full drawdown of the new equity-linked financing facility, the Company has extended its cash runway and expects to fund its operations and capital expenditure requirements through Q2 2025.\n<\/p>\n<p>\nThomas Kuhn, Chief Executive Officer of Poxel, stated: \u201c<i>We are very pleased to have finalized this important step for the Company\u2019s progress and would like to thank our financial partners, IPF Partners, the banks BNP Paribas, Bpifrance and CIC Lyonnaise de Banque, as well as IRIS, for their support and contribution that led to this successful significant restructuring of our debt, and the extension of our cash runway through Q2 2025.<\/i><i> This debt restructuring has been facilitated by TWYMEEG\u2019s strong sales growth trajectory, which has exceeded Sumitomo\u2019s original forecast, providing increased confidence that TWYMEEG royalties will generate substantial future cash flows. We now have more financial flexibility that we can build on to secure additional financing options, including ongoing active partnership discussions related to our programs, with the objective to pursue our plan in rare diseases.\u201d<\/i>\n<\/p>\n<p>\nEdouard Guillet, Partner at IPF Partners (IPF), commented: <i>\u201c<\/i><i>We are pleased with the remarkable commercial launch of TWYMEEG in Japan, allowing us to provide Poxel with an extended repayment schedule. We now look forward to the success of Poxel\u2019s next steps in rare diseases.\u201d<\/i>\n<\/p>\n<p>\nThe Company has finalized agreements with its lenders, IPF and the banks that are part of the French Government-Guaranteed Loan (PGE Loan), to restructure its existing debt of EUR 32 million to IPF and EUR 6 million for the PGE Loan (at December 31<sup>st<\/sup>, 2022). In both agreements, amortization payments under the existing debt facility are postponed to reinitiate when the Company expects to start receiving positive net royalty1 flows from TWYMEEG sales in Japan. Based on the conservative forecast agreed upon by the Company and its lenders, amortization payments would be postponed until Q1 2025. In addition, the agreement with IPF now offers more flexibility under the financial covenants, as detailed in the dedicated section below.\n<\/p>\n<p>\nConcurrently, the Company has entered into a new equity-linked financing arrangement with IRIS, in the form of bonds redeemable into new or existing shares (ORANE) of Poxel to be subscribed by IRIS, in order to provide additional liquidity and flexibility intended to support its ongoing regulatory and development activities, as well as general corporate purposes. An initial amount of EUR 3.5 million has been drawn down immediately, and the Company has the option, at its sole discretion, to draw additional tranches for up to a total of EUR 15 million over 2 years as further detailed below. Upon redemption of the equity-linked instruments, Poxel will deliver to IRIS newly issued shares to be created from the Company\u2019s authorized capital or existing Poxel shares and IRIS is expected to sell these newly issued shares on the market or in block trades.\n<\/p>\n<p>\nBased on the debt restructuring described in this press release and:\n<\/p>\n<ol class=\"bwlistlowroman\">\n<li>\nits cash position of EUR 13.1 million at December 31, 2022,\n<\/li>\n<li>\nthe full drawdown available under the new equity-linked financing with IRIS<sup>3<\/sup>,\n<\/li>\n<li>\nits current research and development plan, excluding the initiation of Phase 2a clinical proof-of-concept (POC) biomarker studies for PXL770 and PXL065 in ALD, and\n<\/li>\n<li>\na strict control of its operating expenses,\n<\/li>\n<\/ol>\n<p>\nthe Company expects that its resources will be sufficient to fund its operations and capital expenditure requirements through Q2 2025.\n<\/p>\n<p>\nIn addition, the Company is actively pursuing additional financing options, including ongoing active partnership discussions related to its programs, that will allow the launch of Phase 2a clinical proof-of-concept (POC) biomarker studies for PXL065 and PXL770 in ALD.\n<\/p>\n<p>\n<b><span class=\"bwuline\">Debt Restructuring Details<\/span><\/b>\n<\/p>\n<p>\nThe Company has entered into an agreement with IPF, postponing all debt repayments to reinitiate when the royalty rate on TWYMEEG net sales will increase to 10%, resulting in positive net royalties<sup>1<\/sup> to Poxel, which the Company anticipates before the end of Sumitomo fiscal year 2024 (ending March 31, 2025) when TWYMEEG net sales in Japan reach JPY 5 billion (EUR 35.6 million)<sup>4<\/sup>. In addition to 10% royalties on all TWYMEEG net sales, Poxel will be entitled to its first sales-based payment of JPY 500 million (EUR 3.6 million)<sup>4<\/sup>. Positive net royalties and sales-based payments will be directed to the debt reimbursement until the loan is fully repaid. According to a schedule based on conservative TWYMEEG revenue projections, the Company expects the debt to be fully repaid in Q2 2029 at the latest. After this time, subsequent net royalties and sales-based payments will revert back to the Company.