GENFIT: MINUTES OF THE EXTRAORDINARY SHAREHOLDERS' MEETING OF OCTOBER 31ST, 2012
- The resolutions supported by the Management Board were approved by a large majority of shareholders.
Lille (France), Boston (Massachusetts, United States), November 7th, 2012 - GENFIT (Alternext: ALGFT; ISIN: FR0004163111), a biopharmaceutical company at the forefront of drug discovery and development, focusing on the early diagnosis and preventive treatment of cardiometabolic and associated disorders, today announced that its shareholders have approved all the resolutions supported by the Management Board at the Company's Extraordinary Shareholders' Meeting held on October 31st, 2012 in Lille (France).
The shareholders approved the two major resolutions supported by the Management Board with a large majority of at least 90.4% of the cast votes.
These two resolutions aimed to grant the Management Board:
- A delegation of authority to enable one or more reserved capital increases by the issue of ordinary shares, without preferential subscription rights for shareholders, in favor of certain categories of persons related to the concerned delegation. This resolution was approved by 90.4% of the cast votes;
- A delegation of authority to enable one or more capital increases by the issue of ordinary shares, with the maintenance of shareholders' preferential subscription rights. This resolution was approved by 98.08% of the cast votes.
The detail of the resolutions and the voting results are available on the Company's web site (www.genfit.com) since November 5th, 2012.
Moreover, the Company announced that it has recently obtained a funding proposal of 8 million Euros from its historical shareholder YA GLOBAL MASTER SPV LTD, in the form of a bond loan agreement, convertible into ordinary shares of the Company. This new loan, for which the general mechanism is identical to that signed by the same shareholder in August 2012, differs in that it will be available on demand according to GENFIT's needs, by successive installments of 1 million Euros. An Extraordinary Shareholders' Meeting will be convened shortly to enable the initiation of this specific investment that could, if necessary, help to cover the Company's previously announced need for 25 to 30 million Euros for the period 2012-2015 to finance its different R&D programs, including those concerned by partnering.
About GENFIT:
GENFIT is a biopharmaceutical company focused on the Discovery and Development of drug candidates in therapeutic fields linked to cardiometabolic disorders (prediabetes/diabetes, atherosclerosis, dyslipidemia, inflammatory diseases.). GENFIT uses a multi-pronged approach based on early diagnosis, preventive solutions, and therapeutic treatments and advances therapeutic research programs, either independently or in partnership with leading pharmaceutical companies, including Sanofi, to address these major public health concerns and their unmet medical needs.
GENFIT's research programs have resulted in the creation of a rich and diversified pipeline of drug candidates at different stages of development, including GENFIT's lead proprietary compound, GFT505, that is currently in Phase II.
With facilities in Lille, France, and Cambridge, MA (USA), the Company has approximately 80 employees. GENFIT is a public company listed on the Alternext trading market by Euronext(TM) Paris (Alternext: ALGFT; ISIN: FR0004163111). www.genfit.com
Contacts:
GENFIT
Jean-François Mouney - CEO & Chairman of the Management Board
Ph. +333 2016 4000
Milestones - Press Relations
Bruno Arabian
Ph. +33 1 7544 8740 / +336 8788 4726 - barabian@milestones.fr
