Genomic Vision Requests Receivership Proceedings
November 03 2023 - 1:00PM
Business Wire
Regulatory News:
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231103216071/en/
Genomic Vision Aaron Bensimon Chairman of the Management
Board Tel.: +33 1 49 08 07 51 investisseurs@genomicvision.com
NewCap France Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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