Pharnext SA, a French biopharmaceutical company pioneering a new approach to the development of innovative drug combinations based on big data genomics and artificial intelligence, has announced a financing of up to 20 million euros ($23.6 million) through a bond loan with Luxembourg's IPF Partners, one of the top providers of alternative financings in the healthcare sector.

Pharnext said that the deal, in combination with the private placement announced earlier this year, strengthens its financial position and enables it to continue advancing the clinical development and commercial preparation for its innovative drug combinations.

The company expects continued support from its shareholders and financial partners, and it looks forward to reporting top-line results from its Phase 3 trial of PXT3003 in Charcot-Marie-Tooth disease type 1A later this year.

The transaction concludes a series of successive financings for Pharnext which began in April 2018, for total proceeds of 36.5 million euros.