{"id":404814,"date":"2020-12-22T16:13:31","date_gmt":"2020-12-22T21:13:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=404814"},"modified":"2020-12-22T16:13:31","modified_gmt":"2020-12-22T21:13:31","slug":"genfit-renegotiation-of-the-oceanes-convertible-bond-terms-availability-of-prospectus-relating-to-the-admission-of-new-shares-following-conversion-of-the-oceanes","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genfit-renegotiation-of-the-oceanes-convertible-bond-terms-availability-of-prospectus-relating-to-the-admission-of-new-shares-following-conversion-of-the-oceanes\/","title":{"rendered":"GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the OCEANEs"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">\n        <strong>Lille (France), Cambridge (Massachusetts, United States), December 22, 2020<\/strong><br \/>\n        <strong>\u2013 GENFIT (Nasdaq and Euronext: GNFT)<\/strong>, a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases (the \u201c<strong>Company<\/strong>\u201d), today announces that is has filed with the French <em>Autorit\u00e9 des march\u00e9s financiers<\/em> (the \u201c<strong>AMF<\/strong>\u201d) an amendment to its 2019 Universal Registration Document and that the AMF has approved on\u00a0December\u00a022, 2020 under the approval no. 20-616 a prospectus (the \u201c<strong>Prospectus<\/strong>\u201d) made available to the public in connection with the admission on the regulated market of Euronext in Paris (\u201c<strong>Euronext Paris<\/strong>\u201d) of a maximum aggregate of 17,522,016 new ordinary shares, each with a nominal value of \u20ac0.25 to be issued following the potential full bond conversion in accordance with the Conversion Ratio Modification (as defined below), of 3,185,821 convertible bonds into new shares and\/or exchangeable for existing shares that would remain outstanding following the Partial Buyback (as defined below), which were issued by the Company on October 16, 2017 and due October 16, 2025, provided that the Bondholders accept to postpone the maturity date of the OCEANES (the \u201c<strong>OCEANEs<\/strong>\u201d).<\/p>\n<p align=\"justify\">\u00a0The Prospectus specifies: <\/p>\n<ul type=\"disc\">\n<li>Of the 6,081,081 OCEANEs initially issued and outstanding on the date of the Prospectus, certain Bondholders have contracted to sell 2,895,260 OCEANEs to the Company for cancellation at a repurchase price of \u20ac16.40 (including the accrued interest of \u20ac0.30) representing a nominal amount of \u20ac85,699,696 or 47.6\u00a0% of the Company\u2019s outstanding OCEANEs, of an aggregate nominal amount of \u20ac179,999,997.60, for an aggregate total amount of \u20ac47.48 million (the \u201c<strong>Partial Buyback<\/strong>\u201d); <\/li>\n<li>the Company proposes to the OCEANEs Bond holders (the \u201c<strong>Bondholders<\/strong>\u201d) in conjunction with its shareholders (the \u201c<strong>Shareholders<\/strong>\u201d) (with respect to the latter, only in regards to the Modification of the Conversion Ratio), (i) the modification of the initial conversion ratio from one (1) new or existing share for one (1) OCEANE to 5.5 new or existing shares for one (1) OCEANE (the\u00a0\u201c<strong>Modification of the Conversion Ratio<\/strong>\u201d), (ii) the extension of the maturity of the OCEANEs from October 16, 2022 to October 16, 2025, (iii) the deferral of the start date of the early redemption period as set out in the terms and conditions of the OCEANEs to November 6, 2023 and (iv) the modification of the adjustment of the conversion ratio in the event of a tender offer targeting the shares of the Company in order to take into account the maturity extension of the OCEANEs (together, the \u201c<strong>OCEANEs Adjustments<\/strong>\u201d and together with the Partial Buyback, the\u00a0\u201c<strong>Transaction<\/strong>\u00a0).<\/li>\n<\/ul>\n<p align=\"justify\">The Modification of the Conversion Ratio is subject to the approval of the Shareholders in an extraordinary Shareholders general meeting, scheduled to convene on first notice on January 13, 2021, or if quorum cannot be achieved, on second notice, on January 25,\u00a02021 (the \u201c<strong>Shareholders\u2019 Meeting<\/strong>\u201d).<\/p>\n<p align=\"justify\">The OCEANE Adjustments will be submitted for approval at the Bondholders meeting scheduled to convene on\u00a0January 25,\u00a02021 (the \u201c<strong>Bondholders\u2019 Meeting<\/strong>\u201d).<\/p>\n<p align=\"justify\">The two aspects of the Transaction are interdependent: the Partial Buyback will only occur if (i) the Shareholders\u2019 Meeting approves the Modification of the Conversion Ratio and (ii) the Bondholders\u2019 Meeting approves the OCEANEs Adjustments. The settlement date of the Partial Buyback would then occur following these two meetings. <\/p>\n<p align=\"justify\">After\u00a0January\u00a031, 2021, if the Transaction is not approved at the Shareholders Meeting nor the Bondholders Meeting, the Bondholders\u2019 commitments to participate in the Partial Buyback will become null and void. Should the Transaction fail to be completed, the Company would be unable to repay the OCEANEs on their maturity date and would then have to consider alternative solutions in order to protect its interests.<\/p>\n<p align=\"justify\">For information purposes:<\/p>\n<ul type=\"disc\">\n<li>based on the Company\u2019s outstanding equity as of June 30,\u00a02020, following the issuance of a maximum of 17,522,\u00a0016 new sharesfor the conversion of all the OCEANEs, shareholders\u2019 equity per share will be \u20ac2.23 on a non-diluted basis and \u20ac2.34 on a diluted basis.<\/li>\n<li>based on the number of the Company\u2019s shares at the date of the Prospectus, the impact of the issuance of a maximum of 17\u00a0522\u00a0016 new shares for the conversion of all the OCEANEs, will be, per share, 0.69\u00a0% on a non-diluted basis and 0.68\u00a0% on a diluted basis.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>PROSPECTUS AVAILABILITY <\/strong><br \/>\n        <br \/>Copies of the Prospectus, consisting of (i) the Company\u2019s 2019 Universal Registration Document filed with the AMF on \u00a0May 27,\u00a02020 under the number D.20-0503, (ii) the Company\u2019s Amendment to its Universal Registration Document filed with the AMF on December 22, 2020 under the number D.20-0503-A01 and (iii) the securities note in the French language (<em>note d\u2019op\u00e9ration<\/em>, including a summary of the Prospectus) are available free-of-charge at the Company\u2019s corporate headquarters (Parc Eurasant\u00e9, 885 avenue Eug\u00e8ne Avin\u00e9e in Loos (59120), France), on the Company\u2019s website (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=9kHDSYuxKsKQfJn3-fZWdQHKykJOj-f2fWOBMv7ucTPm_yv_1tqHMGLBc600kjrYKJJb5yRWKpSzMP0jQ7t-og==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.genfit.com<\/u><\/a>) and the AMF\u2019s website (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=9kHDSYuxKsKQfJn3-fZWdRDpQ-4wbOW3jlRTg4bIRKYlJkwUDS53eF9W2W-pL9n8mh7V7tZwBmivoj6CqBvXtKHnQzbXT23rN_mEMphp4Pw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.amf-france.org<\/u><\/a>).<\/p>\n<p align=\"justify\">This Prospectus has been established in accordance with Article 1 of Regulation (EU) 2017\/1129 (the \u201c<strong>Prospectus Regulation<\/strong>\u201d). <\/p>\n<p align=\"justify\">For information regarding risk factors, see the sections titled \u201cMain Risks and Uncertainties \u201d in chapter 2 of the Company\u2019s 2019 Universal Registration Document or \u201cRisk Factors\u201d in Item 3.D. of the Company\u2019s 2019 Annual Report on Form 20-F and \u201c<em>Risk Factors<\/em>\u201d in Section 2 of the Company\u2019s Amendment to its Universal Registration Document, available in English on the Company\u2019s website. <\/p>\n<p align=\"justify\">\n        <strong>INDEPENDENT EXPERTISE<\/strong><br \/>\n        <br \/>On December 22, 2020, the Company made available the report prepared by the Accuracy independent expert firm, which was appointed on a voluntary basis by the Company\u2019s Board of Directors, to determine whether the financial terms of the Transaction for the Shareholders and the Bondholders are equitable.\u00a0 <\/p>\n<p align=\"justify\">The independent expert report is included, in full, in appendix 1 of the securities note (<em>note d\u2019op\u00e9ration<\/em>) in the French language, is also available at the Company\u2019s corporate headquarters (Parc Eurasant\u00e9, 885 avenue Eug\u00e8ne Avin\u00e9e in Loos (59120), France), and on the Company\u2019s website (www.genfit.com\u2013 Investors &amp; Media \u2013 Financials \u2013 Shareholders Meeting \u2013 2021\u00a0Shareholders Meeting), including a convenience translation in English.<\/p>\n<p align=\"justify\">The findings of the Accuracy report are as follows: <\/p>\n<p align=\"justify\">\u201c<em>The results of our analysis are as follows: <\/em><\/p>\n<ol type=\"i\">\n<li>\n          <em>As part of the Transaction, the holders of the OCEANEs have agreed to sell a portion of their bonds at a 45% discount to their face value (\u20ac16.4 compared to \u20ac29.6). This discount remains logically lower than the discount observed on the market immediately prior to the Transaction (62% to the \u20ac11.0 trading price on September 30 2020), since this trading price fully accounts for the default risk that the Company is facing.