Pharnext (FR:ALPHA) has released an update.
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Pharnext SCA, a biopharmaceutical company focusing on treatments for neurodegenerative diseases, has defaulted on its convertible bond financial agreement with Global Tech Opportunities 13, which may now terminate the contract. The company has also requested judicial liquidation and cautions that asset sales are unlikely to benefit shareholders due to substantial liabilities and the expected dilutive effect of securities issued for financing.
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