\n<\/p>\n<p>\nThe Company has reached a similar debt restructuring agreement with the banks that provided the French Government-Guaranteed Loan (PGE Loan) of EUR 6 million, obtained in 2020 in the context of the COVID-19 pandemic. The Company expects the PGE loan to be fully repaid in Q2 2028.\n<\/p>\n<p>\n<i><span class=\"bwuline\">IPF debt restructuring<\/span><\/i>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIn addition to the postponing of debt repayments mentioned above, the Company and IPF have agreed to new financial covenants where the Company shall maintain:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\na minimum cash position between EUR 1 million and EUR 9 million,\n<\/li>\n<li>\na gearing ratio, as measured by total net debt to the market capitalization value of the Company, at a level lower than 150% (vs 50% initially),\n<\/li>\n<\/ul>\n<\/li>\n<li>\nCash Margin:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nTranche A bonds (EUR 6.5 million issued \/ EUR 5.5 million Outstanding Principal) shall remain unchanged at 6.5%,\n<\/li>\n<li>\nTranche B bonds (EUR 10.0 million issued \/ EUR 9.0 million Outstanding Principal) shall remain unchanged at 6.5%,\n<\/li>\n<li>\nTranche C bonds (EUR 13.5 million issued \/ EUR 14.2 million Outstanding Principal) increased from 6% to 6.5%.\n<\/li>\n<\/ul>\n<\/li>\n<li>\nThe debt restructuring agreement also includes an increase of 6% of the capitalized interest (PIK margin) on all tranches, in addition to the existing 5% PIK.\n<\/li>\n<li>\nThe agreement also includes an additional covenant linked to the level of Imeglimin sales and a prepayment fee in the event of early repayment of any of the debt tranches within 3 years from the debt restructuring.\n<\/li>\n<li>\nThe Company has also undertaken to significantly reduce its operating expenses and to grant IPF certain information rights. IPF will remain an observer at the Company\u2019s Board of Directors and Board committees until full repayment of the debt facility.\n<\/li>\n<li>\nThe terms of the existing warrants held by IPF which were attached to the Tranche A, B and C bonds giving right to subscribe 630,804 shares at respectively EUR 7.37, EUR 7.14, EUR 6.72 per warrant for each Tranche, remain unchanged and thus trigger no potential additional dilution.\n<\/li>\n<\/ul>\n<p>\n<i><span class=\"bwuline\">Details of the new equity-linked financing with IRIS<\/span><\/i>\n<\/p>\n<p>\n<b>Legal basis of issuance<\/b>\n<\/p>\n<p>\nActing on the delegation of the Board of Directors and in accordance with the 17<sup>th<\/sup> resolution of the Annual General Meeting of Shareholders of June 21, 2022, the Company decided to enter into a new equity-linked financing, provided by IRIS, a venture capital firm specialized in providing financing solutions to listed companies, which has already provided an equity-linked facility financing in August 2022 to the Company.\n<\/p>\n<p>\n<b>Operation objectives<\/b>\n<\/p>\n<p>\nThis funding aims to increase the Company\u2019s cash position to support its operations. Proceeds shall be used mainly to support ongoing regulatory and development activities as well as general corporate purposes.\n<\/p>\n<p>\n<b>Operation arrangements<\/b>\n<\/p>\n<p>\nIn accordance with the terms of the agreement, IRIS, acting as a specialized investor without a strategy to retain a stake in the Company\u2019s share capital, has committed to subscribe to bonds redeemable for new or existing ordinary shares of the Company for an initial amount of EUR 3.5 million. At the Company\u2019s sole discretion, additional tranches up to EUR 11.5 million in aggregate may be drawn down over 2 years, up to a total of EUR 15 million. The drawdown of additional tranches will be subject only to a maximum cumulative outstanding amount of redeemable bonds owned by IRIS at any time not to exceed EUR 7.0 million. An up-to-date summary chart of the Company\u2019s outstanding redeemable bonds and the number of shares in circulation is available on its <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.poxelpharma.com%2Fen_us%2Finvestors%2Fshareholder-information%2Fregulatory-documentation&amp;esheet=53366574&amp;newsitemid=20230322005827&amp;lan=en-US&amp;anchor=website&amp;index=2&amp;md5=c802451de0acb28ce700ad9a4e874ac1\" rel=\"nofollow noopener\" shape=\"rect\">website<\/a>.\n<\/p>\n<p>\nIRIS shall have the right to request the conversion of its redeemable bonds into new or existing ordinary shares of the Company at any time in one or several occasions until full repayment of the bonds. The issuance or delivery of shares upon redemption of the bonds shall be made on each redemption date on the basis of 80% of the lowest daily volume-weighted average price over a period of twenty (20) trading days preceding the date of conversion of the redeemable bonds, it being specified that the conversion price of the redeemable bonds is subject to a floor, whichever is the highest of (i) the daily volume-weighted average price over a period of twenty (20) Trading Days preceding the date of conversion of the redeemable bonds less a discount of 20% (as decided by the General Meeting of shareholders of June 21, 2022), (ii) the daily volume-weighted average price over one (1) trading day immediately preceding the date of conversion of the redeemable bonds less a discount of 8% (as decided by the Board of Directors acting on subdelegation granted by the General Meeting of shareholders of June 21, 2022), and (iii) the nominal value of the Shares.