\u00a0 <\/em>\n        <\/li>\n<li>\n          <em>The Transaction will result, immediately, in a theoretical value transfer from the shareholders to the holders of the OCEANEs 2022, which we estimate at \u20ac77 million (as a consequence of the partial repurchase of the OCEANEs 2022 and then the resetting of the conversion price and a postponement of the maturity of the OCEANEs). However, the Transaction should also, by reducing the default risk the Company is facing and by giving it back more strategic and operational flexibility, have a short-term positive impact on the share price, which we however cannot precisely measure today. In addition, if the Transaction does not take place, the shareholders would almost certainly see the value of their shares reduced to nil by the end of 2022. <\/em>\n        <\/li>\n<li>\n          <em>In 2025, if the value of the equity and equity-like instruments(OCEANEs) measured as a whole ranges between \u20ac100 million and \u20ac300 million, the shareholders\u2019 return will be negative, while that of the holders of the OCEANEs 2022 will remain stable at around 40% (on the basis of the trading price of the OCEANEs before the Transaction). If, however, the value of the equity and equity-like instruments measured as a whole, crosses the \u20ac300 million threshold, the shareholders\u2019 and of OCEANEs 2022 holders\u2019 returns will both be positive, although OCEANEs holders\u2019 return will exceed that of the shareholders. <\/em>\n        <\/li>\n<li>\n          <em>Unsurprisingly therefore, the Transaction will have a more favourable mid-term theoretical financial impact for the holders of the OCEANEs 2022 than for the shareholders. However, we believe that the spread between these returns is reasonable in light of (i) the current leverage which the holders of the OCEANEs 2022 have, and (ii) the intrinsic risk level of each category of financial instrument. This is because the shares of the Company inherently carry more risk than the OCEANEs 2022. The realisation of a risk (the failure of a clinical trial) has a more significant impact on the return expected by the shareholders than on that expected by the holders of the OCEANEs 2022. <\/em>\n        <\/li>\n<\/ol>\n<p align=\"justify\">\n        <em>On this basis, we believe that the financial conditions of the Transaction are fair for the shareholders and for the holders of the OCEANEs 2022.\u201d<\/em>\n      <\/p>\n<p align=\"justify\">\n        <strong>ABOUT GENFIT<\/strong>\n      <\/p>\n<p align=\"justify\">GENFIT is a late-stage biopharmaceutical company dedicated to improving the lives of patients with cholestatic and metabolic chronic liver diseases. GENFIT is a pioneer in the field of nuclear receptor-based drug discovery, with a rich history and strong scientific heritage spanning more than two decades. GENFIT is currently enrolling in a Phase 3 clinical trial evaluating elafibranor in patients with primary biliary cholangitis (PBC). As part of GENFIT\u2019s comprehensive approach to clinical management of patients with liver disease, the Company is also developing NIS4\u2122, a new, non-invasive blood-based diagnostic technology which could enable easier identification of patients with at-risk NASH.\u00a0 NIS4\u2122 technology has been licensed to LabCorp in the U.S. and Canada for the development and commercialization of a blood-based molecular diagnostic test powered by NIS4\u2122 technology. GENFIT has facilities in Lille and Paris, France, and Cambridge, MA, USA. GENFIT is a publicly traded company listed on the Nasdaq Global Select Market and on compartment B of Euronext\u2019s regulated market in Paris (Nasdaq and Euronext: GNFT). <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=9kHDSYuxKsKQfJn3-fZWdc4o4YuERi6cxCz4HTHOZV5UDdGFwe-pD-NQQxa1Wq41HtO0yA7SUtkJ8Sg_TB_DWg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.genfit.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>FORWARD LOOKING STATEMENTS<\/strong>\n      <\/p>\n<p align=\"justify\">This press release is not an advertisement and does not constitute a prospectus for the purpose of the Prospectus Regulation.<\/p>\n<p align=\"justify\">This press release contains certain forward-looking statements with respect to GENFIT, including those within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to GENFIT, including statements regarding our capacity to renegotiate the terms of our OCEANEs convertible bonds and that the final terms of this proposal will be approved by the shareholders\u2019 general meeting and general meeting of OCEANEs holders. <\/p>\n<p align=\"justify\">The use of certain words, including \u201cconsider\u201d, \u201ccontemplate\u201d, \u201cthink\u201d, \u201caim\u201d, \u201cexpect\u201d, \u201cunderstand\u201d, \u201cshould\u201d, \u201caspire\u201d, \u201cestimate\u201d, \u201cbelieve\u201d, \u201cwish\u201d, \u201cmay\u201d, \u201ccould\u201d, \u201callow\u201d, \u201cseek\u201d, \u201cencourage\u201d or \u201chave confidence\u201d or (as the case may be) the negative forms of such terms or any other variant of such terms or other terms similar to them in meaning is intended to identify forward-looking statements. Although the Company believes its projections are based on reasonable expectations and assumptions of the Company\u2019s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including in relation to safety, biomarkers, progression of, and results from, its ongoing and planned clinical trials, review and approvals by regulatory authorities of its drug and diagnostic candidates, exchange rate fluctuations and the Company\u2019s continued ability to raise capital to fund its development, as well as those risks and uncertainties discussed or identified in the Company\u2019s public filings with the AMF, including those listed in Chapter 2 \u201cMain Risks and Uncertainties\u201d of the Company\u2019s 2019 Universal Registration Document filed with the AMF on 27 May 2020 under n\u00b0 D.20-0503 and in Section 2 \u201cRisk Factors\u201d of the Company\u2019s Amendment to the Universal Registration Document filed with the AMF on 22 December 2020 under n\u00b0 D.20-0503-A01, which are available on the Company\u2019s website (www.genfit.com) and on the website of the AMF (www.amf-france.org) and public filings and reports filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) including the Company\u2019s 2019 Annual Report on Form 20-F filed with the SEC on May 27, 2020. In addition, even if the Company\u2019s results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods.\u00a0 These forward-looking statements speak only as of the date of publication of this document. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.<\/p>\n<p align=\"justify\">\n        <strong>CONTACT<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>GENFIT<\/strong> | Investors<\/p>\n<p align=\"justify\">Naomi EICHENBAUM \u2013 Investor Relations | Tel: +1 (617) 714 5252 | <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=nkzCcNJ9VxIYpUTP2XFHWsd4E-l5hy959BmTm_mCB1IEWxXqBKlB6zV3xNb4-3xUtmlqdoyWAFVuugZom0w6g5U9yG-R8FkrckNPoptzxWw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investors@genfit.com<\/a><\/u><\/p>\n<p align=\"justify\">\n        <strong>PRESS RELATIONS <\/strong>| Media<\/p>\n<p align=\"justify\">H\u00e9l\u00e8ne LAVIN \u2013 Press relations | Tel: +333 2016 4000 | <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ujkVALkpmynLEMKPvoGWy-Wx-1l8r_4PdS8Bzv7VQ65CCVPOS5OY5p8RACgjEnzkAX8KqIrAUP103fAiLVs0z-dXLe7AaIca5kJ4k9ZqcgE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">helene.lavin@genfit.com<\/a><\/u><\/p>\n<p>\n        <strong>GENFIT<\/strong> | 885 Avenue Eug\u00e8ne Avin\u00e9e, 59120 Loos &#8211; FRANCE | +333 2016 4000 | www.genfit.com\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  <\/p>\n<p align=\"justify\">\n        <strong>Appendix: Summary of the French Prospectus <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong>SECTION 1 \u2013 INTRODUCTION ET AVERTISSEMENTS<\/strong><br \/>\n        <br \/>\n        <strong>1.1 \u2013 Nom et codes internationaux d\u2019identification des valeurs mobili\u00e8res<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Libell\u00e9 des actions<\/em><br \/>\n        <\/strong>\u00a0: Genfit<br \/><strong><em>ISIN des actions<\/em><\/strong>\u00a0: FR0004163111<br \/><strong><em>Mn\u00e9monique des actions<\/em><\/strong>\u00a0: GNFT<br \/><strong><em>Compartiment des actions<\/em><\/strong>\u00a0: Compartiment\u00a0B d&#8217;Euronext Paris<br \/><strong><em>Classification ICB des actions<\/em><\/strong>\u00a0: 4573\/Biotechnologie<br \/><strong><em>ISIN des OCEANEs<\/em><\/strong>\u00a0: FR0013286903<br \/><strong>1.2 \u2013 Identit\u00e9 et coordonn\u00e9es de l\u2019\u00e9metteur<\/strong><\/p>\n<p align=\"justify\">GENFIT SA, Parc Eurasant\u00e9, 885, avenue Eug\u00e8ne Avin\u00e9e, 59120 Loos, France (la \u00ab\u00a0<strong>Soci\u00e9t\u00e9\u00a0<\/strong>\u00bb, et, avec l\u2019ensemble de ses filiales, le \u00ab\u00a0<strong>Groupe\u00a0<\/strong>\u00bb)<br \/><strong>1.3 \u2013 Identit\u00e9 et coordonn\u00e9es de l\u2019autorit\u00e9 comp\u00e9tente qui approuve le prospectus<\/strong><\/p>\n<p align=\"justify\">Autorit\u00e9 des march\u00e9s financiers (AMF), 17, place de la Bourse, 75082 Paris Cedex 02<br \/><strong>1.4 \u2013 Date d\u2019approbation du prospectus<\/strong><\/p>\n<p align=\"justify\">22\u00a0d\u00e9cembre 2020<br \/><strong>1.5 \u2013 Avertissements<\/strong><\/p>\n<p align=\"justify\">Le r\u00e9sum\u00e9 doit \u00eatre lu comme une introduction au Prospectus. Toute d\u00e9cision d\u2019investir dans les valeurs mobili\u00e8res concern\u00e9es doit \u00eatre fond\u00e9e sur un examen de l\u2019int\u00e9gralit\u00e9 du Prospectus par l\u2019investisseur. Si une action concernant l\u2019information contenue dans le Prospectus est intent\u00e9e devant un tribunal, l\u2019investisseur plaignant peut, selon le droit national, avoir \u00e0 supporter les frais de traduction du Prospectus avant le d\u00e9but de la proc\u00e9dure judiciaire. Une responsabilit\u00e9 civile n\u2019incombe qu\u2019aux personnes qui ont pr\u00e9sent\u00e9 le r\u00e9sum\u00e9, y compris sa traduction, que pour autant que le contenu du r\u00e9sum\u00e9 soit trompeur, inexact ou incoh\u00e9rent, lu en combinaison avec les autres parties du prospectus, ou qu\u2019il ne fournisse pas, lu en combinaison avec les autres parties du prospectus, les informations cl\u00e9s permettant d\u2019aider les investisseurs lorsqu\u2019ils envisagent d\u2019investir dans ces valeurs mobili\u00e8res. L\u2019investisseur peut perdre tout ou partie du capital investi.<\/p>\n<p align=\"center\">\n        <strong>SECTION 2 \u2013 INFORMATIONS CLES SUR L\u2019EMETTEUR<\/strong><br \/>\n        <br \/>\n        <strong>2.1 \u2013 Qui est l\u2019\u00e9metteur des valeurs mobili\u00e8res\u00a0?