Poxel Announces Drawdown of Additional Tranche D PDR Bonds Under Continuation Plan
POXEL SA, a biopharmaceutical firm specializing in innovative therapies for serious chronic diseases with metabolic origins, including metabolic dysfunction-associated steatohepatitis (MASH) and rare metabolic disorders, has announced a significant development in its financing strategy. On March 25, 2026, the company signed the Tranche D PDR subscription agreement with IPF Partners (“IPF”) for €3.75 million, as part of the continuation plan previously approved by the Lyon Commercial Court (Tribunal des activités économiques de Lyon) on January 22, 2026.
This agreement follows earlier steps in the Tranche D PDR financing process, with POXEL having already issued €0.5 million of bonds on February 16, 2026, and planning an additional issuance of €0.5 million on March 26, 2026. The Tranche D PDR is structured to provide both operational security for POXEL and a framework to meet its obligations under the court-approved continuation plan.
The Tranche D PDR is a contractual extension of the original Tranche D IPF bond financing, initially entered into in September 2024 and subsequently amended in September 2025 to fund the observation period. The current tranche incorporates financial terms and conditions validated by the Lyon Commercial Court, specifically designed to stabilize the company’s finances and ensure continuity of operations.
Key terms of Tranche D PDR include a cash interest rate of 0% and a capitalized interest rate of 35%, alongside a 10% commitment fee and a 13.7% exit fee, mirroring the terms of the Tranche D PO3. Additionally, 90% of royalties from POXEL’s lead therapy, Twymeeg®, will be allocated to repay IPF bond financing, underscoring the strategic integration of the company’s commercial revenue into its debt repayment framework.
The Tranche D PDR also includes specific conditions precedent. Beyond the general conditions established in the original Tranche D documentation, bond issuances are contingent upon achieving targeted sales for Imeglimin. Furthermore, POXEL has the discretion to request drawdowns under this facility, provided that its net available cash falls below €500,000. Early redemption provisions specify that 50% of proceeds from any licensing transactions linked to assets transferred to the 2024 Residual Intellectual Property Security Trust may be used to repay IPF bonds, up to a total of €20 million.
The availability period for Tranche D PDR extends until the fifth anniversary of the adoption of the continuation plan, and the bonds are secured by the trusts underlying the IPF bond financing and by a privilege under Article L. 626-10 of the French Commercial Code for the €3.75 million issuance. Additionally, the company intends to submit resolutions at its next general meeting to authorize the issuance of share subscription warrants.
The strategic purpose of Tranche D PDR is twofold: to secure operational financing for POXEL and to facilitate the settlement of its liabilities over the duration of the continuation plan. This financing tranche works in concert with other planned financial measures and cost reduction initiatives. Notably, IRIS has committed to provide up to €5 million over five years through its SmartATM® financing program, and a capital increase with shareholders’ preferential subscription rights is planned, guaranteeing access to new funds for POXEL’s shareholder base with IPF support.
Moreover, POXEL will execute a capital increase reserved for IPF Partners by offsetting receivables associated with the bond issuance. This mechanism will significantly reduce the company’s debt, maintaining IPF’s shareholding below 29.9% after the completion of the capital increases. To further strengthen shareholder engagement, the company also plans to issue share subscription warrants, providing additional opportunities for investment and equity participation.
Through the Tranche D PDR and associated financial strategies, POXEL is positioning itself to secure both operational continuity and long-term financial stability. The company’s approach reflects a comprehensive plan that balances immediate financing needs with debt management and shareholder participation, ensuring that critical research and development activities in MASH and rare metabolic diseases can continue without interruption.
By integrating revenue streams from Twymeeg royalties and leveraging strategic partnerships with IPF and IRIS, POXEL aims to maintain momentum in its clinical development programs while delivering on its commitment to innovation in the treatment of complex metabolic disorders. The company’s proactive approach to structured financing and capital planning highlights its dedication to sustaining growth, protecting shareholder value, and advancing therapies that address significant unmet medical needs.
In summary, the signing of the Tranche D PDR subscription agreement represents a pivotal step for POXEL SA, reinforcing its financial foundation and enabling continued development of its therapeutic pipeline. With carefully structured debt terms, strategic use of royalties, and targeted capital increases, the company is well-positioned to navigate the challenges of clinical-stage biopharmaceutical operations while advancing its mission to develop treatments for serious chronic metabolic diseases.
About Poxel SA
Poxel is a clinical stage biopharmaceutical Company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including metabolic dysfunction-associated steatohepatitis (MASH) and rare disorders. For the treatment of MASH, PXL065 (deuterium-stabilised Rpioglitazone) met its primary endpoint in a streamlined Phase 2 trial (DESTINY-1).
In rare diseases, development of PXL770, a first-in-class direct adenosine monophosphate-activated protein kinase (AMPK) activator, is focused on the treatment of adrenoleukodystrophy (ALD) and autosomal dominant polycystic kidney disease (ADPKD). TWYMEEG® (Imeglimin), Poxel’s first-in-class product that targets mitochondrial dysfunction, is now marketed for the treatment of type 2 diabetes in Japan by Sumitomo Pharma and Poxel expects to receive royalties and 5 sales-based payments. Poxel has a strategic partnership with Sumitomo Pharma for Imeglimin in Japan. Listed on Euronext Paris, Poxel is headquartered in Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan.
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