Poxel shares jumped 16% on the Paris Bourse on Friday, as the biopharmaceutical company announced a new savings plan and discussions with a "leading" investor, while its financing horizon of March 2024 is getting dangerously close.

In a press release, the company explains that its objective is to finalize one or more financing options and/or partnerships by the end of the first quarter of 2024.

The specialist in non-alcoholic steatohepatitis (NASH) and rare metabolic diseases states that talks with the investor are aimed at monetizing royalties from Twymeeg sales in Japan.

The group also states that it is in advanced discussions with several potential partners concerning each of its three proprietary products, Imeglimine, PXL065 and PXL770.

Pending finalization of one or more of these agreements, and in a prudent approach given its limited financial visibility, the company has decided to embark on a new savings plan.

The program includes a significant reduction in headcount and the departure of certain members of Poxel's management team, in order to adapt the cost structure to its current operational needs.

The company has chosen to retain the key functions that will enable it to continue its day-to-day operations, namely six people in charge of clinical, financial and business development functions.

At September 30, 2023, total cash and cash equivalents amounted to 5.3 million euros, sufficient to finance operations and capital expenditure until March 2024.

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