<\/strong><br \/>\n        <br \/>\n        <strong>2.1.1 \u2013 Si\u00e8ge social \/ Forme juridique \/ IEJ \/ Droit applicable \/ Pays d\u2019origine<\/strong>\n      <\/p>\n<p align=\"justify\">Si\u00e8ge Social\u00a0: Parc Eurasant\u00e9, 885, avenue Eug\u00e8ne Avin\u00e9e, 59120 Loos, France<br \/>Forme juridique\u00a0: soci\u00e9t\u00e9 anonyme fran\u00e7aise \u00e0 Conseil d\u2019Administration<br \/>IEJ\u00a0: 969500XPWN2DMZQA5X73<br \/>Droit applicable \/ Pays d\u2019origine\u00a0: droit fran\u00e7ais \/ France<br \/><strong>2.1.2 \u2013 Principales activit\u00e9s<\/strong><\/p>\n<p align=\"justify\">GENFIT est une soci\u00e9t\u00e9 biopharmaceutique conduisant des essais cliniques de stade avanc\u00e9 dont la vocation est la d\u00e9couverte et le d\u00e9veloppement de candidats-m\u00e9dicaments et de solutions diagnostiques innovantes visant \u00e0 combattre les maladies m\u00e9taboliques et les pathologies h\u00e9patiques qui leur sont associ\u00e9es\u00a0; pathologies pour lesquelles des besoins m\u00e9dicaux consid\u00e9rables demeurent aujourd\u2019hui insatisfaits.<br \/>A la suite de la revue d\u00e9taill\u00e9e de l\u2019int\u00e9gralit\u00e9 des donn\u00e9es issues de l\u2019analyse interm\u00e9diaire de l\u2019essai clinique de Phase 3 RESOLVE-IT, la Soci\u00e9t\u00e9 a conclu que l\u2019investissement n\u00e9cessaire \u00e0 la poursuite de l\u2019essai n\u2019\u00e9tait pas justifi\u00e9 au regard de la probabilit\u00e9 de g\u00e9n\u00e9rer des r\u00e9sultats suffisants pour obtenir une approbation r\u00e9glementaire d\u2019elafibranor aux \u00c9tats-Unis et en Europe dans l\u2019indication NASH. <br \/>En cons\u00e9quence, la Soci\u00e9t\u00e9 va d\u00e9sormais concentrer ses efforts sur deux programmes phares qui visent \u00e0 r\u00e9pondre \u00e0 des besoins m\u00e9dicaux non satisfaits, repr\u00e9sentent des opportunit\u00e9s de march\u00e9 significatives et pr\u00e9sentent un profil de risque prometteur. Il s\u2019agit d\u2019une part de poursuivre le d\u00e9veloppement d\u2019elafibranor dans la Cholangite Biliaire Primitive (\u00ab\u00a0<strong>PBC<\/strong>\u00a0\u00bb), maladie du foie dont la pr\u00e9valence est d\u2019environ 40 cas pour 100 000 personnes \u00e0 l\u2019\u00e9chelle mondiale, \u00e9tant pr\u00e9cis\u00e9 que ce chiffre ne cesse de cro\u00eetre, en tant que traitement de seconde intention dans le cadre d\u2019un essai clinique international de Phase 3 (ELATIVE<sup>TM<\/sup>) (qui inclura 100 patients se voyant administrer elafibranor \u00e0 la dose de 80mg et 50 patients se voyant administrer un placebo) et de d\u00e9velopper une franchise diagnostique dans la NASH \u00e0 partir de la technologie diagnostique NIS4<sup>TM<\/sup> d\u2019autre part. <br \/>Par ailleurs, la Soci\u00e9t\u00e9 poursuit son programme de d\u00e9veloppement de Nitazoxanide (NTZ) pour le traitement de la fibrose. Ce programme s\u2019est traduit, en d\u00e9cembre 2018, par le lancement d\u2019un essai de preuve de concept (POC) de phase 2, initi\u00e9 et conduit par un investigateur aux Etats-Unis, afin d\u2019\u00e9valuer NTZ pour le traitement des patients NASH pr\u00e9sentant une fibrose significative voire avanc\u00e9e.<br \/>A la date du Prospectus, les programmes th\u00e9rapeutiques et diagnostiques de la Soci\u00e9t\u00e9 sont les suivants\u00a0:<\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:88px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Programme<\/strong>\n          <\/td>\n<td style=\"width:75.07px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Indication<\/strong>\n          <\/td>\n<td style=\"width:113.4px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>M\u00e9canisme d\u2019action<\/strong>\n          <\/td>\n<td style=\"width:434.47px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Stade de d\u00e9veloppement<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>Elafibranor<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:75.07px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  PBC  <\/td>\n<td style=\"width:113.4px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  PPAR alpha et PPAR delta  <\/td>\n<td style=\"width:434.47px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  Phase 3 Elative<sup> TM <\/sup>\u2013 Publication des premiers r\u00e9sultats \u2013 1<sup>er<\/sup> trimestre 2023  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>Nitazoxanide<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:75.07px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  Fibrose  <\/td>\n<td style=\"width:113.4px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  Confidentiel  <\/td>\n<td style=\"width:434.47px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  Etude de Phase 2 men\u00e9e par un investigateur \u2013 Lecture des donn\u00e9es POC \u2013 1<sup>er<\/sup> trimestre 2021.  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>Technologie NIS4<sup>TM<\/sup><\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:75.07px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  Diagnostic de la Nash avec Fibrose  <\/td>\n<td style=\"width:113.4px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  NAS&gt;4, F2+  <\/td>\n<td style=\"width:434.47px;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: justify;vertical-align: middle\">\n            <u>2019\u00a0:<\/u> licence consentie \u00e0 LabCorp pour la commercialisation dans le domaine de la rechercher clinique.<br \/><u>2020\u00a0:<\/u> Licence consentie \u00e0 LabCorp pour la commercialisation \u00e0 grande \u00e9chelle.<br \/><u>2021\u00a0:<\/u> Lancement pr\u00e9vu par LabCorp d\u2019un laboratory developped test ou LTD.          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Pour mettre en \u0153uvre son plan strat\u00e9gique annonc\u00e9 le 30 septembre 2020, la Soci\u00e9t\u00e9 envisage de faire \u00e9voluer sa structure et s\u2019est engag\u00e9e dans un projet de restructuration et d\u2019\u00e9conomies visant \u00e0 r\u00e9duire le nombre de ses employ\u00e9s et sa consommation de tr\u00e9sorerie d\u2019exploitation.<br \/>Le 30 septembre 2020, en appui de cette nouvelle strat\u00e9gie, la Soci\u00e9t\u00e9 a annonc\u00e9 avoir engag\u00e9 un vaste programme d&#8217;\u00e9conomies, dont un projet de plan de sauvegarde de l&#8217;emploi en France, qui est en cours d&#8217;ex\u00e9cution \u00e0 la date du pr\u00e9sent Amendement. Ce plan a \u00e9t\u00e9 soumis \u00e0 la proc\u00e9dure d&#8217;information-consultation du Comit\u00e9 Social et Economique de la Soci\u00e9t\u00e9, a fait l&#8217;objet d&#8217;un accord avec le repr\u00e9sentant syndical et a re\u00e7u l&#8217;approbation de la DIRECCTE. Au total, au niveau de Groupe, l&#8217;objectif de r\u00e9duction des effectifs vise \u00e0 r\u00e9duire le nombre de collaborateurs d\u2019environ 200 au 30\u00a0juin 2020 \u00e0 125 collaborateurs.<br \/>La Soci\u00e9t\u00e9 fait actuellement l\u2019objet d\u2019un recours collectif (<em>class action<\/em>) aux Etats-Unis concernant l\u2019information fournie sur elafibranor dans le traitement de la NASH lors de son introduction en bourse au NASDAQ. Ce recours collectif intent\u00e9 initialement devant un tribunal d&#8217;\u00c9tat du Commonwealth du Massachusetts en mai 2020, a \u00e9t\u00e9 retir\u00e9 de ce tribunal par le plaignant au mois d&#8217;octobre 2020, puis red\u00e9pos\u00e9 aupr\u00e8s du tribunal de l\u2019Etat de New York en d\u00e9cembre 2020. <br \/><strong>2.1.3 \u2013 Principaux actionnaires<\/strong><\/p>\n<p align=\"justify\">Sur la base du nombre d\u2019actions et de droits de vote au 30\u00a0novembre\u00a02020, la r\u00e9partition du capital social et des droits de vote de la Soci\u00e9t\u00e9 sera, \u00e0 la connaissance de la Soci\u00e9t\u00e9, la suivante\u00a0:<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"8\" style=\"width:75.88%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Avant l\u2019Op\u00e9ration<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"width:37.94%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Base non dilu\u00e9e<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"width:37.94%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Base dilu\u00e9e<\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Actionnaires<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Nombre d\u2019actions<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% du capital<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% des droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Nombre d\u2019actions<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% du capital<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% des droits de vote<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Pascal Prigent<sup>(2)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>10\u00a0700<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,03\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>\u00a010\u00a0700<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,03\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>30\u00a0712<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,07\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>30\u00a0712<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,06\u00a0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Biotech Avenir<sup>(3)(5)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1 888 618  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  4,86\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  3\u00a0657\u00a0370  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  8,88\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0888\u00a0618  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  4,15\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  3\u00a0657\u00a0370   <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  7,65\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Florence S\u00e9journ\u00e9<sup>(3)(4)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Jean-Fran\u00e7ois Mouney<sup>(2)(3)(5)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  21\u00a0897  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,06\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  21\u00a0968  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,05\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  82\u00a0711  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,18\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  