PHAXIAM Therapeutics, a leading biopharmaceutical company focused on developing treatments for severe and resistant bacterial infections, has announced its cash position as of December 31, 2023, along with its financial calendar for 2024. With headquarters in Lyon, France, and a presence in Cambridge, Massachusetts, PHAXIAM is listed on the Nasdaq and Euronext exchanges under the ticker symbol PHXM.
As of the end of 2023, PHAXIAM Therapeutics reported a cash position of €10.5 million (approximately $11.6 million) in cash and cash equivalents. The company has implemented additional cost-cutting measures and estimates that its current cash position will be sufficient to finance its ongoing programs and expected operating expenses until the end of July 2024.
In the coming months, PHAXIAM will also be engaging in discussions aimed at refinancing the company during the first half of 2024. This effort is intended to provide further financial support and enable the company to pursue its innovative projects aimed at combating antibiotic-resistant infections.
PHAXIAM Therapeutics focuses on developing treatments that target severe and resistant bacterial infections, which are responsible for numerous life-threatening infections. Leveraging an innovative approach based on the use of phages—the natural viruses that kill bacteria—PHAXIAM is developing a portfolio of phages that target three of the most dangerous and resistant bacteria: Staphylococcus aureus, Escherichia coli, and Pseudomonas aeruginosa. These bacteria contribute to more than two-thirds of hospital-acquired infections.
As a publicly traded company, PHAXIAM is listed on the Nasdaq Capital Market in the United States (ticker: PHXM) and the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: PHXM). The company is also included in various indexes, such as CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150, and Next Biotech, further highlighting its significance in the biopharmaceutical industry.
In conclusion, PHAXIAM Therapeutics has announced its cash position at €10.5 million as of December 31, 2023, and expects this amount to support its ongoing programs and operating expenses until July 2024. The company remains committed to developing innovative treatments for severe and resistant bacterial infections by leveraging the power of phages. With its continued focus on research and development, PHAXIAM aims to make a significant impact on combating antibiotic resistance and improving patient outcomes worldwide.
