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Poxel Secures EUR 6 Million in Non-Dilutive Financing Guaranteed by the French Government

 

  • Approvals received from BNP Paribas, Bpifrance and CIC Lyonnaise de Banque for EUR 6 million in non-dilutive financing in the form of a French Government Guarantee Loan (PGE Loan)

  • New funding strengthens Poxel’s financial position

  • As of June 30, 2020, Poxel’s cash and cash equivalents1 were EUR 46.0 million (USD 51.5 million)

 

 

LYON, France--(BUSINESS WIRE)-- POXEL SA (Euronext – POXEL – FR0012432516), a biopharmaceutical company focused on the development of innovative treatments for metabolic disorders, including type 2 diabetes and non-alcoholic steatohepatitis (NASH), today announced that it has received financing approval from BNP Paribas, Bpifrance and CIC Lyonnaise de Banque for a total of EUR 6 million in the form of state-guaranteed loans (Prêts Garantis par l’Etat, or PGE in France) in the context of the COVID-19 pandemic.

 

“Over the last several months, we have strengthened our cash position with a capital raise, a milestone payment from our partner, Sumitomo Dainippon Pharma, based on the Imeglimin New Drug Application submission in Japan, and now, through this non-dilutive loan. We would like to thank the French government and our banking partners for this funding which will allow us to further advance our research and development activities,” said Thomas Kuhn, CEO of Poxel.

 

 

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