82\u00a0782  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,17\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Xavier Guille des Buttes<sup>(5)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0842  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0842  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6\u00a0842  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,02\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6\u00a0842  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Fr\u00e9d\u00e9ric Desdouits  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  111  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  111  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0111  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0111  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Philippe Moons  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  310  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  310  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0310  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0310  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Anne-H\u00e9l\u00e8ne Monsellato  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Catherine Larue  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total Membres du Conseil d\u2019Administration<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>1\u00a0912\u00a0778<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>4,92\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>3\u00a0681\u00a0601<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>8,94\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>1\u00a0998\u00a0592<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>4,40\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>3\u00a0767\u00a0415<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>7,88\u00a0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Universit\u00e9 de Lille<sup>(5)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  451\u00a0250  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1,16\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  902\u00a0500  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  2,19\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  451\u00a0250  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,99\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  902\u00a0500  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1,89\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Fondation Partenariale de l\u2019Universit\u00e9 de Lille<sup>(5)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,51\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,49\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,44\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,42\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Contrat de Liquidit\u00e9<sup>(6)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  58\u00a0619  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,15\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  58\u00a0619  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,13\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Autres actionnaires<sup>(2)<\/sup><\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  36\u00a0225\u00a0270  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  93,22\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  36\u00a0393\u00a0332  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  88,36\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  42\u00a0721\u00a0153  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  93,97\u00a0%  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  42\u00a0889\u00a0215  <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  89,75\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.12%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>TOTAL<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>38\u00a0858\u00a0617<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>41\u00a0188\u00a0133<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<sup>(7)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>45\u00a0460\u00a0326<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>47\u00a0789\u00a0842<\/strong>\n          <\/td>\n<td style=\"width:9.48%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<sup>(7)<\/sup><\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<ol type=\"1\">\n<li>En prenant pour hypoth\u00e8se (i) l\u2019exercice de l\u2019int\u00e9gralit\u00e9 des 71\u00a0760 bons de souscription (BSA) et des 374\u00a0920 options de souscription ou d\u2019achat d\u2019actions en circulation ainsi que l\u2019attribution d\u00e9finitive de l\u2019int\u00e9gralit\u00e9 des 73\u00a0948 actions gratuites en circulation au 30\u00a0novembre\u00a02020 et (ii) la conversion en 6\u00a0081\u00a0081 actions nouvelles de la Soci\u00e9t\u00e9 de l\u2019int\u00e9gralit\u00e9 des 6\u00a0081\u00a0081\u00a0OCEANEs en Actions Nouvelles sur la base du ratio actuel de conversion d\u2019une (1) OCEANE pour une (1) Action Nouvelle.<\/li>\n<li>D\u00e9tention actualis\u00e9e pour prendre en compte l\u2019achat de 6\u00a0700 actions ordinaires de la Soci\u00e9t\u00e9 par Pascal Prigent et de 7\u00a0000 actions ordinaires de la Soci\u00e9t\u00e9 par Monsieur Jean Fran\u00e7ois Mouney, le 13\u00a0mai\u00a02020.<\/li>\n<li>Jean-Fran\u00e7ois Mouney est le pr\u00e9sident de Biotech Avenir. Biotech Avenir est d\u00e9tenue \u00e0 hauteur de 17,1\u00a0% par Jean-Fran\u00e7ois Mouney, 9,9\u00a0% par Florence S\u00e9journ\u00e9, 15,8\u00a0% par 13 salari\u00e9s de la Soci\u00e9t\u00e9 et 57,2\u00a0% par des tiers (16 personnes physiques).<\/li>\n<li>Florence S\u00e9journ\u00e9 est le repr\u00e9sentant permanent de Biotech Avenir au Conseil d\u2019Administration de la Soci\u00e9t\u00e9.<\/li>\n<li>Ces personnes sont li\u00e9es par un pacte d\u2019actionnaires. A la date du Prospectus, les parties au pacte d\u2019actionnaires d\u00e9tenant des actions de la Soci\u00e9t\u00e9 sont\u00a0: Universit\u00e9 de Lille, Fondation partenariale de l\u2019Universit\u00e9 de Lille, Finorpa SCR, Biotech Avenir et MM. Jean-Fran\u00e7ois Mouney, Xavier Guille de Buttes et Charles Wohler. Ce pacte pr\u00e9voit notamment un droit de pr\u00e9emption au profit de Biotech Avenir ou au profit de tout actionnaire signataire du pacte qui serait d\u00e9sign\u00e9 par celle-ci, en cas de projet de cession hors march\u00e9 par un actionnaire partie audit pacte de tout ou partie de ses actions de la Soci\u00e9t\u00e9 d\u00e8s lors que la cession projet\u00e9e, cumul\u00e9e avec les cessions op\u00e9r\u00e9es au titre d\u2019une ann\u00e9e consid\u00e9r\u00e9e, repr\u00e9sente une quote-part du capital social d\u2019au moins 2\u00a0%.<\/li>\n<li>Nombre d\u2019actions auto-d\u00e9tenues par la Soci\u00e9t\u00e9 au titre du contrat de liquidit\u00e9 au 30\u00a0novembre\u00a02020.<\/li>\n<li>Pourcentage arrondi pour tenir compte des actions auto-d\u00e9tenues par la Soci\u00e9t\u00e9 au titre du contrat de liquidit\u00e9 et qui ne disposent pas de droit de vote.<\/li>\n<\/ol>\n<p align=\"justify\">Sur la base du nombre d\u2019actions et de droits de vote au 30\u00a0novembre\u00a02020 et post\u00e9rieurement \u00e0 l\u2019Op\u00e9ration (tel que ce terme est d\u00e9fini au point 4.1.1 du r\u00e9sum\u00e9), la r\u00e9partition du capital social et des droits de vote de la Soci\u00e9t\u00e9 sera, \u00e0 la connaissance de la Soci\u00e9t\u00e9, la suivante\u00a0:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"width:38.52%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Base non dilu\u00e9e<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"width:38.54%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Base dilu\u00e9e<\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Actionnaires<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Nombre d\u2019actions<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% du capital<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% des droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Nombre d\u2019actions<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% du capital<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total droits de vote<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% des droits de vote<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Pascal Prigent<sup>(2)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>10\u00a0700<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,03\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>10\u00a0700<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,03\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>30\u00a0712<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,05\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>30\u00a0712<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>0,05\u00a0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Biotech Avenir<sup>(3)(4)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0888\u00a0618  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  4,86\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  3\u00a0657\u00a0370  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  8,88\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0888\u00a0618  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  3,32\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  3\u00a0657\u00a0370  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6,17\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Florence S\u00e9journ\u00e9<sup>(3)(4)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Jean-Fran\u00e7ois Mouney<sup>(2)(3)(5)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  21\u00a0897  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,06\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  21\u00a0968  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,05\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  82\u00a0711  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,15\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  82\u00a0782  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,14\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Xavier