Poxel Announces Completion of Arbitration with Merck Serono

POXEL SA, a biopharmaceutical company focused on the development of innovative treatments for metabolic disorders, including type 2 diabetes and non-alcoholic steatohepatitis (NASH), announced the completion of its arbitration¹ with Merck Serono.

The arbitral tribunal dismissed the majority of Merck Serono’s claims, confirming a significant part of Poxel’s position on the matter. As part of the final settlement, Poxel will pay approximately EUR 1.8 million (not including interest and a portion of the arbitration and legal costs) to Merck Serono. The tribunal’s decision is final, and the matter is now closed.

“We are pleased that the arbitration has now been resolved and has confirmed most of our position. The outcome does not in any way affect our agreement with Merck Serono moving forward and we remain focused on further developing our pipeline of metabolic disease therapeutics,” commented Thomas Kuhn, CEO of Poxel.

Poxel will release its 2020 annual results on March 25, 2021. As of December 31, 2020, the Company’s total cash and cash equivalents were EUR 40.2 million (USD 49.4 million).

About Poxel SA

Poxel is a dynamic biopharmaceutical company that uses its extensive expertise in developing innovative drugs for metabolic diseases, with a focus on type 2 diabetes and non-alcoholic steatohepatitis (NASH). In its mid-to-late-stage pipeline, the Company is currently advancing three drug candidates as well as earlier-stage opportunities. Imeglimin, Poxel’s first-in-class lead product, targets mitochondrial dysfunction. Poxel has a strategic partnership with Sumitomo Dainippon Pharma for Imeglimin in Japan, China, South Korea, Taiwan and nine other Southeast Asian countries. A Japanese new drug application (J-NDA) is under review by the Pharmaceuticals and Medical Devices Agency (PMDA) to request approval for the manufacturing and marketing of Imeglimin for the treatment of type 2 diabetes. After successfully completing a Phase 2a proof-of-concept trial for the treatment of NASH, which met its primary endpoint and study objectives, for PXL770, a first-in-class direct adenosine monophosphate-activated protein kinase (AMPK) activator, Poxel plans to initiate a Phase 2b program in the second half of 2021. PXL770 could also have the potential to treat additional metabolic diseases. PXL065 (deuterium-stabilized R-pioglitazone), a MPC inhibitor, is in a streamlined Phase 2 trial for the treatment of NASH. Poxel also has additional earlier-stage programs from its AMPK activator and deuterated TZD platforms targeting chronic and rare metabolic diseases. The Company intends to generate further growth through strategic partnerships and pipeline development. Listed on Euronext Paris, Poxel is headquartered in Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan.