Pharnext 
Pharnext Announces a New Financing Through a Convertible Bond Program for a Total Amount up to EUR81 Million Gross to 
Extend its Cash Runway and to Continue to Fund its Pivotal Phase III Study 
07-Jun-2021 / 08:00 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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Pharnext Announces a New Financing Through a Convertible Bond Program for a Total Amount up to EUR81 Million Gross to 
Extend its Cash Runway and to Continue to Fund its Pivotal Phase III Study of PXT3003, the PREMIER trial, in 
Charcot-Marie-Tooth Disease Type 1A ('CMT1A') 
 
  ?      Additional financing in up to 35 OCEANE-BSA tranches representing a gross total par value of EUR81 million over 
    a 36-month period subject to customary conditions and, for the tranches 17 to 35, to the approval of a specific 
    authorization by the combined general meeting of shareholders to be held on June 30, 2021 
  ?      Issuance of the first tranche of a gross par value of EUR5.5 million 
  ?      Maximum potential dilution the 35 OCEANE-BSA tranches would lead a shareholder holding 1% of the share capital 
    before the financing to hold 0.38% of the share capital after the full drawdown and conversion and exercise of the 
    OCEANE and BSA[1]. 
 
PARIS, France, 8:00 a.m. CET, June 7, 2021 - Pharnext SA (FR0011191287 - ALPHA) (the "Company"), an advanced late-stage 
clinical biopharmaceutical company pioneering new approaches to developing innovative drug combinations based on big 
genomics data and artificial intelligence using its PLEOTHERAPY(TM) platform, today announced the entry into a 
convertible bonds financing agreement (the "Issuance Agreement") with Global Tech Opportunities 13 (the "Investor"), in 
which Alpha Blue Ocean acted as arranger, by means of the issuance of 8,100 warrants giving access to bonds convertible 
into new shares or exchangeable for existing shares with a par value of EUR10,000 each (the "OCEANE") in several 
tranches. Subject to contractual and market conditions, the Investor committed to subscribe up to a maximum gross 
amount of EUR81 million in OCEANE. The financing program consists of 35 tranches of OCEANE (one tranche of 550 OCEANE, 
six tranches of 300 OCEANE, three tranches of 250 OCEANE followed by twenty-five tranches of 200 OCEANE each, it being 
specified that the size of such tranches may be lowered by the Investor depending on market conditions) of OCEANE with 
share subscription warrants attached (the "BSA" and with the OCEANE, the "OCEANE-BSA"). 
 
Use of Proceeds 
 
The Company intends to use the net proceeds of this financing program, together with cash on hand, primarily to 
continue the development of the Pivotal Phase III clinical study ('PREMIER trial') of PXT3003 in CMT1A through trial 
enrolment as well as the next readout of top-line data in the ongoing long-term Phase III extension study and to extend 
its cash runaway. 
 
"We are pleased to announce this financing that extends our cash runway to continue to fund and complete our pivotal 
Phase III study, the PREMIER trial, in CMT1A. This program relieves our financing overhang and allows us to progress 
our business plan to value creation for patients and shareholders with enthusiasm. This financing program is structured 
in order to let the Company manage its cash-needs while preserving flexibility in drawing down the tranches", said Dr. 
David Horn Solomon, Chief Executive Officer of Pharnext. 
 
"We are excited to embark on this journey with Pharnext to provide the funding necessary to complete their pivotal 
Phase III study, the PREMIER trial, for CMT1A in which there is no approved treatment. The Company's innovative 
technology allowing it to combine genomic big data and Artificial Intelligence puts it at the forefront to build 
long-term value to the number of patients suffering from neurodegenerative diseases and to its shareholders" said 
Pierre Vannineuse, Chief Executive Officer at Alpha Blue Ocean and Frederic Sutterlin, Venture Partner at Alpha Blue 
Ocean. 
 
This financing program did not and will not require the publication of a prospectus submitted to the approval of the 
Autorité des Marchés Financiers ("AMF"). 
Condition to the issuance of the tranches of OCEANE-BSA following the 16th tranche 
 
The OCEANE-BSA will be issued upon exercise of warrants issued free of charge on June 4,2021 for a 36-month duration 
(the "Tranche Warrants"). 
 
The 4,300 Tranche Warrants allowing for the subscription of the first 16 tranches of OCEANE representing a total par 
value of EUR43 million were issued on June 4, 2021 by decision of the chief executive officer of the Company acting upon 
authorization of the board of directors held on May 27, 2021 itself acting upon the authorization granted by the 
shareholders' combined general meeting of July 17, 2020 in its 18th resolution. 
 