Guille des Buttes<sup>(5)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0842  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1\u00a0842  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6\u00a0842  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6\u00a0842  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Fr\u00e9d\u00e9ric Desdouits  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  111  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  111  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0111  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0111  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Philippe Moons  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  310  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  310  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0310  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0310  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Anne-H\u00e9l\u00e8ne Monsellato  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Catherine Larue  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0000  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,01\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total Membres du Conseil d\u2019Administration<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>1\u00a0912\u00a0778<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>4,92\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>3\u00a0681\u00a0601<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>8,94\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>1\u00a0998\u00a0592<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>3,51\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>3\u00a0767\u00a0415<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6,36\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Universit\u00e9 de Lille<sup>(5)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  451\u00a0250  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1,16\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  902\u00a0500  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  2,19\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  451\u00a0250  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,79\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  902\u00a0500  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  1,52\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Fondation Partenariale de l\u2019Universit\u00e9 de Lille<sup>(5)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,51\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,49\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,35\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  200\u00a0000  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,34\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Contrat de Liquidit\u00e9<sup>(6)<\/sup><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  58\u00a0619  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,15\u00a0%  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  58\u00a0619  <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,10\u00a0%  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0  <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  0,00\u00a0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Autres actionnaires<sup>(2)<\/sup><br \/>&#8211; <em>dont les Porteurs d\u2019OCEANEs<\/em><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  36\u00a0225\u00a0270<br \/><em>0<\/em><\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  93,22\u00a0%<br \/><em>0,00\u00a0%<\/em><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  36\u00a0393\u00a0332<br \/><em>0<\/em><\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  88,36\u00a0%<br \/><em>0,00\u00a0%<\/em><\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  54\u00a0162\u00a0088<br \/><em>17\u00a0522\u00a0016<\/em><\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  95,19\u00a0%<br \/><em>30,79\u00a0%<\/em><\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  54\u00a0330\u00a0150<br \/><em>17\u00a0522\u00a0016<\/em><\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top;text-align: right;vertical-align: middle\">  91,73\u00a0%<br \/><em>29,58\u00a0%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:22.94%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>TOTAL<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>38\u00a0858\u00a0617<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>41\u00a0188\u00a0133<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<sup>(7)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>56\u00a0901\u00a0261 <\/strong>\n          <\/td>\n<td style=\"width:9.62%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>59\u00a0230\u00a0777<\/strong>\n          <\/td>\n<td style=\"width:9.64%;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>100\u00a0%<sup>(7)<\/sup><\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<ol type=\"1\">\n<li>En prenant pour hypoth\u00e8se (i) l\u2019exercice de l\u2019int\u00e9gralit\u00e9 des 71\u00a0760\u00a0bons de souscription (BSA) et des 374\u00a0920\u00a0options de souscription ou d\u2019achat d\u2019actions en circulation ainsi que l\u2019attribution d\u00e9finitive de l\u2019int\u00e9gralit\u00e9 des 73\u00a0948\u00a0actions gratuites en circulation au 30 novembre\u00a02020 et (ii) la conversion de l\u2019int\u00e9gralit\u00e9 des 3\u00a0185\u00a0821\u00a0OCEANEs restant en circulation post\u00e9rieurement au Rachat Partiel en 17\u00a0522\u00a0016 Actions Nouvelles (tel que ce terme est d\u00e9fini au point 3.1.3 du r\u00e9sum\u00e9) sur la base du nouveau ratio de conversion d\u2019une (1) OCEANE pour cinq et demie (5,5) Actions Nouvelles (\u00e9tant pr\u00e9cis\u00e9 que la Modification du Ratio de Conversion est conditionn\u00e9e (i) au Rachat Partiel et (ii) \u00e0 son approbation par l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires et l\u2019Assembl\u00e9e des Porteurs (tel que l\u2019ensemble de ces termes sont d\u00e9finis au point 4.1.1 du r\u00e9sum\u00e9)).<\/li>\n<li>D\u00e9tention actualis\u00e9e pour prendre en compte l\u2019achat de 6\u00a0700 actions ordinaires de la Soci\u00e9t\u00e9 par Pascal Prigent et de 7\u00a0000 actions ordinaires de la Soci\u00e9t\u00e9 par Monsieur Jean Fran\u00e7ois Mouney, le 13\u00a0mai\u00a02020.<\/li>\n<li>Jean-Fran\u00e7ois Mouney est le pr\u00e9sident de Biotech Avenir. Biotech Avenir est d\u00e9tenue \u00e0 hauteur de 17,1\u00a0% par Jean-Fran\u00e7ois Mouney, 9,9\u00a0% par Florence S\u00e9journ\u00e9, 15,8\u00a0% par 13 salari\u00e9s de la Soci\u00e9t\u00e9 et 57\u00a0% par des tiers (16 personnes physiques).<\/li>\n<li>Florence S\u00e9journ\u00e9 est le repr\u00e9sentant permanent de Biotech Avenir au Conseil d\u2019Administration de la Soci\u00e9t\u00e9.<\/li>\n<li>Ces personnes sont li\u00e9es par un pacte d\u2019actionnaires. A la date du Prospectus, les parties au pacte d\u2019actionnaires d\u00e9tenant des actions de la Soci\u00e9t\u00e9 sont\u00a0: Universit\u00e9 de Lille, Fondation partenariale de l\u2019Universit\u00e9 de Lille, Finorpa SCR, Biotech Avenir et MM. Jean-Fran\u00e7ois Mouney, Xavier Guille de Buttes et Charles Wohler. Ce pacte pr\u00e9voit notamment un droit de pr\u00e9emption au profit de Biotech Avenir ou au profit de tout actionnaire signataire du pacte qui serait d\u00e9sign\u00e9 par celle-ci, en cas de projet de cession hors march\u00e9 par un actionnaire partie audit pacte de tout ou partie de ses actions de la Soci\u00e9t\u00e9 d\u00e8s lors que la cession projet\u00e9e, cumul\u00e9e avec les cessions op\u00e9r\u00e9es au titre d\u2019une ann\u00e9e consid\u00e9r\u00e9e, repr\u00e9sente une quote-part du capital social d\u2019au moins 2\u00a0%. <\/li>\n<li>Nombre d\u2019actions auto-d\u00e9tenues par la Soci\u00e9t\u00e9 au titre du contrat de liquidit\u00e9 au 30\u00a0novembre\u00a02020.<\/li>\n<li>Pourcentage arrondi pour tenir compte des actions auto-d\u00e9tenues par la Soci\u00e9t\u00e9 au titre du contrat de liquidit\u00e9 et qui ne disposent pas de droit de vote.<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p align=\"justify\">A la date du Prospectus, aucun actionnaire ne d\u00e9tient le contr\u00f4le de la Soci\u00e9t\u00e9.<br \/><strong>2.1.4 \u2013 Identit\u00e9 des principaux dirigeants<\/strong><br \/>Monsieur Pascal Prigent, Directeur G\u00e9n\u00e9ral de la Soci\u00e9t\u00e9<br \/>Monsieur Jean-Fran\u00e7ois Mouney, Pr\u00e9sident du Conseil d\u2019Administration de la Soci\u00e9t\u00e9<br \/><strong>2.1.5 \u2013 Identit\u00e9 des contr\u00f4leurs l\u00e9gaux des comptes<\/strong><br \/><strong>Ernst &amp; Young et Autres<\/strong>, 1-2, place des Saisons, 92400 Courbevoie, Paris-La D\u00e9fense 1<br \/><strong>Grant Thornton<\/strong>, 29, rue du Pont, 92200 Neuilly-sur-Seine<\/p>\n<p align=\"center\">\n        <strong>2.2 \u2013 Quelles sont les informations financi\u00e8res cl\u00e9s concernant l\u2019\u00e9metteur\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>2.2.1 \u2013 Informations financi\u00e8res historiques<\/strong><br \/>\n        <br \/>\n        <em>El\u00e9ments du compte de r\u00e9sultat<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <em>(en milliers d\u2019euros, sauf r\u00e9sultat par action)<\/em>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2018<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2017<sup>(1)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2020<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Produits d\u2019exploitation<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  40\u00a0961  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  7\u00a0494  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  6\u00a0856  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0867  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  5\u00a0357  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>R\u00e9sultat