GeNeuro Announces That It Submits a Request for a Debt Moratorium to the Geneva Court of First Instance
15 Julio 2024 - 12:00AM
Business Wire
Regulatory News:
GeNeuro (Euronext Paris : CH0308403085 - GNRO), a
biopharmaceutical company developing new treatments for
neurodegenerative and autoimmune diseases such as multiple
sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe
neuropsychiatric consequences of COVID-19 (post-COVID or
COVID-Long), announces that it will submit today to the Geneva
Court of First Instance a request for a debt moratorium to
restructure its debts and find solutions for the continuity of its
activities in the interests of all stakeholders.
This follows the announcement, on June 28, 2024, that the Phase
2 clinical trial GNC-501, testing temelimab versus placebo in
patients with post-COVID-19 neuropsychiatric syndromes, had failed
to meet the study's primary endpoint, as well as the majority of
secondary endpoints. The Company will continue to analyze full
results as they become available, including additional biomarkers.
Nevertheless, in view of the Company's over-indebtedness, and after
an in-depth analysis of the situation, including the cost savings
measures announced on June 28, 2024, and of the alternatives
available, GeNeuro's Board of Directors has decided that it was
necessary to notify the over-indebtedness and apply for a
moratorium to enable the restructuring of its debts and the
development of solutions to rectify its situation. Further
information will be provided following the Court of First
Instance's decision on this request. During this moratorium period,
the Company will enter into negotiations with its creditors, while
continuing to seek ways to recapitalize, advance and/or monetize
its assets under development, targeting multiple sclerosis and
amyotrophic lateral sclerosis. It will also leverage its HERV
platform to create value for all its stakeholders.
It should be noted that the application for this moratorium only
concerns GeNeuro SA, the Swiss parent company of the GeNeuro Group,
and that the activities of its French R&D subsidiary, GeNeuro
Innovation SAS, are continuing as of the date hereof and are not
currently concerned by these proceedings or by equivalent
collective proceedings under French law.
About GeNeuro
GeNeuro's mission is to exploit the biology of human endogenous
retroviruses ("HERVs") to develop safe and effective treatments for
neurodegenerative diseases, by neutralizing the pathogenic factors
encoded by HERVs, which account for 8% of human DNA.
GeNeuro is based in Geneva, Switzerland, and has R&D
facilities in Lyon, France.
About the request for a debt restructuring moratorium
Under Swiss law (the law applicable to GeNeuro SA), a
moratorium, is a preventive measure in bankruptcy proceedings. This
procedure is designed to enable a company in financial difficulty
to restructure its debts with its creditors, with the aim of
finding measures to stabilize its financial situation . The
moratorium will protect the Company from creditor proceedings while
it will works with the "commissaire au sursis", an independent
expert appointed by the judge to supervise the process, help draw
up a possible composition plan and validate possible reorganization
measures. This process may result in a recapitalization of the
Company, a restructuring of its debts or a sale of some of its
assets, with the caveat that if this fails, the Company may be
forced into bankruptcy.
The aim of this procedure is to reach an agreement that will
enable the Company to continue its operations while satisfying its
creditors.
For more information, visit www.geneuro.com
Forward-looking statements: This document contains
forward-looking statements and estimates with respect to the
financial condition, results of operations, strategy, plans and
future performance of GeNeuro and the market in which it operates.
Some of these statements, forecasts and estimates may be identified
by the use of words such as, without limitation, "believes",
"anticipates", "expects", "projects", "plans", "seeks",
"estimates", "may", "will" and "continue" and similar expressions.
They include all matters that are not historical facts. Such
statements, forecasts and estimates are based on various
assumptions and assessments of known and unknown risks,
uncertainties and other factors, which were believed to be
reasonable when they were made but which may not prove to be
correct. Actual events are difficult to predict and may depend on
factors beyond the company's control. Consequently, GeNeuro's
actual results, financial condition, performance or achievements,
or industry results, may differ materially from future results,
performance or achievements as expressed or implied by such
statements, forecasts and estimates Given these uncertainties, no
representation is made as to the accuracy or fairness of such
forward-looking statements, forecasts and estimates. Furthermore,
the forward-looking statements, forecasts and estimates are valid
only as of the date of publication of this document. GeNeuro
disclaims any obligation to update any such forward-looking
statements, forecasts or estimates to reflect any change in the
Company's expectations with regard thereto, or any change in
events, conditions or circumstances on which any such statements,
forecasts or estimates are based, except as required by French
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240714119477/en/
GeNeuro Jesús Martin-Garcia Chairman and CEO +41 22 552
48 00 investors@geneuro.com
NewCap (France) Louis-Victor Delouvrier (investors) +33 1
44 71 98 52 Arthur Rouillé (media) +33 1 44 71 00 15
geneuro@newcap.eu
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