May 18, 2020 / 5:39 AM / 13 days ago

BRIEF-Neovacs: Validation Of "Restarted" Plan By Paris Commercial Court

May 18 (Reuters) - Neovacs SA:

* VALIDATION OF THE “RESTARTED” PLAN BY THE PARIS COMMERCIAL COURT

* TRANSFER OF ORNANE FINANCING AGREEMENT OF TOTAL RESIDUAL NOMINAL AMOUNT OF €5.85 MILLION OVER MAXIMUM PERIOD OF 10 MONTHS, IN FAVOR OF HBR INVESTMENT GROUP

* APPROVAL OF PLAN WILL ENABLE NÉOVACS TO CLOSE ONGOING RECEIVERSHIP PROCEEDINGS

* SIGNING OF NEW OCEANE-BSA FINANCING AGREEMENT FOR MAXIMUM NOMINAL AMOUNT OF €40 MILLION OVER MAXIMUM 48-MONTH PERIOD

* TO RESUME TRADING OF NEOVACS SHARE AS SOON AS POSSIBLE

* PLAN ALSO PROVIDES FOR SETTLEMENT OF LIABILITIES CLAIMED BY NÉOVACS’ CREDITORS, WHICH AMOUNTED TO €20.4 MILLION ON THE DATE IT WAS APPROVED

* NÉOVACS’ KINOÏDE TECHNOLOGY, USED IN TREATMENT OF LUPUS, IS PATENT-PROTECTED UNTIL 2038

* IN RESTARTED PLAN, BOARD OF DIRECTORS COOPTED HUGO BRUGIÈRE AS DIRECTOR AND APPOINTED HIM CHAIRMAN AND CEO OF COMPANY, WITH IMMEDIATE EFFECT Source text : bit.ly/3dXWz7c Further company coverage: (Gdansk Newsroom)

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