DUBAI, United Arab Emirates--(BUSINESS WIRE)--Alpha Blue Ocean, the family office founded by Pierre Vannineuse, is pleased and proud to announce the start of a new partnership with Pharnext. This financing agreement for up to 81 million euros will enable Pharnext to strengthen its cash position and continue to develop its pivotal Phase III clinical trial of PXT3003, the PREMIER trial, in Charcot-Marie-Tooth disease type 1A (CMT1A).
Alpha Blue Ocean & Pharnext are working together as part of a value creation scheme. In line with Alpha Blue Ocean's latest investments in the medtech and biotech sectors (Erytech, AB Science, Safe Orthopaedics, etc.), this new financial partnership will further strengthen its position as a leader in alternative financing.
Pierre Vannineuse, Chief Executive Officer and Founder of Alpha Blue Ocean declared: "We are excited to embark on this journey with Pharnext to provide the funding necessary to complete their pivotal Phase III study for which there is still no approved treatment. The company’s innovative technology allowing it to combine genomic big data and artificial intelligence places it at the forefront to build long-term value in the fight against neurodegenerative diseases".
Frédéric Sutterlin, Venture Partner at Alpha Blue Ocean stated: "This convertible bond financing program is structured to enable the Company to best manage its cash needs while maximizing its flexibility, owing to its highly adaptable structure. We are delighted to enable Pharnext to continue its development".
"We are pleased to announce this financing that extends our cash position to continue and complete our pivotal Phase III study in CMT1A. This program relieves our financing overhang and allows us to develop with enthusiasm our business plan to create value for patients and shareholders", declared Dr David Horn Solomon, Managing Director at Pharnext.
Created in 2017, Alpha Blue Ocean is a pioneer and leading stakeholder in alternative finance in Europe, particularly in the medical innovation sector. Over a four-year period, the group founded by Pierre Vannineuse has deployed over €1.2 bn, 60% of which in the Health & Innovation segments.
For any further information or request for an interview with a manager at Alpha Blue Ocean, please contact the press department: firstname.lastname@example.org
About Alpha Blue Ocean
Created in 2017 by Pierre Vannineuse, Hugo Pingray and Amaury Mamou-Mani, Alpha Blue Ocean is a young and dynamic family office with the mission of revolutionizing the financial industry by offering innovative solutions.
Alpha Blue Ocean implements a direct, rational and efficient approach by offering alternative financing solutions. In other words, flexible solutions for listed companies, also referred to as private investments or PIPE (Private Investment in Public Equity).
Operating across the globe, Alpha Blue Ocean has made notable investments in France, such as Erytech, Pharnext, AB Science, Europlasma, Safe Orthopaedics, Voluntis and DBT (Douaisienne de Basse Tension), amongst others.
The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.