\n<\/p>\n<p>\nDuring the term of the financing, IRIS is expected to sell the shares received upon conversion of the redeemable bonds on the market or in block trades. In connection with the financing, the redeemable bonds and the new shares to be issued upon redemption of the redeemable bonds will be issued out of Poxel\u2019s authorized share capital in accordance with the 17<sup>th<\/sup> resolution of the Annual General Meeting of Shareholders of June 21, 2022 with excluded pre-emptive rights of the existing shareholders for the benefit of certain categories of investors.\n<\/p>\n<p>\nThe new shares issued upon conversion of the redeemable bonds shall be admitted to trading on Euronext Paris.\n<\/p>\n<p>\nNo application for admission to trading on any market whatsoever will be made for the redeemable bonds.\n<\/p>\n<p>\nConsidering the anticipated number of new shares to be issued upon conversion of the new redeemable bonds of the Company to be issued, and based on the share price of the Company on the last trading day preceding the date of this press release, the Company will submit a prospectus for approval to the French securities regulator, the Autorit\u00e9 des march\u00e9s financiers (AMF).\n<\/p>\n<p>\nAssuming the issuance of all tranches of the new financing facility with IRIS, the conversion of the redeemable bonds in new shares only, and the average price weighted by volumes of the Company\u2019s share during the last trading day preceding the date of this press release, the stake of a shareholder with 1% of the Company\u2019s share capital would decrease to 0.62%, i.e. a 38% dilution (to 0.88%, i.e. a 12% dilution on the basis of the issuance of the first tranche of EUR 3.5 million only).\n<\/p>\n<p>\nAs a reminder, based on the decisions of the Annual General Meeting of June 21, 2022, the Company&#8217;s board on March 20, 2023, and the CEO decision dated March 22 2023, the maximum number of new shares that may be issued upon redemption of new redeemable bonds is currently set at 13,346,497 shares. Should this maximum amount apply, the stake of a shareholder holding 1% of the Company\u2019s share capital would decrease to 0.70%, i.e. a 30% dilution. To the Company&#8217;s knowledge, on the basis of the same assumptions, the distribution of its share capital before and after redemption of all the new redeembale bonds in newly issued shares only will be as follows:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwtopsingle bwvertalignm\" colspan=\"1\" rowspan=\"2\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Shareholders<\/b>\n<\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwrightsingle bwnowrap bwvertalignm\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Before the transaction<\/b>\n<\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>After the transaction<\/p>\n<p><\/b>VWAP 1J -8%<br \/>\n\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n<i>(on the basis of the drawdown of all<br \/>\n<br \/>Tranches of new redeembale bonds<br \/>\n<br \/>and the average price weighted by<br \/>\n<br \/>Company\u2019s share volumes during the<br \/>\n<br \/>last trading day preceding the date<br \/>\n<br \/>of this press release)<\/i>\n<\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>After the transaction<\/p>\n<p><\/b>VWAP 20D -20%<\/p>\n<p><i>(on the basis of the<br \/>\n<br \/>maximum potential<br \/>\n<br \/>dilution authorized by the<br \/>\n<br \/>Annual General Meeting<br \/>\n<br \/>under the 17<sup>th <\/sup>resolution)<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Number of<br \/>\n<br \/>shares<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% of<br \/>\n<br \/>capital<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Number of<br \/>\n<br \/>shares<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% of capital<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Number of<br \/>\n<br \/>shares<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% of capital<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFounders\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,918,947\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9.2\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,918,947\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.8\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,918,947\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6.5\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nBpifrance\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,762,445\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,762,445\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9.4\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,762,445\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.6\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFree