Neovacs: PXT3003 rights under binding letter of intent, with potential payment exceeding €25 million

Phase III results published in iScience

Neovacs announced on September 9, 2026 the publication of new data relating to PXT3003, a drug candidate developed for Charcot-Marie-Tooth disease type 1A (CMT1A), a hereditary, rare and disabling peripheral neuropathy. An article published in the scientific journal iScience highlights the results of the phase III clinical trial conducted by Tasly laboratory on Chinese patients suffering from this disease. PXT3003 was originally developed by Pharnext. The latter had granted a license on exploitation rights for China to a joint venture held 65% by Tasly. The Chinese laboratory filed, on April 11, 2026, a marketing authorization application (MAA) for PXT3003 for the Chinese market. Neovacs presents itself as a biopharmaceutical company at a preclinical stage developing new RNA therapies for inflammatory and autoimmune diseases.

A binding letter of intent from an American company

Neovacs received and accepted, as announced on August 7, 2026, a binding letter of intent (LoI) from an American biopharmaceutical company specializing in the development of therapies in the field of neurological pathologies. This letter of intent concerns the acquisition of intellectual property rights and scientific know-how around PXT3003, for a payment that could exceed €25 million. These rights, which were part of a fiduciary estate constituted for the benefit of Neovacs, were transferred to the partner laboratory. Beyond intellectual property rights, the LoI provides for support from Neovacs in various steps to enhance the value of these assets, particularly on the scientific and regulatory front. The parties agreed on an exclusivity period running until October 15, 2026 to finalize their agreement on the terms of support by Neovacs teams.

Dilutive financing and capital loss risk flagged

Neovacs has implemented financing in the form of OCEANE-BSA with Hanover Square Investments 1, which is not intended to remain a shareholder of the company after conversion or exercise of these instruments. The group also uses financing in ORA transferred to a trust, as well as OS subscribed by this trust, responsible for their equitization. Shares resulting from the conversion or exercise of these securities are generally sold on the market at very short notice, which can create strong downward pressure on the share price. The company indicates that shareholders may suffer a loss of their invested capital and significant dilution, and notes that this dilutive financing operation is not the first one it has implemented.