op\u00e9rationnel<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (57\u00a0832)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (69\u00a0484)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (56\u00a0695)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (49\u00a0163)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (45\u00a0936)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>R\u00e9sultat net<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (65\u00a0144)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (79\u00a0521)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (55\u00a0728)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (53\u00a0011)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (51\u00a0132)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>R\u00e9sultat de base\/dilu\u00e9 par action attribuable aux actionnaires<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (1,76)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (2,55)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (1,79)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (1,36)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (1,64)  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>El\u00e9ments du bilan<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <em>(en milliers d\u2019euros)<\/em>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2018<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2017<sup>(1)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2020<\/strong>\n          <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total de l\u2019actif<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  309\u00a0853  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  229\u00a0478  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  293\u00a0183  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  256\u00a0200  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  323\u00a0710  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total des capitaux propres<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  84\u00a0065  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  20\u00a0939  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  101\u00a0457  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  31\u00a0382  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  96\u00a0044  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total du passif courant<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  43\u00a0657  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  39\u00a0248  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  27\u00a0106  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  41\u00a0706  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  47\u00a0229  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total du passif non-courant<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  182\u00a0132  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  169\u00a0291  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  164\u00a0620  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  183\u00a0112  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  180\u00a0437  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>El\u00e9ments du tableau de flux de tr\u00e9sorerie<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <em>(en milliers d\u2019euros)<\/em>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2018<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>2017<sup>(1)<\/sup><\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2020<\/strong>\n          <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>S1 2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Flux de tr\u00e9sorerie g\u00e9n\u00e9r\u00e9 par l\u2019activit\u00e9<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (47\u00a0680)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (56\u00a0081)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (49\u00a0856)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (45\u00a0362)  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (46\u00a0859)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Flux de tr\u00e9sorerie li\u00e9 aux op\u00e9rations d\u2019investissement<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  327  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (3\u00a0986)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (2\u00a0948)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (834)  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (193)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Flux de tr\u00e9sorerie li\u00e9 aux op\u00e9rations de financement<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  116\u00a0851  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (6\u00a0514)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  174\u00a0348  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (4\u00a0831)  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  121\u00a0732  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Variation de la tr\u00e9sorerie<\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  69\u00a0499  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (66\u00a0580)  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  121\u00a0544  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  (51\u00a0027)  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  74\u00a0680  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:304.87px;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la cl\u00f4ture <\/strong>\n          <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  276\u00a0748  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  207\u00a0240  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  \u00a0273\u00a0820  <\/td>\n<td style=\"width:74.74px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  225\u00a0721  <\/td>\n<td style=\"width:74.8px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">  281\u00a0920  <\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"width:678.6px;text-align: justify;vertical-align: middle;vertical-align: top\">  (1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dans le cadre de la revue des comptes consolid\u00e9s du Groupe pour l&#8217;exercice clos le 31 d\u00e9cembre 2018, la Soci\u00e9t\u00e9 a enregistr\u00e9 une correction technique des comptes consolid\u00e9s publi\u00e9s pour l&#8217;exercice clos le 31 d\u00e9cembre 2017 en normes IFRS. Davantage de d\u00e9tails sont donn\u00e9s \u00e0 la note 6.2.3 aux comptes consolid\u00e9s de l&#8217;exercice clos le 31 d\u00e9cembre 2018 figurant dans l\u2019annexe 1 du Document de R\u00e9f\u00e9rence 2018.  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Fonds de roulement \u00e0 douze mois et financement de la Soci\u00e9t\u00e9<\/strong><br \/>\n        <br \/>La Soci\u00e9t\u00e9 disposait au 31\u00a0octobre\u00a02020, d\u2019une tr\u00e9sorerie et d\u2019\u00e9quivalents de tr\u00e9sorerie de 189\u00a0509\u00a0milliers d\u2019euros. Post\u00e9rieurement au Rachat Partiel (tel que ce terme est d\u00e9fini au paragraphe 4.1.1 du r\u00e9sum\u00e9), la tr\u00e9sorerie et les \u00e9quivalents de tr\u00e9sorerie seront ramen\u00e9s \u00e0 142\u00a0027\u00a0milliers d\u2019euros. <br \/>L\u2019objectif de la Soci\u00e9t\u00e9 est de passer, gr\u00e2ce \u00e0 son programme d\u2019\u00e9conomies, d\u2019un rythme de plus de 110 millions d\u2019euros de consommation de tr\u00e9sorerie avant les r\u00e9sultats de l\u2019essai RESOLVE-IT du mois de mai 2020 par an \u00e0 une consommation de l\u2019ordre de 45 millions d\u2019euros en 2022. L\u2019ann\u00e9e 2021 devrait \u00eatre une ann\u00e9e de transition en termes de consommation de la tr\u00e9sorerie d\u2019exploitation, de l\u2019ordre de 75 millions d\u2019euros (hors Rachat Partiel pour un montant total de 47,48 millions d\u2019euros), en raison principalement du reliquat des d\u00e9penses et des sommes restant \u00e0 d\u00e9caisser li\u00e9es aux op\u00e9rations de cl\u00f4ture de RESOLVE-IT, ainsi que des co\u00fbts accompagnant le plan de r\u00e9duction des effectifs de la Soci\u00e9t\u00e9.<br \/>En cons\u00e9quence, la Soci\u00e9t\u00e9 atteste que, de son point de vue, son fonds de roulement net consolid\u00e9 disponible est suffisant pour faire face \u00e0 ses obligations actuelles pour les douze prochains mois \u00e0 compter de la date d\u2019approbation du Prospectus.<br \/><strong>2.2.2 \u2013 Informations pro forma<\/strong><br \/>Sans objet<br \/><strong>2.2.3 \u2013 R\u00e9serves sur les informations historiques<\/strong><br \/>Sans objet<\/p>\n<p align=\"center\">\n        <strong>2.3 \u2013 Quels sont les risques sp\u00e9cifiques li\u00e9s \u00e0 l\u2019\u00e9metteur\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">Un investissement dans les actions de la Soci\u00e9t\u00e9 comprend de nombreux risques et incertitudes pouvant r\u00e9sulter en une perte partielle ou totale de l\u2019investissement, dont notamment, les principaux facteurs de risque suivants\u00a0:<\/p>\n<p>\u00a0<\/p>\n<ul type=\"disc\">\n<li>des retards au niveau du lancement, de l\u2019avancement et de la phase finale des essais cliniques, \u00e0 commencer par l\u2019essai de phase 3 ELATIVE avec elafibranor dans la PBC (une maladie rare), pourraient se traduire par une augmentation des co\u00fbts, retardant, limitant ou compromettant ainsi la capacit\u00e9 de la Soci\u00e9t\u00e9, celle de Terns Pharmaceuticals, le partenaire de la Soci\u00e9t\u00e9 dans certains territoires et dans certaines indications, ou celles d\u2019\u00e9ventuels partenaires futurs \u00e0 obtenir l\u2019autorisation r\u00e9glementaire pour elafibranor et les autres candidats-m\u00e9dicaments de la Soci\u00e9t\u00e9\u00a0; <\/li>\n<li>un \u00e9chec clinique peut survenir \u00e0 tout moment au cours d\u2019un d\u00e9veloppement clinique, comme cela est arriv\u00e9 avec l\u2019essai de phase 3 RESOLVE-IT avec elafibranor dans la NASH. Les r\u00e9sultats des essais cliniques ant\u00e9rieurs ne permettent pas n\u00e9cessairement de pr\u00e9dire les r\u00e9sultats futurs, et l\u2019un des candidats-m\u00e9dicaments pour lequel la Soci\u00e9t\u00e9, son partenaire actuel ou ses \u00e9ventuels partenaires futurs, r\u00e9alisent ou planifient des essais cliniques, pourrait ne pas obtenir de r\u00e9sultats favorables dans le cadre d\u2019essais cliniques ult\u00e9rieurs ou ne pas