THX Pharma Raises €8 Million to Advance Rare Neurological Disease Treatments
核心洞察
THX Pharma (搜索) announced a capital increase of approximately €8 million with preferential subscription rights to finance development and commercialization of rare neurological disease treatments.
The company secured €5.92 million in subscription and guarantee commitments representing 75.5% of the offering, with shares priced at €1.80 each.
Proceeds will support TX01 for Gaucher and Niemann-Pick diseases targeting 2027 commercialization, and Batten-1 for juvenile Batten disease (搜索) with expected 2028 launch.
THX Pharma (搜索), a pharmaceutical company specializing in rare neurological diseases, announced the launch of a capital increase with preferential subscription rights amounting to approximately €8 million. The fundraising aims to finance the development, registration, and commercialization of the company's drug candidates for rare neurological diseases.
Strategic Transformation and Funding Rationale
The capital increase marks THX Pharma (搜索)'s strategic evolution from Theranexus toward commercialization of treatments for rare diseases. CEO Mathieu Charvériat stated that "the transformation of Theranexus into THX Pharma marks a strategic shift, now focused on the registration and international commercialization of our treatments."
The company has secured substantial backing for the offering, with subscription and guarantee commitments totaling €5.92 million, representing 75.5% of the envisaged capital increase. Major investors include funds managed by Odyssée Venture (搜索) (€3.5 million), Market Wizards B.V. (€500,000), and TreeCap B.V. (€450,000).
Pipeline and Commercial Prospects
THX Pharma (搜索)'s strategy centers on two flagship drug candidates with significant commercial potential:
TX01 represents an innovative formulation for Gaucher disease (搜索) and Niemann-Pick type C disease (搜索). The company has established a partnership with Exeltis (搜索) for European and other territories, while THX Pharma (搜索) will handle registration in the USA, Canada, and Australia. The company targets commercialization by 2027, with expected peak sales potential of €50 million by 2031-2032.
Batten-1 is positioned as the world's most advanced treatment for the juvenile form of Batten disease (搜索). An early access program will launch in the United States alongside a Phase 3 trial in Europe, with market launch expected in 2028 and revenues estimated at €200 million by 2032-2033.
Financial Structure and Timeline
The capital increase involves issuing a maximum of 4,356,804 new shares at €1.80 per share, representing a 29.4% discount to the October 22, 2025 closing price. The subscription ratio is set at 6 new shares for 13 existing shares.
Key dates include:
- Preferential subscription rights detachment: October 27, 2025
- Trading period for rights: October 27 to November 5, 2025
- Subscription period: October 29 to November 7, 2025
- Settlement and delivery: November 17, 2025
As of September 30, 2025, the company's available cash position amounted to €1.979 million. Excluding the current capital increase, the company benefits from a 12-month cash runway.
Technology Platform and Future Development
In parallel with its lead programs, THX Pharma (搜索) is developing an antisense oligonucleotide platform to address other rare diseases and glioblastomas (搜索), supported by Bpifrance (搜索) through the PickASO project. This platform represents the company's broader strategy to expand beyond its current pipeline.
Financial Projections and Milestones
THX Pharma (搜索) has established ambitious financial targets: first commercial sales in 2027, financial profitability by 2028, and revenues of €50 million and €250 million in 2031 and 2032, respectively. The €8 million capital increase, if fully subscribed, will extend the company's cash horizon until financial profitability in 2028.
The net proceeds of the transaction will amount to approximately €6.8 million, assuming 100% subscription, after deducting expenses related to the capital increase including fees and commissions.
Market Access and Regulatory Strategy
The offering is open to shareholders in France and internationally, excluding the United States, Canada, Japan, South Africa, and Australia due to regulatory restrictions. The investment is eligible for various French tax-advantaged schemes including FIP, FCPI, PEA, and PEA PME-ETI.
Portzamparc BNP Paribas (搜索) is serving as the sole global coordinator for the capital increase, providing institutional support for the transaction's execution.