Pharnext announced on Wednesday that it had requested the suspension of its listing on the Paris stock exchange pending a further update on its operational, strategic and financial situation.

This announcement comes after the biotech company had recently declared its intention to enter into a discussion with its shareholders regarding its situation and outlook.

Prior to this, the company had decided to embark on a drastic cost-cutting plan

Despite the publication of disappointing Phase III results in Charcot disease earlier this year, Pharnext believes that there is an opportunity to gain approval for its lead drug candidate by demonstrating a favorable safety profile and possible benefit on certain clinical endpoints.

I am aware of the complexity of our situation and the multiplication of recent announcements", says Hugo Brugière, Pharnext's Managing Director, in a press release.

"I therefore feel it is necessary to provide the financial community with a complete summary in a press release to be published very shortly", he adds.

For the record, the share has lost over 81% of its value since the start of the year.

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