on Biophytis (EPA:ALBPS)
Biophytis Secures €8.6 Million for Obesity Program
Biophytis has announced a financing initiative, securing up to €8.6 million to advance its obesity program. This includes a €2.5 million cash infusion from existing and new investors, and a €6.1 million debt-to-equity conversion. The additional funds will support the Phase 2 OBA study of BIO101 in the United States.
The transaction will enhance Biophytis' financial stability, enabling it to explore new pharmaceutical partnerships, particularly in Asia. CEO Stanislas Veillet emphasized the strategic importance of this move in bolstering the company's development capacity.
The capital increase was achieved by issuing shares at €0.30 each, with investors BlackRock and Atlas Capital converting significant amounts of debt into equity. Shares are subject to a lock-up agreement to ensure a structured sale process.
R. H.
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