GeNeuro announced on Friday that it had raised five million euros in a private placement to finance its clinical trial campaign.

On the Paris Bourse, shares in the Swiss biopharmaceutical company were down 9.5% at midday, after having lost up to 15% at the start of the session.

The specialist in the treatment of neurodegenerative and autoimmune diseases stated that it had placed 4,666,901 new ordinary shares with qualified investors, as well as 95,004 shares with individuals via the PrimaryBid platform, based on a unit price of 1.05 euros.

This price represents a discount of over 16% on the previous day's closing price.

This capital increase will enable the company to complete its ongoing Phase 2 study in post-Covid, for which patient recruitment was finalized last November and results are expected next June.

The success of this study would be a game-changer, as it would be the first disease-modifying treatment for a large population of post-Covid patients", points out GeNeuro CEO Jesus Martin-Garcia.

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