float\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,982,102\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75.7\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n43,039,400\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n84.9\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n37,328,599\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n82.9\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<b>Total<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>31,663,494<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>100.0<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<b>%<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>50,720,792<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>100.0<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<b>%<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>45,009,991<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>100.0<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<b>%<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe Company has made available to investors an up-to-date summary chart of its outstanding redeemable bonds and the number of shares in circulation on its <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.poxelpharma.com%2Fen_us%2Finvestors%2Fshareholder-information%2Fregulatory-documentation&amp;esheet=53366574&amp;newsitemid=20230322005827&amp;lan=en-US&amp;anchor=website&amp;index=3&amp;md5=b4de6f2ad6491b617d74b4571be35fb5\" rel=\"nofollow noopener\" shape=\"rect\">website<\/a>.\n<\/p>\n<p>\nThe public\u2019s attention is drawn to the risk factors relative to the Company and its business, presented in its universal registration document, which is available on the Company\u2019s website. The occurrence of all or some of these risks is likely to have an unfavourable effect on the Company&#8217;s business, financial situation, results, development or prospects.\n<\/p>\n<p>\nIn addition, the public\u2019s attention is specifically drawn to the caption in the introduction of this press release and to the following main risks related to the IRIS financing and its implementation:\n<\/p>\n<p>\n&#8211; Risk of dilution of the Company&#8217;s shareholders: the Company&#8217;s shareholders who cannot participate in the operation will suffer dilution when new shares are issued to IRIS upon conversion of the redeemable bonds. The Company\u2019s shareholders may also suffer higher dilution than the one presented in this press release depending on future market conditions;\n<\/p>\n<p>\n&#8211; Risk in the event of non-fulfillment of all the tranches: the Company may have to seek additional financings and to review accordingly its development strategy and its objectives if an event of default occurs or if the value of the redeemable bonds owned by IRIS exceeds EUR 7.0 million which would prevent the drawdown of additional tranches of the financing, and which could lead to a material uncertainty on the ability of the Company to continue as a going concern;\n<\/p>\n<p>\n&#8211; Risk on the volatility, liquidity and share price of the Company\u2019s shares: given IRIS\u2019 strategy, which is to sell newly issued shares shortly after conversion of the redeemable bonds it holds, the share price and the volatility of the Company&#8217;s shares could fluctuate significantly after the issuance of the redeemable bonds issued to IRIS.\n<\/p>\n<p>\nThis press release and the information it contains do not, and will not, constitute an offer to subscribe for or sell, nor the solicitation of an offer to subscribe for or buy, any securities of the Company in any jurisdiction.\n<\/p>\n<p>\n<b>Main Characteristics of the Equity Linked financing with IRIS:<\/b>\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nMaturity Date\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n10 years\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Commitment\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nEUR 15 million over 24 months\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nInitial tranche\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nEUR 3.5 million\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIRIS has subscribed to the first tranche of EUR 3.5 million at signing\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdditional<br \/>\n<br \/>tranches\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nAt the sole option of Poxel, IRIS will subscribe to additional tranches provided that the value of the redeemable bonds owned by IRIS at any time shall not exceed EUR 7.0 million\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNominal of Notes\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nEUR 2,500\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nCoupon\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignl\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nConversion\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nIRIS may request that the redeemable bonds be converted into shares of the Company at the prevailing