Erytech wants to raise 50 M EUR after the euphoria of a recent announcement

The Lyon biopharmaceutical company Erytech Pharma will take advantage of the euphoria aroused by its recent announcement of a therapeutic breakthrough to solicit investors, from whom it intends to raise 50 million euros.

The fundraising will be by private placement with US and European investors, said the company, without specifying the terms.

The money raised will be used primarily to fund the pre-launch of a phase III study (involving a large number of patients) on the efficacy of its flagship molecule "eryaspase" (commercial name: Graspa) in the fight against cancer. terrible pancreatic cancer.

At the end of March, Erytech announced that clinical studies carried out on a smaller sample of patients (so-called phase IIb study) had given "positive" results for the treatment of metastatic pancreatic cancer in the event of failure of the reference treatment.

The use of Graspa coupled with chemotherapy indeed allows "significant progress both in terms of progression-free survival (of the disease) and overall survival in patients treated," explained the biotech.

Doctors are particularly poor in their fight against this type of very aggressive cancer, the announcement had caused a surge in the stock market. In one session, the Erytech stock had jumped from 75% to 25 euros.

Wednesday night, the title was worth 24,90 euros (-4,16%), which valued the company 217 million.

At the beginning of December, Erytech had already made a private placement of securities with American and European investors which had enabled it to raise 10 million euros.