Biophytis: Judgment of the Paris Court of Appeal of 17 January 2023 in the Case Between Biophytis and Negma Group Ltd
Biophytis (NasdaqCM:BPTS) announced that the Paris Court of Appeal confirmed the March 16, 2021 judgment against the company, ruling it must pay Negma Group Ltd €75,000. This decision, rendered on January 17, 2023, follows an agreement made on August 21, 2019. Biophytis noted that it had already complied with the initial judgment in 2021. The ruling has not yet been served, and the company retains the right to appeal to the French Supreme Court. Biophytis focuses on therapeutics for aging-related diseases, with leading drug candidate Sarconeos (BIO101) targeting sarcopenia and severe COVID-19 symptoms.
- Biophytis has already complied with the original judgment from March 2021, demonstrating responsible management of legal obligations.
- The ruling adds a financial liability of €75,000, which could impact cash reserves.
- The potential for further appeals may incur additional legal costs and prolong uncertainty.
The Paris Court of appeal confirms the judgement of the Paris Conmmercial Court of 16th of March 2021
PARIS, FRANCE and CAMBRIDGE, MA / ACCESSWIRE / January 19, 2023 / Biophytis SA (NasdaqCM:BPTS)(Euronext Growth Paris:ALBPS) (the "Company" or "Biophytis"), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging, including severe respiratory failure in patients suffering from COVID-19, today announces that on the 17th of January 2023 the Paris Court of Appeal rendered a decision in the case between Biophytis and Negma Group Ltd on the subject of the ORNANEBSA agreement concluded on21st August 2019.
The Paris Court of Appeal has :
- confirmed the judgment of the Paris Commercial Court of March 16, 2021 (hereinafter the "Judgment", see the press release of March 19, 2021, available on the Company's website);
- ordered Biophytis to pay Negma 75,000 euros pursuant to Article 700 of the French Code of Civil Procedure as well as costs.
Biophytis specifies that it has already performed, in 2021, the entirety of the Judgment (see press release of August 13, 2021, available on the Company's website).
The judgment of the Paris Court of Appeal of January 17, 2023 has not yet been served.
Biophytis reserves the right to appeal against it before the French Supreme Court (Cour de Cassation).
About BIOPHYTIS
Biophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, being developed as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA-INT). It has also been studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for thetreatment of Duchenne Muscular Dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS - ISIN: US09076G1040). For more information visit www.biophytis.com
Disclaimer
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the "Risk and uncertainties the Company is to face" section from the Company's 2021 Yearly Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the "Risk Factors" section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Biophytis Contact for Investor Relations
Philippe Rousseau CFO
Investors@biophytis.com
Media Contacts
Antoine Denry:antoine.denry@taddeo.fr +33 6 18 07 83 27
Agathe Boggio:agathe.boggio@taddeo.fr +33 7 62 77 69 42
SOURCE: Biophytis
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FAQ
What was the ruling of the Paris Court of Appeal on January 17, 2023, regarding BPTS?
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