conversion ratio at any time upon delivery of a conversion notice to the Company\n<\/li>\n<li>\nThe conversion of the redeemable bonds into new or existing shares of the Company is mandatory at the latest at maturity of the redeemable bonds\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nConversion Price\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\n80% of the lowest daily volume-weighted average price over a period of twenty (20) trading days preceding the date of conversion of the redeemable bonds, it being specified that the conversion price of the redeemable bonds is subject to a floor, whichever is the highest of<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n(i) the daily volume-weighted average price over a period of twenty (20) Trading Days preceding the date of conversion of the redeemable bonds less a discount of 20% (as decided by the Annual General Meeting of June 21, 2022),\n<\/li>\n<li>\n(ii) the daily volume-weighted average price over one (1) trading day immediately preceding the date of conversion of the redeemable bonds less a discount of 8% (as decided by the Board of Directors acting on subdelegation granted by the Annual General Meeting of June 21, 2022), and\n<\/li>\n<li>\n(iii) the nominal value of the Shares.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nConditions<br \/>\n<br \/>precedent of<br \/>\n<br \/>drawdown for<br \/>\n<br \/>additional<br \/>\n<br \/>tranches\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nUsual condition precedents for this type of financing including absence of event of default\n<\/li>\n<li>\nAt any time, the value of the redeemable bonds owned by IRIS shall not exceed EUR 7.0 million\n<\/li>\n<\/ul>\n<p>\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nEvent of defaults\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nUsual event of defaults for this type of financing including the absence of timely delivery of shares in conversion of the redeemable bonds (e.g. in case of insufficient authorizations from the Annual General Meeting or in the absence of publication of a prospectus, as the case may be)\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription price\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n100% of par value\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNew Shares\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nNew shares of the Company issued on redemption of the convertible bonds will bear current dividend rights. They will have the same rights as those attached to existing ordinary shares and be admitted for trading on the Euronext regulated market on Euronext Paris. The Company will keep up to date on its website a chart for monitoring redeemable bonds and the number of shares in circulation.\n<\/li>\n<li>\nNominal value of the shares of the Company: EUR 0.02\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nPotential dilution \u2013<br \/>\n<br \/>Maximum share<br \/>\n<br \/>number\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nPursuant to the decisions of the Annual General Meeting of June 21, 2022, the Company\u2019s board on March 20, 2023 and the CEO decision on March 22, 2023 the maximum number of shares for issue upon conversion of new redeemable bonds has been set at 13,346,497 shares. By way of illustration, assuming issuance of all the new redeemable bonds, the conversion of the new redeemable bonds in new shares only, and the average price weighted by volumes of the Company\u2019s share during the last trading day preceding the date of this press release, i.e. EUR 0.79, the number of new Company shares for subscription by the Investor upon conversion of the new redeemable bonds in new shares only would be 19,057,298 shares, representing approximately 60.2% of the share capital (on a non-diluted basis). Based on the same assumptions, the number of new Company shares for subscription by the Investor upon conversion of the new redeemable bonds in new shares only for Tranche I only would be 4,446,703 shares representing approximately 14.0% of the share capital (on a non-diluted basis), and the number of new Company shares for subscription by the Investor on conversion of the new redeemable bonds in new shares for future tranches would be 14,610,596 shares representing approximately 46.1% of the share capital (on a non-diluted basis).\n<\/li>\n<li>\nOn the date of this press release, the Company has a share capital of EUR 633,269.88 divided into 31,663,494 ordinary shares\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare Loan<br \/>\n<br \/>Agreement\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nAs part of the IRIS equity-linked financings, Mr. Thomas Kuhn, CEO of the Company, has undertaken to lend a total of 700,000 shares to IRIS. This loan will only be used to facilitate implementation of the financing and avoid potential delays related to the delivery-settlement of shares issued upon conversion of the bonds. Such loan agreement shall terminate at the latest on the date of full conversion of the redeemable bonds.