obtenir d\u2019autorisation\u00a0;<\/li>\n<li>la Soci\u00e9t\u00e9 ne sait pas si elafibranor ou ses autres candidats-m\u00e9dicaments obtiendront, sous r\u00e9serve du franchissement d\u2019\u00e9tapes cliniques et, le cas \u00e9ch\u00e9ant, r\u00e9glementaires pr\u00e9alables, les autorisations r\u00e9glementaires n\u00e9cessaires \u00e0 leurs mises sur le march\u00e9 qui seront demand\u00e9es \u00e0 moyen-long terme, sans lesquelles il sera alors impossible de les commercialiser\u00a0;<\/li>\n<li>les ressources et l\u2019acc\u00e8s aux sources de financement de la Soci\u00e9t\u00e9 sont limit\u00e9s, ce qui pourrait affecter les d\u00e9cisions strat\u00e9giques concernant le d\u00e9veloppement de certains candidats-m\u00e9dicaments et avoir un un impact sur le d\u00e9veloppement ou le calendrier des perspectives commerciales de la Soci\u00e9t\u00e9\u00a0;<\/li>\n<li>une partie importante des activit\u00e9s de la Soci\u00e9t\u00e9 repose sur des sous-traitants ou des prestataires de services externes, principalement les <em>clinical research organisations<\/em> pour les essais cliniques et les <em>clinical manufacturing organisations<\/em> pour la fabrication du principe actif et des unit\u00e9s th\u00e9rapeutiques y compris celles utilis\u00e9es dans le cadre des essais cliniques, et il se peut que la Soci\u00e9t\u00e9 ne soit pas en mesure de contr\u00f4ler leur travail de mani\u00e8re aussi efficace que si elle les r\u00e9alisait elle-m\u00eame\u00a0;<\/li>\n<li>la Soci\u00e9t\u00e9 a conclu, avec Terns Pharmaceuticals pour elabifranor et Labcorp\/Covance pour NIS4 et pourrait conclure \u00e0 l\u2019avenir, des accords de partenariat avec des tiers pour le d\u00e9veloppement et la commercialisation ult\u00e9rieure de ses candidats-produits et technologies, ce qui pourrait avoir un impact sur sa capacit\u00e9 \u00e0 g\u00e9n\u00e9rer des revenus\u00a0;la Soci\u00e9t\u00e9 exerce un contr\u00f4le interne efficace sur l\u2019information financi\u00e8re qu\u2019elle doit pr\u00e9senter. Si elle n\u2019y parvenait pas, l\u2019exactitude de son information financi\u00e8re et sa capacit\u00e9 \u00e0 la rendre publique dans les d\u00e9lais pourraient en souffrir, ce qui pourrait nuire \u00e0 son activit\u00e9, affaiblir la confiance des investisseurs et impacter le cours de ses titres sur les march\u00e9s financiers\u00a0; <\/li>\n<li>la Soci\u00e9t\u00e9 n\u2019a actuellement aucun produit qui b\u00e9n\u00e9ficie d\u2019une autorisation de mise sur le march\u00e9 et n\u2019a par cons\u00e9quent tir\u00e9 aucun profit issu de ventes de ses produits. De ce fait, sa capacit\u00e9 \u00e0 r\u00e9duire ses pertes et atteindre un seuil de rentabilit\u00e9 n\u2019est pas d\u00e9montr\u00e9e et il se peut qu\u2019elle ne parvienne pas \u00e0 atteindre puis \u00e0 maintenir une rentabilit\u00e9 p\u00e9renne\u00a0;<\/li>\n<li>le d\u00e9veloppement et la commercialisation des produits de la Soci\u00e9t\u00e9, s\u2019ils sont approuv\u00e9s, n\u00e9cessitera l\u2019obtention d\u2019importants financements compl\u00e9mentaires et il est possible, en particulier dans sa situation financi\u00e8re actuelle, qu\u2019elle, ses partenaires actuels ou d\u2019\u00e9ventuels partenaires futurs ne parviennent pas \u00e0 les obtenir dans des conditions acceptables, ou qu\u2019elle, ses partenaires actuels ou ses \u00e9ventuels partenaires futurs ne parviennent pas \u00e0 les obtenir du tout, ce qui pourrait amener la Soci\u00e9t\u00e9 \u00e0 reporter, ralentir, r\u00e9duire ou cesser ses activit\u00e9s\u00a0; <\/li>\n<li>dans l\u2019hypoth\u00e8se o\u00f9 l\u2019Op\u00e9ration ne pourrait \u00eatre r\u00e9alis\u00e9e, la Soci\u00e9t\u00e9 serait dans l\u2019incapacit\u00e9 de rembourser sa dette obligataire \u00e0 maturit\u00e9 et devrait envisager des solutions alternatives de protection de ses int\u00e9r\u00eats\u00a0; quand bien m\u00eame l\u2019Op\u00e9ration serait r\u00e9alis\u00e9e, le cours de l&#8217;action de la Soci\u00e9t\u00e9 pourrait ne jamais atteindre le seuil rendant \u00e9conomiquement int\u00e9ressant la conversion des OCEANEs (respectivement, 29,60\u00a0euros avant l\u2019Op\u00e9ration et 5,38 euros post\u00e9rieurement \u00e0 l\u2019Op\u00e9ration) et le remboursement en num\u00e9raire des OCEANEs pourrait alors \u00eatre compromis\u00a0; et<\/li>\n<li>le prolongement, et le cas \u00e9ch\u00e9ant, l\u2019aggravation, de la pand\u00e9mie de la COVID-19 pourrait avoir un impact n\u00e9gatif sur les activit\u00e9s de la Soci\u00e9t\u00e9, en particulier sur ses essais cliniques, la fourniture du principe actif et des unit\u00e9s th\u00e9rapeutiques d\u2019elafibranor, la pr\u00e9paration de la commercialisation de ses candidats-produits et l\u2019obtention \u00e9ventuelle des autorisations r\u00e9glementaires n\u00e9cessaires \u00e0 leurs mises sur le march\u00e9. <\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p align=\"center\">\n        <strong>SECTION 3 \u2013 INFORMATIONS CLES SUR LES VALEURS MOBILIERES<\/strong><br \/>\n        <br \/>\n        <strong>3.1 \u2013 Quelles sont les principales caract\u00e9ristiques des valeurs mobili\u00e8res\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>3.1.1 \u2013 Nature, cat\u00e9gorie et num\u00e9ro d\u2019identification des actions offertes et\/ou admises aux n\u00e9gociations<\/strong><br \/>\n        <br \/>Les Actions Nouvelles (tel que ce terme est d\u00e9fini au point 3.1.3 du r\u00e9sum\u00e9) dont l&#8217;admission est demand\u00e9e sont des actions ordinaires de m\u00eame cat\u00e9gorie que les actions existantes de la Soci\u00e9t\u00e9.<br \/>Les Actions Nouvelles porteront jouissance au 1<sup>er<\/sup>\u00a0janvier de l\u2019ann\u00e9e au cours de laquelle elles seront \u00e9mises et donneront droit, \u00e0 compter de leur \u00e9mission, \u00e0 toutes les distributions d\u00e9cid\u00e9es par la Soci\u00e9t\u00e9 \u00e0 compter de cette date.<br \/>Elles feront l\u2019objet de demandes d\u2019admission aux n\u00e9gociations sur le march\u00e9 r\u00e9glement\u00e9 d\u2019Euronext \u00e0 Paris (\u00ab\u00a0<strong>Euronext Paris<\/strong>\u00a0\u00bb) (compartiment B), sur la m\u00eame ligne de cotation que les actions existantes sous le m\u00eame ISIN FR0004163111, au fur et \u00e0 mesure de leur \u00e9mission.<br \/><strong>3.1.2 \u2013 Devise d\u2019\u00e9mission \/ D\u00e9nomination<\/strong><br \/>Devise des Actions Nouvelles\u00a0: Euro<br \/>Libell\u00e9 des Actions Nouvelles\u00a0: Genfit<br \/>Mn\u00e9monique\u00a0: GNFT <br \/><strong>3.1.3 \u2013 Nombre d\u2019actions \u00e9mises et valeur nominale<\/strong><br \/>Les actions dont l\u2019admission aux n\u00e9gociations sur Euronext Paris est demand\u00e9e correspondent \u00e0 un nombre maximum de 17\u00a0522\u00a0016\u00a0actions nouvelles d\u2019une valeur nominale unitaire de 0,25\u00a0euro (les\u00a0\u00ab\u00a0<strong>Actions Nouvelles<\/strong>\u00a0\u00bb) r\u00e9sultant de la conversion potentielle de l\u2019int\u00e9gralit\u00e9 des 3\u00a0185\u00a0821 obligations \u00e0 option de conversion et\/ou d\u2019\u00e9change en actions nouvelles et\/ou existantes d&#8217;une valeur nominale unitaire de 29,60\u00a0euros \u00e9mises par la Soci\u00e9t\u00e9 le 16\u00a0octobre\u00a02017 et venant \u00e0 \u00e9ch\u00e9ance, \u00e0 la date du Prospectus, le 16 octobre 2022 ou, sous r\u00e9serve de la r\u00e9alisation de l\u2019Op\u00e9ration, le 16 octobre 2025 (les\u00a0\u00ab\u00a0<strong>OCEANEs<\/strong>\u00a0\u00bb) restant en circulation post\u00e9rieurement au Rachat Partiel en 17\u00a0522\u00a0016 Actions Nouvelles sur la base du nouveau ratio de conversion d\u2019une (1) OCEANE pour cinq et demie (5,5) Actions Nouvelles. <br \/>Il est pr\u00e9cis\u00e9 que la Modification du Ratio de Conversion est conditionn\u00e9e (i) au Rachat Partiel et (ii) \u00e0 son approbation par l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires convoqu\u00e9e sur premi\u00e8re convocation, le 13\u00a0janvier\u00a02021, et, le cas \u00e9ch\u00e9ant, sur seconde convocation le 25\u00a0janvier\u00a02021et l\u2019Assembl\u00e9e des Porteurs convoqu\u00e9e le 25\u00a0janvier\u00a02021 de cette Modification du Ratio de Conversion (tel que l\u2019ensemble de ces termes sont d\u00e9finis au point 4.1.1 du r\u00e9sum\u00e9).<br \/>A la date du Prospectus, le nombre d\u2019OCEANEs en circulation est de 6 081 081 OCEANEs d\u2019une valeur nominale unitaire de 29,60 euros.<br \/>Il est par ailleurs pr\u00e9cis\u00e9 que le ratio de conversion des OCEANEs pourra faire l\u2019objet d\u2019ajustements standards d\u00e9crits dans les modalit\u00e9s (<em>terms and conditions<\/em>) des OCEANEs.<br \/><strong>3.1.4 \u2013 Droits attach\u00e9s <\/strong><br \/>Les Actions Nouvelles seront, d\u00e8s leur cr\u00e9ation, soumises \u00e0 l&#8217;ensemble des dispositions des statuts de la Soci\u00e9t\u00e9. En l\u2019\u00e9tat actuel de la l\u00e9gislation fran\u00e7aise et des statuts de la Soci\u00e9t\u00e9, les principaux droits attach\u00e9s aux Actions Nouvelles sont notamment\u00a0: (i)\u00a0droit \u00e0 dividendes &#8211; droit de participation aux b\u00e9n\u00e9fices\u00a0; (ii)\u00a0droit de vote, \u00e9tant pr\u00e9cis\u00e9 qu\u2019un droit de vote double sera attribu\u00e9 \u00e0 toute action justifiant d\u2019une inscription au nominatif pendant une dur\u00e9e continue de deux ans au nom du m\u00eame actionnaire\u00a0; (iii)\u00a0droit pr\u00e9f\u00e9rentiel de souscription de titres de m\u00eame cat\u00e9gorie\u00a0; (iv)\u00a0droit de participation \u00e0 tout exc\u00e9dent en cas de liquidation\u00a0; et (v)\u00a0droit d\u2019information des actionnaires.<br \/><strong>3.1.5 \u2013 Rang relatif des valeurs mobili\u00e8res dans la structure du capital de l\u2019\u00e9metteur en cas d\u2019insolvabilit\u00e9<\/strong><br \/>A la date du Prospectus, le capital social s\u2019\u00e9l\u00e8ve \u00e0 9\u00a0714\u00a0654,25\u00a0euros, divis\u00e9 en 38\u00a0858\u00a0617\u00a0actions ordinaires d\u2019une valeur nominale unitaire de 0,25\u00a0euro enti\u00e8rement souscrites et lib\u00e9r\u00e9es et de m\u00eame cat\u00e9gorie. <br \/><strong>3.1.6 \u2013 Restrictions \u00e0 la libre n\u00e9gociabilit\u00e9<\/strong><br \/>Aucune clause statutaire ne limite la libre n\u00e9gociabilit\u00e9 des actions composant le capital de la Soci\u00e9t\u00e9. <br \/>Toutefois, un pacte d\u2019actionnaires conclu en 2006 et renouvel\u00e9 depuis, pr\u00e9voit un droit de pr\u00e9emption au b\u00e9n\u00e9fice de ses membres\u00a0: Universit\u00e9 de Lille, Fondation partenariale de l\u2019Universit\u00e9 de Lille, Finorpa SCR, Biotech Avenir et MM. Jean-Fran\u00e7ois Mouney, Xavier Guille de Buttes et Charles Wohler.