Genomic Vision (FR0011799907 – GV, the “Company”), a Euronext-listed biotechnology company that develops products and services for the highly accurate characterization of transformed cells, announces having filed today a declaration of cessation of payments (“déclaration de cessation des paiements”) with the Commercial Court of Nanterre.
The employee representative bodies were informed on October 31, 2023.
Given the evolution of its share price and the liquidity of the shares on the market, Genomic Vision was no longer able to cover all its cash needs.
To date, the Company reports current liabilities and does not have sufficient available resources to meet them.
In this context, the Company has today requested the opening of receivership proceedings (“procédure de redressement judiciaire”) with the Commercial Court of Nanterre.
The purpose of these proceedings is to evaluate all solutions that could enable the Company to continue its activity in a long-term way, maintain employment, and also to attract investors within the framework of a recovery plan by way of continuation or a sale plan.
The Commercial Court of Nanterre will rule on this request for the opening of receivership proceedings during a hearing to be held on November 15, 2023. If the Commercial Court grants the Company’s request, the Company will continue its current activities during the observation period of a duration set by the Court. The Court may decide to open liquidation proceedings if it considers that the financing of an observation period is not assured.
Genomic Vision will inform the financial markets of the decision of the Commercial Court of Nanterre.
Genomic Vision has asked Euronext to suspend the listing of its shares from 6 November 2023 before the opening of trading. Given the uncertainty regarding the outcome of the receivership proceedings and the steps taken by the Company, the suspension of the listing of the shares is maintained until further notice.
Press releases will be published regularly as the procedure moves forward.
ABOUT GENOMIC VISION
GENOMIC VISION is a biotechnology company that develops products and services for the highly accurate characterization of genome modifications. We deliver high-quality integrated genomic analysis solutions to improve quality control and bioproduction standards of advanced gene therapies at scale. Based on molecular combing technology and artificial intelligence, The Company provides robust quantitative measurements needed for high confidence characterization of transformed cell lines and prediction of cell line performance, in particular in the context of the biomanufacturing processes of cell and gene therapies. Genomic Vision’s molecular combing technology has further applications in drug development of agents targeting DNA replication and damage response mechanisms, visualizing DNA replication kinetics and telomere length maintenance. Genomic Vision, based near Paris in Bagneux, is a public company listed in compartment C of Euronext’s regulated market in Paris (Euronext: GV – ISIN: FR0011799907).
For further information, please visit www.genomicvision.com
Member of the CAC® Mid & Small and CAC® All-Tradable indices
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain forward-looking statements concerning Genomic Vision and its business. Such forward-looking statements are based on assumptions that Genomic Vision considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the “Risk Factors” section of the universal registration document filed with the AMF on April 28, 2023 under number D.23-0383, available on the web site of Genomic Vision (www.genomicvision.com) and to the development of economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Genomic Vision to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute and should not be construed as an offer or an invitation to sell or subscribe, or the solicitation of any order or invitation to purchase or subscribe for Genomic Vision shares in any country. The distribution of this press release in certain countries may be a breach of applicable laws. The persons in possession of this press release must inquire about any local restrictions and comply with these restrictions.
Genomic Vision has set up a financing line in the form of convertible notes with warrants (OCABSA) with its Financing partner.
The shares resulting from the conversion or exercise of the aforementioned securities will, in general, be sold on the market, which could create downward pressure on the share price as well as a dilution.
Shareholders could therefore suffer a loss of their invested capital due to a significant decrease in the value of the company’s shares. The company has carried out several dilutive financing operations, and investors are advised to be very careful before making a decision to invest in the company’s securities.