Adocia announced that it has signed an exclusivity agreement with Sanofi for M1Pram. The payment of 10 million euros to Adocia gives Sanofi the exclusive right to negotiate a worldwide partnership for the product. Payment of this sum is due to take place in the next few days, subject to usual conditions.

M1Pram is an innovative combination of insulin and pramlintide developed by Adocia to become the reference rapid-acting insulin for people with diabetes and obesity. Phase 2 clinical results in overweight and obese people with type 1 diabetes showed exceptional weight loss with good glycemic control. M1Pram aims to address a major unmet medical need for this population, estimated at nearly 40 million people worldwide.

Concomitantly, Adocia will raise 10 million euros, through a 5 million euros private placement to which Gerard Soula, Chairman of Adocia's Board of Directors, and Bpifrance have committed, in addition to the issuance of 5 million euros in convertible bonds, to which Vester Finance and European investors have committed. These operations, which will have a dilutive impact, will be subject to a prospectus approved by the Autorite des Marches Financiers. Since March 31, 2023, Adocia has not been in compliance with its financial covenants towards IPF Partners, the Company's main lender, but has entered into active discussions with all its lenders to adjust these covenants and/or restructure its debt.

This situation was communicated by the Company to its shareholders, in particular with the publication of the 2022 annual results and again with the publication of the First Quarter 2023 results. On June 1, 2023, IPF Partners formally notified Adocia to pay the sum of 9.8 million euros by Friday June 2, 2023, at the latest, reason why Adocia requested the suspension of its listing on Euronext Paris. At the time, the company was in discussions with Sanofi and working on structuring a fund-raising round, in particular to meet IPF Partners' request.