GeNeuro SA Announces the Postponement of the Publication of the Company's 2024 Annual Results
GENEVA, Switzerland--(BUSINESS WIRE)--Regulatory News:
GeNeuro (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases, announces the postponement of the publication of its December 31, 2024 annual results and annual financial report in order to be able to take into account the financial impacts of the restructuring targeted by the Company as part of the granted debt-restructuring moratorium procedure. The Company will announce by press release the new date of their approval and publication.
On January 28, 2025, the Company had announced that the Geneva Court of First Instance had renewed the provisional debt-restructuring moratorium granted to the Company in September 2024 until May 27, 2025, under the continued supervision of a court-appointed commissary.
The extension granted on January 27, 2025, aimed to allow GeNeuro to further its efforts to evaluate all available options, including recapitalization, advancing and/or monetizing its therapeutic assets in development, and negotiating agreements with its creditors. These efforts remain centered on maximizing value for all stakeholders and ensuring the Company's ability to continue its mission to develop innovative treatments targeting neurodegenerative and autoimmune diseases.
The provisional moratorium ensures that the Company remains protected from creditor actions while it continues to develop and implement its restructuring strategy. Any significant developments will be communicated as appropriate.
The Company will announce as soon as possible the decision of the Geneva Court of First Instance following the end of the provisional debt-restructuring moratorium.
About GeNeuro
GeNeuro's mission is to exploit the biology of human endogenous retroviruses ("HERVs") to develop safe and effective treatments for neurodegenerative diseases, by neutralizing the pathogenic factors encoded by HERVs, which account for 8% of human DNA.
GeNeuro is based in Geneva, Switzerland, and has R&D facilities in Lyon, France.
About the application for debt-restructuring moratorium
Under Swiss law (the law applicable to GeNeuro SA), a stay of execution is a preventive measure to bankruptcy proceedings. The purpose of this procedure is to enable a company in financial difficulty to restructure its debts with its creditors and find measures to improve its situation. The stay would protect the Company from legal action by its creditors while it works with the "commissaire au sursis", an independent expert appointed by the judge to supervise the process, help draw up a draft composition agreement and validate possible recovery measures. This process may result in a recapitalization of the company, a restructuring of its debt or a sale of some of its assets, among other things.
The aim of this procedure is to reach an agreement that will enable the Company to continue its operations while satisfying its creditors.
For more information, visit www.geneuro.com
Forward-looking statements: This document contains forward-looking statements and estimates with respect to the financial condition, results of operations, strategy, plans and future performance of GeNeuro and the market in which it operates. Some of these statements, forecasts and estimates may be identified by the use of words such as, without limitation, "believes", "anticipates", "expects", "projects", "plans", "seeks", "estimates", "may", "will" and "continue" and similar expressions. They include all matters that are not historical facts. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were believed to be reasonable when they were made but which may not prove to be correct. Actual events are difficult to predict and may depend on factors beyond the company's control. Consequently, GeNeuro's actual results, financial condition, performance or achievements, or industry results, may differ materially from future results, performance or achievements as expressed or implied by such statements, forecasts and estimates Given these uncertainties, no representation is made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, the forward-looking statements, forecasts and estimates are valid only as of the date of publication of this document. GeNeuro disclaims any obligation to update any such forward-looking statements, forecasts or estimates to reflect any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any such statements, forecasts or estimates are based, except as required by French law.
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