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Business Wire
27-05-2025
- Business
- Business Wire
GeNeuro SA Announces Definitive Debt-Restructuring Moratorium
GENEVA--(BUSINESS WIRE)--Regulatory News: GeNeuro (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases, announces that the Geneva Court of First Instance has, in a May 26, 2025, judgment, granted GeNeuro SA a four-month definitive debt-restructuring moratorium, under the continued supervision of the court-appointed commissary. Definitive Debt-Restructuring Moratorium As previously announced, GeNeuro SA had obtained in September 2024 a four-month provisional debt-restructuring moratorium following the Geneva Court of First Instance's approval. This provisional moratorium was then extended in January 2025 for a further four months. This procedure is aimed at facilitating the restructuring of the Company's debts and exploring solutions to ensure the continuity of its operations in the interests of all stakeholders. The decision to grant a definitive debt-restructuring moratorium of four months, extendable, granted on May 26, 2025, will allow GeNeuro SA 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 definitive moratorium ensures that GeNeuro SA remains protected from creditor actions while it continues to develop and implement its restructuring strategy. Any significant developments will be communicated as appropriate. The Geneva Court of First Instance judgment will be published in the Feuille d'Avis Officielle du canton de Genève and the Feuille Officielle Suisse du Commerce. Operational and Financial Updates The Commissary has approved that GeNeuro SA engages into part-time fixed term contracts with Jesús Martin Garcia and Miguel Payró, the Company's former CEO and CFO, to continue the ongoing restructuring efforts in the interest of all stakeholders. As previously announced, the Company has decided to postpone 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. About GeNeuro GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. About the debt-restructuring moratorium Under Swiss law (the law applicable to GeNeuro SA), a debt moratorium, or 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 protects 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 all or some of its assets, among other things, with the proviso that if this fails, the company may be forced into bankruptcy. 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: Disclaimer This press release contains certain forward - looking statements and estimates concerning GeNeuro's financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words, such as 'anticipate,' 'believe,' 'can,' 'could,' 'estimate,' 'expect,' 'intend,' 'is designed to,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'objective,' 'should,' or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management's current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company's control. Consequently, the actual results, financial condition, performances and/or achievements of GeNeuro or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and GeNeuro undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
Business Wire
12-05-2025
- Business
- Business Wire
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 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.
