(News Bulletin 247) – Erytech Pharma is gaining ground on the Paris Stock Exchange on Thursday after the publication of its annual results, which notably help to reassure the market about its cash position.

Around 12:00 p.m., the title of the biopharmaceutical company advanced 5.7% after gaining up to 11% during the morning.

As of December 31, 2022, Erytech had cash and cash equivalents totaling €38.8 million, compared to €33.7 million as of December 31, 2021

The company underpins this improvement with the recent sale of its cell therapy manufacturing site in Princeton, New Jersey, for a total of $44.5 million.

Following the disappointing results of the company’s phase 3 trial in pancreatic cancer and the discontinuation of the Graspa programme, its net loss for the whole of 2022 has been reduced to 0.2 million euros, due to the fall in its operating expenses.

Following its in-depth restructuring, Erytech announced last February its intention to carry out a strategic merger with Pherecydes, with the objective of capitalizing on its financial resources and its teams to accelerate Pherecydes’ development projects in phage therapy.

The shareholders of the two companies will be called upon to vote on the merger project during general meetings scheduled for the end of June 2023. The transaction should be finalized in the process.

Since the start of the year, Erytech shares have posted a gain of more than 129%, after falling 826% last year.

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