The first tranche of OCEANE-BSA, having a gross par value of EUR5.5 million has been drawn down on June 4, 2021 upon 
request of the Company which was not aware of any inside information which should be disclosed to the public pursuant 
to the European Regulation n° 596/2014 on market abuse. 
 
From the 17th tranche, Pharnext will have to obtain the approval of its shareholders to continue this financing program 
by drawing down further tranches of OCEANE-BSA from Global Tech Opportunities 13 and therefore Pharnext will submit a 
specific authorization to its shareholders' combined general meeting to be held on June 30, 2021 on its twenty-fourth 
resolution (the "Condition"). 
 
In the context of the Financing, the outstanding convertible bonds issued by the Company on February 3, 2021 shall be 
redeemed in cash by the Company. 
 
Impacts of the Issuance Agreement in terms of funding horizon 
 
The first ten tranches of OCEANE Bonds representing an aggregate net cash-in of EUR23.51 million after deduction of the 
total commitment fee will extend the Company's financing horizon up until the first quarter of 2022. 
 
Fees and indemnification rights 
 
In consideration of the commitment by the Investor to fund any drawn-down tranche up to a maximum of EUR 81,000,000, 
Pharnext agreed to pay a commitment fee of a fixed amount to Global Tech Opportunities 13 which will be paid in ten 
equal installments within the next 12 months by means of set-off against a portion of the subscription price of the 
first ten OCEANE-BSA tranches of the financing. 
 
Further, should Pharnext be unable to deliver the shares owed to Global tech Opportunities 13 having converted all or 
part of its outstanding OCEANE, it will have to acquire the converted OCEANE for a price equal to the number of new 
shares which should have been issued upon conversion of the OCEANE multiplied by the closing price of the share on the 
day prior to the conversion date. 
 
Similarly, should Pharnext be unable to deliver the shares owed to Global tech Opportunities 13 having exercised all or 
part of its outstanding BSA, it will have to acquire each BSA exercised for a price equal the difference between (a) 
the closing price of a share on the day prior to the date of exercise of the BSA and (b) the Exercise Price. 
 
Further, should Pharnext fail to deliver the shares owed to Global tech Opportunities 13 upon conversion of OCEANE or 
exercise of BSA within the contractual timeframe, it will have to pay (i) one thousand Euros (EUR 1,000) per trading 
day of delay in the delivery of the shares, and (ii) an amount equal to the loss in capital gain suffered by Global 
Tech Opportunities 13 due to the delay in delivering the new shares. 
 
Terms and legal framework of the issuance 
 
Main characteristics of the Tranche Warrants 
 
The Tranche Warrants will not be listed or admitted to trading on the Euronext Growth market of Euronext Paris or on 
any other financial market. 
 
The Tranche Warrants may not be assigned or transferred without the prior consent of the Issuer, except to any other 
fund or company controlling or controlled by the Investor. 
 
Upon request of the Company and subject to the satisfaction of conditions precedent, or upon request of the Investor 
(such right of the Investor being available as from January 1, 2022 and for the drawdown of up to 7 tranches only), the 
Investor shall subscribe to a tranche of OCEANE with BSA attached and pay the corresponding subscription price upon 
exercise of the corresponding Tranche Warrants (with a ratio of 1 Tranche Warrant for 1 OCEANE-BSA). 
 
Subject to the fulfillment of contractual conditions, the Company shall have the right (and not the obligation) to 
request the disbursement of a tranche of OCEANE on the earlier of (i) the trading day following the conversion or 
redemption of all the outstanding OCEANE and (ii) the trading day following the expiry of a period equal to 20 trading 
days following the issuance of the previous tranche of OCEANE. 
 
Main characteristics of the OCEANE 
 
The OCEANE may not be assigned or transferred without the prior consent of the Issuer, except to any other fund or 
company controlling or controlled by the Investor. 
 
The OCEANE will not be listed or admitted to trading on the Euronext Growth market of Euronext Paris or on any other 
financial market. 
 
Each OCEANE shall have a par value of EUR10,000. 
 
Each OCEANE will have a duration of twelve (12) months after its issuance (the "Maturity Date"). If an OCEANE is not 
converted before the Maturity Date, the OCEANE will be automatically converted into shares of the Company on such date. 
 
The OCEANE will not bear interest. However, upon occurrence of an event of default, outstanding OCEANE may be redeemed 
at 110% of their par value upon request of the Investor. 
 
The number of new or existing shares to be issued or transferred by the Company for each OCEANE whose conversion is 
requested by its holder shall be equal to: 
 
N = Pv / P, in which:

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