May 20, 2020 / 5:58 AM / 8 days ago

BRIEF-Biophytis Shares To Resume Trading Following May 7 Suspension Request

May 20 (Reuters) - BIOPHYTIS SA:

* ANNOUNCED ON TUESDAY THAT ITS SHARES WILL RESUME TRADING FOLLOWING SUSPENSION REQUESTED ON MAY 7, 2020

* SUSPENSION PENDING ISSUANCE OF SUMMARY JUDGMENT BY PARIS COMMERCIAL COURT IN CONNECTION WITH DISPUTE WITH NEGMA

* PURSUANT TO SUMMARY JUDGMENT, BIOPHYTIS TO PAY DAMAGES IN AMOUNT OF EUR 378,067 AND DELIVER 2,050,000 BIOPHYTIS SHARES

* BIOPHYTIS AND STANISLAS VEILLET HAVE ENTERED INTO RELATED-PARTY AGREEMENT AUTHORISED BY BOD ON MAY 18, 2020 TO ENSURE DLIVERY OF SHARES

* STANISLAS VEILLET HAS IRREVOCABLY UNDERTAKEN TO EXERCISE 1,680,000 SHARE SUBSCRIPTION WARRANTS(BSA), SUBSCRIBED IN CONNECTION WITH PUBLIC OFFERING ANNOUNCED ON APRIL 27, 2020

* AS RESULT OF BSAS EXERCISE, COMPANY’S CAPITAL IS INCREASED TO 41,437,325 SHARES, RESULTING IN DILUTION OF 4.05%

* BIOPHYTIS FAVOURS ISSUANCE OF NEW SHARES AND ENVISAGES TO PROCEED WITH CAPITAL INCREASE RESERVED FOR NEGMA

* PERFORMANCE OF MAY 7, 2020 DECISION WILL NOT JEOPARDISE COMPANY’S FINANCIAL POSITION, WHICH HAS SUFFICIENT CASH TO MEET OBLIGATIONS AND NEEDS UNTIL END OF FISCAL YEAR

* AS OF APRIL 30, 2020, BIOPHYTIS’ CASH POSITION EUR 7.2 MLN VS EUR 6.3 MLN AS AT DECEMBER 31, 2019

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