(News Bulletin 247) – Phaxiam Therapeutics, the group resulting from the merger between Erytech and Pherecydes, reported on Wednesday a cash level of 25.2 million euros as of June 30.
“The current position at the end of June suggests a consumption of cash of nearly 16 million euros in the first half of 2023, which seems relatively significant to us, although the restructuring must have generated significant costs”, react the analysts of Invest Securities.
Erytech and Pherecydes had assured at the beginning of the year that the merged entity would have financial visibility until the 3rd quarter of 2024, with a consolidated cash position of approximately 41 million euros, an amount deemed sufficient to finance the clinical stages of
existing and future programs.
In its press release, Phaxiam indicates that it plans to provide an update on its activity and its main financial elements on the occasion of the publication of its first-half results on September 21.
‘After the episodes of attacks by Erytech’s shareholder, Akkadian, the group should now be able to concentrate on the development of its pipeline, which is essentially based on the Pherecydes portfolio’, underline the analysts at Invest.
‘Several programs are underway, and the current availabilities should contribute to accelerating developments in phage therapy as an alternative to antibiotics, and above all as a potential solution against antibiotic resistance’, recalls the design office.
After rising by more than 6% during the morning, Phaxiam shares slowed down at the end of the morning and rose by only 1.9% around 11:20 a.m.
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