(News Bulletin 247) – Poxel announced on Thursday evening that it had drawn down the last two tranches of its equity financing line concluded with Iris Capital Investment.
This drawdown, for a total amount of two million euros, thus completes the equity financing line for an amount of six million euros which was signed this summer with the private equity firm Iris.
In a review of its activities, the biopharmaceutical company specializing in metabolic diseases also indicates that it is in discussions with a view to restructuring the debt agreement with IPF Partners (IPF) in order to finance its activities beyond December 2023.
Poxel explains that obtaining additional funding remains its main priority in order to be able to launch its proof-of-concept studies in adrenoleukodystrophy, a severe neurodegenerative disease.
In order to preserve its cash, the company has decided to implement a savings plan, including a reduction in its workforce.
As of September 30, its cash and cash equivalents amounted to €17.1 million
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