PHAXIAM Therapeutics Announces the Opening of a Receivership Procedure and the Postponement of its 2024 Financial Results Publication

Business Wire

Thu, Mar 6, 2025, 9:56 AM 4 min read

PHAXIAM Therapeutics (Euronext: PHXM - FR001400K4B1), a biopharmaceutical company ("PHAXIAM" or "the Company") developing innovative treatments for severe and resistant bacterial infections, announces that, following the Company’s request, the Commercial Court of Lyon decided on March 6, 2025, to open a judicial receivership procedure.

In an extremely challenging financing environment for biotech companies and listed small caps, and after several unsuccessful refinancing attempts, the Company, unable to sufficiently extend its cash runway, finds itself in a funding impasse; the Company is compelled to seek protection under the Commercial Court of Lyon.

The Court appointed Maître Joanna ROUSSELET, as judicial administrator.

The Company's operations will continue during the observation period, in accordance with legal requirements. Press releases will be published regularly as the procedure moves forward.

The publication of the Company’s full year results for the year ended December 31^st, 2024, originally scheduled for March 13^th, 2025, according to its financial calendar, has been deferred to March 27^th, 2025. Given the uncertainty surrounding the outcome of the receivership proceedings and the steps taken by the Company, the trading suspension is maintained until further notice.

The Company will continue, as long as it can and in compliance with regulatory frameworks, to provide patients with no therapeutic alternatives its phage-based treatments to fight against severe resistant infections. It will also examine during this period all options allowing the continuation of the activity and the preservation of jobs, particularly as part of a transfer plan.

About PHAXIAM Therapeutics

PHAXIAM is a biopharmaceutical company developing innovative treatments for resistant bacterial infections, which are responsible for many serious infections. The company is building on an innovative approach based on the use of phages, natural bacterial-killing viruses. PHAXIAM is developing a portfolio of phages targeting 3 of the most resistant and dangerous bacteria, which together account for more than two-thirds of resistant hospital-acquired infections: Staphylococcus aureus, Escherichia coli and Pseudomonas aeruginosa.

PHAXIAM is listed on the Euronext regulated market in Paris (ISIN code: FR001400K4B1, ticker: PHXM). PHAXIAM is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes.

For more information, please visit the site www.phaxiam.com

Forward-looking information

This press release contains forward-looking statements, forecasts and estimates with respect to the clinical programs, development plans, business and regulatory strategy and anticipated future performance of PHAXIAM and of the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, "believes", "anticipates", "expects", "intends", "plans", "seeks", "estimates", "may", "will" and "continue" and similar expressions. All statements contained in this press release other than statements of historical facts are forward-looking statements. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond PHAXIAM's control. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Investor should carefully read the risk factors section of the Company which can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), including in the Company’s 2023 Universal Registration Document (Document d’Enregistrement Universel) filed with the AMF on April 5, 2024 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. PHAXIAM disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in PHAXIAM’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law.

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Contacts

PHAXIAM
Thibaut du Fayet
CEO
+33 4 78 74 44 38
investors@phaxiam.com

NewCap
Mathilde Bohin / Dušan Orešanský
Investor Relations
Arthur Rouillé
Media Relations
+33 1 44 71 94 94
phaxiam@newcap.eu