(BFM Stock Exchange) – The Alsatian company, leader in the design and marketing of rapid diagnostic tests, plunges on the stock market after requesting the opening of a safeguard procedure. Its downstream subsidiary is in cessation of payments.

The situation is very clearly complicated for Biosynex. The company specializing in the design and marketing of rapid diagnostic tests announced Thursday evening after the closing of the markets to have requested the opening of a safeguard procedure for its profit.

Biosynex explains that it has formalized at the beginning of 2025 an agreement with its creditors aimed at a redevelopment of its existing financial debts. In return, the company had committed to strengthen its equity and lead a capital reorganization which could lead to the sale of all or part of the group’s North American activities as well as to the subsidiary of “pharmaceutical” activity.

Bank debt of 59.6 million euros

Products from transfers had to be priority assigned to an early reimbursement of the redeveloped financial debts.

However, everything did not go as planned. Biosynex was unable to finalize the transfer program initially envisaged, citing a difficult business climate in the United States, and a complicated politico-economic situation in France.

This context weighed on the activity of Biosynex which recalls having published a turnover of 50.8 million euros in the first half of 2025, down 6% compared to the previous financial year.

The company considers that in the light of these elements, it is not able to honor its borrowing deadlines in 2026. It therefore made to the Strasbourg judicial court a request to open a safeguard procedure for its profit.

For a company in difficulty, the safeguard procedure is indeed likely to increase its chances of reaching a plan to restructure its debt with its creditors.

France implemented this procedure in 2006, which is an alternative to receivership. The principle is (almost) the same since it is a question of avoiding the liquidation of a company with payment difficulties.

In the case of Biosynex, this procedure will allow it to restructure bank debt which is to date at 59.6 million euros.

“The company thus receives the request for safeguarding procedure, if it leads, as a strategic stage aimed at ensuring a stable transition to a new phase of growth and prosperity for the company and its shareholders. Biosynex, despite the current challenges, remains resolutely optimistic about its future and is determined to overcome this transitional period”, explains the group based in Illkirch-Graffenstaden.

Ex-star of Ultra-Rapid Tests COVID

In parallel, Biosynex announces the deposit, the same day, by its Avalun subsidiary, of a declaration of cessation of payment to the Strasbourg judicial court.

This company acquired by Biosynex in April 2021, encountered multiple difficulties including the end of the experimentation of the Di@Pason “Biology program and intense competition in the emergency hemostasis of Chinese products.

“The DI@Pason program in 2023, funded by the CNAM (National Health Insurance Fund), on which its commercial prospects rested, strongly penalized its activity. Despite the launch of the TSMART FIB Batrox test in 2024, the lack of buyers and the investments required in a competitive market have sealed this decision,” details investments.

All of these elements and the absence of medium -term perspectives have led Biosynex to declare the cessation of payment of Avalun.

Biosynex adds that the financial and accounting financial and accounting consequences of this Declaration of DEFULUN Payments are being evaluated. The company expects to count an exceptional damping of intangible assets linked to its subsidiary, and that its claim of 3.4 million euros which it holds on Avalun will probably not be recovered

The hearing to rule on the Avalun financial future, and on the request of Biosynex to open a safeguard procedure at its profit will be held on Monday September 29, 2025.

On the Paris Stock Exchange, these announcements lead to heavy releases on the file. The Biosynex title plunges another 48%, to 0.626 euros, after having sunk by more than 56% and affected a lower historical at 0.524 euros earlier in the day.

The company has erased almost its entire value compared to an introductory price of 7.60 euros in March 2011. The action even listed more than 25 euros, at its zenith in 2021, due to the unprecedented acceleration of the activity caused by the coronavirus pandemic.