(News Bulletin 247) – Erytech Pharma once again expressed confidence on Tuesday in its proposed merger with Pherecydes, which will be submitted to the vote of its shareholders in June.
The biopharmaceutical company, which specializes in the encapsulation of medicinal substances inside red blood cells, indicates that on March 31 it had cash of 30.5 million euros.
In a press release, the biotech estimates that this amount should allow it to finance its current activities and operating expenses until the second half of 2024.
Regarding its proposed combination with Pherecydes – which aims to establish a world leader in phage therapy in order to meet the enormous medical need caused by antibiotic resistance – Erytech believes that the process is ‘on track’ for a close in June.
For the sake of transparency, however, the company informs that it was recently contacted by a new shareholder, Akkadian Partners, who informed it of its opposition to the project, preferring alternative acquisition projects.
After reviewing them, the company determined that these alternative ideas were not in the best interests of the company and its shareholders.
On the Paris Stock Exchange, the Erytech share soared by more than 35% on Tuesday morning after this information, signing the second largest increase in the Paris market behind Theranexus (+52%).
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