\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nStructuring Fee\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nThe Company will pay CAPINVEST a structuring fee of 2.5% of the nominal amount of each tranche drawn, payable in cash on each drawdown\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNo Penalty clauses\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nNo penalty clauses are included in the agreement including in case the conversion price would fall below the nominal value of the shares\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n<b>About Poxel SA<\/b>\n<\/p>\n<p>\nPoxel is a <b>clinical stage biopharmaceutical company<\/b> developing <b>innovative treatments for chronic serious diseases with metabolic pathophysiology<\/b>, including <b>non-alcoholic steatohepatitis (NASH)<\/b> and rare disorders. For the treatment of NASH, <b>PXL065<\/b> (deuterium-stabilized <i>R<\/i>-pioglitazone) met its primary endpoint in a streamlined Phase 2 trial (DESTINY-1). In rare diseases, development of <b>PXL770<\/b>, a first-in-class direct adenosine monophosphate-activated protein kinase (AMPK) activator, is focused on the treatment of adrenoleukodystrophy (ALD) and autosomal dominant polycystic kidney disease (ADPKD). <b>TWYMEEG<sup>\u00ae<\/sup><\/b> (Imeglimin), Poxel\u2019s first-in-class product that targets mitochondrial dysfunction, is marketed for the treatment of type 2 diabetes in Japan by Sumitomo Pharma and Poxel expects to receive royalties and sales-based payments. Poxel has a strategic partnership with Sumitomo Pharma for Imeglimin in Japan, China, and eleven other Asian countries. Listed on Euronext Paris, Poxel is headquartered in Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan.\n<\/p>\n<p>\nFor more information, please visit: <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.poxelpharma.com&amp;esheet=53366574&amp;newsitemid=20230322005827&amp;lan=en-US&amp;anchor=www.poxelpharma.com&amp;index=4&amp;md5=89382f050eb689d891fc6d832ef27457\" rel=\"nofollow noopener\" shape=\"rect\">www.poxelpharma.com<\/a>\n<\/p>\n<p>\nAll statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company\u2019s control. These statements may include, without limitation, any statements preceded by, followed by or including words such as \u201ctarget,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201caim,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cwill,\u201d \u201ccan have,\u201d \u201clikely,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould\u201d and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company\u2019s control that could cause the Company\u2019s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>Contacts &#8211; Investor relations \/ Media<\/b>\n<\/p>\n<p>\nAur\u00e9lie Bozza<br \/>\n<br \/>Investor Relations &amp; Communication Senior Director<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;&#x61;&#x69;l&#116;&#x6f;:&#97;&#x75;&#x72;&#101;&#x6c;&#x69;e&#46;&#x62;o&#122;&#x7a;&#x61;&#64;&#x70;&#x6f;x&#101;&#x6c;p&#104;&#x61;&#x72;&#109;&#x61;&#x2e;c&#111;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">aurelie&#46;bozza&#64;poxelpharm&#97;&#46;&#99;&#111;&#109;<\/a><br \/>+33 6 99 81 08 36\n<\/p>\n<p>\nElizabeth Woo\n<\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20230322005827\/en\/Poxel-Announces-Cash-Runway-Extended-Through-Q2-2025-Based-upon-Debt-Restructuring-Agreement-and-New-Equity-linked-Financing-Facility\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Restructuring of the Company\u2019s debt postpones initiation of repayments to Q1 2025, to be repaid with positive net royalty1 flow to Poxel anticipated to start in Sumitomo Pharma\u2019s FY20242 based on the strong growth trajectory of TWYMEEG\u00ae (Imeglimin) sales New equity-linked financing facility with IRIS and an initial drawdown of EUR 3.5 million Cash runway &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/poxel-announces-cash-runway-extended-through-q2-2025-based-upon-debt-restructuring-agreement-and-new-equity-linked-financing-facility\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-55119","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Poxel Announces Cash Runway Extended Through Q2 2025 Based upon Debt Restructuring Agreement and New Equity-linked Financing Facility - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/poxel-announces-cash-runway-extended-through-q2-2025-based-upon-debt-restructuring-agreement-and-new-equity-linked-financing-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poxel Announces Cash Runway Extended Through Q2 2025 Based upon Debt Restructuring Agreement and New Equity-linked Financing Facility - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Restructuring of the Company\u2019s debt postpones initiation of repayments to Q1 2025, to be repaid with positive net royalty1 flow to Poxel anticipated to start in Sumitomo Pharma\u2019s FY20242 based on the strong growth trajectory of TWYMEEG\u00ae (Imeglimin) sales New equity-linked financing facility with IRIS and an initial drawdown of EUR 3.5 million Cash runway ... 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