Paris Court of Appeal rules in Biophytis' favor in connection with the dispute
Negma to return to Biophytis the 2,050,000 shares previously delivered as well
as the provision of EUR378,087
Paris, (France), Cambridge (Massachusetts, United States), November 20, 2020,
8:00 a.m. CET - Biophytis SA (Euronext Growth Paris: ALBPS), a clinical-stage
biotechnology company specialized in the development of drug candidates for
treatment of age-related diseases, including neuromuscular diseases, today
announces that the Paris Court of Appeal has, on November 18, 2020, ruled in
summary proceedings in Biophytis' favor in connection with the dispute with
NEGMA Group LTD ("Negma").
As a reminder, Negma had undertaken legal action in April 2020 in order to
claim damages in amount of EUR910,900 from Biophytis as well as the delivery of
7,000,000 Biophytis shares that Negma considers it was entitled to pursuant to
the terms of the outstanding Biophytis ORNANES held by Negma, of a nominal
value of EUR1,400,000.
Pursuant to an order issued in summary proceedings by the President of the
Commercial Court of Paris on May 7, 2020 ("7 May Order"), Negma had obtained a
decision partially granting its claims, ordering, under penalty, Biophytis to
(i) pay damages in an amount of EUR378,067, and to (ii) deliver 2,050,000
Biophytis performed its obligation under the "7 May Order" on June 5, 2020 and
appealed this decision. Following a judgment of November 18, 2020, the Paris
Court of Appeal has:
* overturned the "7 May Order" issued by the President of the Paris
* dismissed the cross-appeal brought by Negma
As a result, Negma is ordered to return to Biophytis the 2,050,000 shares that
had been delivered by the Company pursuant to the "7 May Order" and to repay
Biophytis the EUR378,087 that was paid out by the Company pursuant to the "7
May Order". In addition, Negma has to pay EUR15,000 to Biophytis to cover the
legal costs under article 700 of the French code of civil procedure.
As a reminder, in June 2020 Negma initiated proceedings on the merits against
Biophytis, which continues to be pending before the Commercial Court of Paris.
Hearings in these proceedings are expected to take place early 2021.
Biophytis SA is a clinical-stage biotechnology company specialized in the
development of drug candidates to slow down degenerative processes and improve
functional abilities in patients with age- related diseases, including
Sarconeos (BIO101), our leading drug candidate, is a small molecule,
administered orally, currently in clinical Phase 2b in sarcopenia (SARA-INT) in
the United States and Europe. A pediatric formulation of Sarconeos (BIO101) is
being developed for the treatment of Duchenne Muscular Dystrophy (DMD). The
company plans to start the clinical development (MYODA) in H2 2020.
Sarconeos (BIO101) is also being developed as a treatment for patients with
COVID-19 related respiratory failure in a Phase 2/3 clinical study (COVA) in
the United States, Europe and Latin America.
The company is based in Paris, France, and Cambridge, Massachusetts. The
company's common shares are listed on the Euronext Growth Paris market (Ticker:
ALBPS -ISIN: FR0012816825). For more information visit www.biophytis.com
This press release contains forward-looking statements. While the Company
considers its projections to be based on reasonable assumptions, these
forward-looking statements may be called into question by a number of hazards
and uncertainties, so that actual results may differ materially from those
anticipated in such forward-looking statements. For a description of the risks
and uncertainties likely to affect the results, BIOPHYTIS' financial position,
performance or achievements and thus cause a change from the forward-looking
statements, please refer to the "Risk Factors" section of the Company's June
2020 H1 Report available on BIOPHYTIS website (www.biophytis.com).
This press release, and the information contained in it, does not constitute an
offer to sell or subscribe, nor the solicitation of a purchase or subscription
order, of BIOPHYTIS shares in any country. The elements contained in this
communication may contain forward-looking information involving risks and
uncertainties. The Company's actual achievements may differ materially from
those anticipated in this information due to different risk and uncertainty
factors. This press release was written in French and English; If there is a
difference between the texts, the French version will prevail.
Biophytis Contact for Investor Relations
Evelyne Nguyen, CFO