<br \/><strong>3.1.7 \u2013 Politique en mati\u00e8re de dividendes<\/strong><br \/>Depuis 2007, la Soci\u00e9t\u00e9 n&#8217;a r\u00e9alis\u00e9 aucun b\u00e9n\u00e9fice et n&#8217;a attribu\u00e9 aucun dividende. Il n\u2019est pas pr\u00e9vu d\u2019initier une politique de versement de dividende \u00e0 court terme compte tenu du stade de d\u00e9veloppement de la Soci\u00e9t\u00e9.<\/p>\n<p align=\"center\">\n        <strong>3.2 \u2013 O\u00f9 les valeurs mobili\u00e8res seront-elles n\u00e9goci\u00e9es\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">A la suite des demandes de conversion des porteurs des OCEANEs, les Actions Nouvelles feront l\u2019objet d&#8217;une demande d&#8217;admission aux n\u00e9gociations sur Euronext Paris au moment de leur \u00e9mission.<\/p>\n<p align=\"center\">\n        <strong>3.3 \u2013 Garantie<\/strong>\n      <\/p>\n<p align=\"justify\">Sans objet<\/p>\n<p align=\"center\">\n        <strong>3.4 \u2013 Principaux risques sp\u00e9cifiques aux valeurs mobili\u00e8res<\/strong>\n      <\/p>\n<p align=\"justify\">Les principaux risques li\u00e9s \u00e0 l\u2019Op\u00e9ration (tel que ce terme est d\u00e9fini au point 4.1.5 du r\u00e9sum\u00e9) et aux actions de la Soci\u00e9t\u00e9 sont les suivants : <\/p>\n<p>\u00a0<\/p>\n<ul type=\"disc\">\n<li>la conversion des OCEANEs en Actions Nouvelles pourrait ne pas se r\u00e9aliser\u00a0;<\/li>\n<li>la volatilit\u00e9 et la liquidit\u00e9 des actions de la Soci\u00e9t\u00e9 pourraient \u00eatre diff\u00e9rentes sur le march\u00e9 am\u00e9ricain et sur le march\u00e9 fran\u00e7ais\u00a0;<\/li>\n<li>des cessions d\u2019actions de la Soci\u00e9t\u00e9 pourraient intervenir sur le march\u00e9 et avoir un impact d\u00e9favorable sur le cours de l\u2019action de la Soci\u00e9t\u00e9. A titre d\u2019exemple, le cours de l\u2019action de la Soci\u00e9t\u00e9 pourrait stagner juste en-de\u00e7\u00e0 de 5,38\u00a0euros, le prix de conversion implicite des OCEANEs post\u00e9rieurement \u00e0 la Modification du Ratio de Conversion (tel que ce terme est d\u00e9fini \u00e0 la section 5.1.1 de la Note d\u2019Op\u00e9ration). En effet, toute hausse du cours de l\u2019action de la Soci\u00e9t\u00e9 au-dessus de ce prix de conversion implicite pourrait d\u00e9clencher un mouvement de conversion par les Porteurs des 3\u00a0185\u00a0821\u00a0OCEANEs restant en circulation post\u00e9rieurement au Rachat Partiel (tel que ce terme est d\u00e9fini \u00e0 la section 5.1.1 de la Note d\u2019Op\u00e9ration). Ces derniers pourraient ensuite revendre leurs actions. L\u2019hypoth\u00e8se de vente d\u2019un tel volume d\u2019actions (\u00ab\u00a0<em>market overhang<\/em>\u00a0\u00bb) pourrait avoir pour effet de faire stagner le cours de l\u2019action de la Soci\u00e9t\u00e9 en-de\u00e7\u00e0 de ce seuil\u00a0;\u00a0et<\/li>\n<li>en cas de nouvel appel au march\u00e9, il en r\u00e9sulterait une dilution compl\u00e9mentaire pour les actionnaires.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p align=\"center\">\n        <strong>SECTION 4 \u2013 INFORMATIONS CLES A L\u2019ADMISSION A LA NEGOCIATION SUR UN MARCHE REGLEMENTE<\/strong><br \/>\n        <br \/>\n        <strong>4.1 \u2013 A quelles conditions et selon quel calendrier puis-je investir dans cette valeur mobili\u00e8re\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>4.1.1 \u2013 Conditions de l\u2019Op\u00e9ration<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <u>Emission initiale des OCEANEs en 2017<\/u><br \/>\n        <br \/>Le 16\u00a0octobre 2017, la Soci\u00e9t\u00e9 a \u00e9mis 6\u00a0081\u00a0081 OCEANEs d\u2019une valeur nominale unitaire de 29,60\u00a0euros portant int\u00e9r\u00eat au taux de 3,50\u00a0% par an payable semi-annuellement, venant \u00e0 \u00e9ch\u00e9ance le 16\u00a0octobre\u00a02022 et pouvant \u00eatre converties en actions nouvelles et\/ou existantes de la Soci\u00e9t\u00e9 sur la base d\u2019un ratio de conversion d\u2019une (1)\u00a0OCEANE pour (1)\u00a0action nouvelle ou existante et pour un montant nominal total de 179\u00a0999\u00a0997,60 euros. Ainsi, dans l\u2019hypoth\u00e8se o\u00f9 l\u2019int\u00e9gralit\u00e9 des 6\u00a0081\u00a0081 OCEANEs seraient converties en actions nouvelles de la Soci\u00e9t\u00e9, 6\u00a0081\u00a0081 actions nouvelles seraient \u00e9mises, repr\u00e9sentent 15,6\u00a0% du capital actuel de la Soci\u00e9t\u00e9 et permettant aux porteurs d\u2019OCEANES (les \u00ab\u00a0<strong>Porteurs<\/strong>\u00a0\u00bb) ainsi devenu actionnaires de d\u00e9tenir 13,5\u00a0% du capital social de la Soci\u00e9t\u00e9.<br \/>Conform\u00e9ment \u00e0 la onzi\u00e8me r\u00e9solution de l\u2019assembl\u00e9e g\u00e9n\u00e9rale ordinaire et extraordinaire des actionnaires du 16\u00a0juin\u00a02017, le Conseil d\u2019Administration a autoris\u00e9 le principe de l\u2019\u00e9mission des OCEANEs uniquement aupr\u00e8s d\u2019investisseurs qualifi\u00e9s et avec suppression du droit pr\u00e9f\u00e9rentiel de souscription des actionnaires ainsi que l\u2019augmentation de capital cons\u00e9cutive \u00e0 la Conversion des OCEANEs (tel que ce terme est d\u00e9fini ci-dessous) et le Conseil d\u2019Administration a d\u00e9l\u00e9gu\u00e9 la mise en \u0153uvre de cette autorisation au Pr\u00e9sident-Directeur G\u00e9n\u00e9ral de la Soci\u00e9t\u00e9. <br \/>Faisant usage de cette d\u00e9l\u00e9gation, le Pr\u00e9sident-Directeur G\u00e9n\u00e9ral de la Soci\u00e9t\u00e9 a, notamment, d\u00e9cid\u00e9 le 11\u00a0octobre\u00a02017 des caract\u00e9ristiques, modalit\u00e9s et conditions financi\u00e8res d\u00e9finitives des OCEANEs et que les actions nouvelles de la Soci\u00e9t\u00e9 \u00e0 \u00e9mettre en cas de Conversion des OCEANEs feront l\u2019objet de demandes d\u2019admission sur Euronext Paris au fur et \u00e0 mesure de leur \u00e9mission.<\/p>\n<p align=\"justify\">\n        <u>Modification propos\u00e9e des modalit\u00e9s des OCEANEs et Rachat Partiel<\/u><br \/>\n        <br \/>A la suite de la publication des r\u00e9sultats d\u00e9cevants de l\u2019essai RESOLVE-IT et nonobstant la r\u00e9duction de ses d\u00e9penses op\u00e9rationnelles et l\u2019\u00e9limination des d\u00e9penses non essentielles engag\u00e9es par la Soci\u00e9t\u00e9 depuis le second semestre 2020, le cours de bourse de la Soci\u00e9t\u00e9 a fortement baiss\u00e9 (4,05\u00a0euros, dernier cours de cl\u00f4ture disponible avant l\u2019approbation du Prospectus contre 19,77\u00a0euros, dernier cours de cl\u00f4ture pr\u00e9c\u00e9dant l\u2019annonce des r\u00e9sultats d\u00e9cevants de l\u2019essai RESOLVE-IT) rendant improbable la conversion des OCEANEs avant leur \u00e9ch\u00e9ance actuelle pr\u00e9vue le 16\u00a0octobre 2022.<br \/>Le niveau de tr\u00e9sorerie de la Soci\u00e9t\u00e9 au 30\u00a0octobre\u00a02020, 189\u00a0509\u00a0milliers d\u2019euros, ne permet pas, en l\u2019\u00e9tat, d\u2019envisager un remboursement en num\u00e9raire du nominal des OCEANEs \u00e0 leur maturit\u00e9. <\/p>\n<p align=\"justify\">Le 16\u00a0novembre\u00a02020, la Soci\u00e9t\u00e9 a ainsi propos\u00e9 \u00e0 l\u2019ensemble des porteurs d\u2019OCEANEs (les \u00ab\u00a0<strong>Porteurs<\/strong>\u00a0\u00bb) ainsi qu\u2019aux actionnaires de la Soci\u00e9t\u00e9 (les\u00a0\u00ab\u00a0<strong>Actionnaires<\/strong>\u00a0\u00bb), son intention de proc\u00e9der \u00e0 (i) un rachat partiel de plus de 50\u00a0% des OCEANEs en circulation pour un montant maximum de 50\u00a0millions d\u2019euros et (ii) la modification des modalit\u00e9s du solde (post rachat partiel) des OCEANEs (ensemble, l\u2019\u00a0\u00ab\u00a0<strong>Op\u00e9ration<\/strong>\u00a0\u00bb).<br \/>Les 23\u00a0novembre\u00a02020 et 7\u00a0d\u00e9cembre\u00a02020, la Soci\u00e9t\u00e9 a annonc\u00e9 aux Porteurs et aux Actionnaires les termes d\u00e9finitifs de l\u2019Op\u00e9ration, \u00e0 savoir\u00a0: <\/p>\n<p align=\"justify\">&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <em>Rachat Partiel<\/em><br \/>La Soci\u00e9t\u00e9 et certains Porteurs ont conclu 40\u00a0conventions de rachat (<em>bond repurchase agreements<\/em>) (les \u00ab\u00a0<strong>Engagements de Rachat<\/strong>\u00a0\u00bb) pour un montant cumul\u00e9 de 47,48\u00a0millions d\u2019euros (le \u00ab\u00a0<strong>Prix Total du Rachat\u00a0<\/strong>\u00bb), repr\u00e9sentant un montant nominal total de 85\u00a0699\u00a0696 euros et 2\u00a0895\u00a0260\u00a0OCEANEs, soit 47,6\u00a0% des OCEANEs en circulation (le \u00ab\u00a0<strong>Rachat Partiel<\/strong>\u00a0\u00bb). <br \/>Le prix de rachat par OCEANE est de 16,40\u00a0euros (le \u00ab\u00a0<strong>Prix de Rachat<\/strong>\u00a0\u00bb). Il inclue les int\u00e9r\u00eats courus depuis la derni\u00e8re date de paiement d\u2019int\u00e9r\u00eats (soit le 16\u00a0octobre\u00a02020) jusqu\u2019\u00e0 la date de r\u00e8glement-livraison des OCEANEs concern\u00e9es par le Rachat Partiel pr\u00e9vue au plus tard le 29\u00a0janvier\u00a02021 (la \u00ab\u00a0<strong>Date de R\u00e8glement du Rachat Partiel<\/strong>\u00a0\u00bb), repr\u00e9sentant un montant de 0,30\u00a0euros, soit 1,83\u00a0% du Prix de Rachat (les \u00ab\u00a0<strong>Int\u00e9r\u00eats Courus<\/strong>\u00a0\u00bb).<br \/>Conform\u00e9ment aux stipulations des Engagements de Rachat, les Porteurs ayant accept\u00e9 la cession de leurs OCEANEs ont convenu de ne pas les c\u00e9der dans l\u2019intervalle. Cet engagement de conservation ne porte que sur les OCEANEs faisant l\u2019objet de l\u2019Engagement de Rachat, les autres demeurant librement cessibles. <br \/>Soustraction faite des Int\u00e9r\u00eats Courus (soit 16,10\u00a0euros), le Prix de Rachat fait ressortir une d\u00e9cote de 45,6\u00a0% par rapport \u00e0 la valeur nominale unitaire d\u2019une OCEANE.<\/p>\n<p align=\"justify\">&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <em>Modification du Ratio de Conversion et Ajustements des OCEANEs<\/em><br \/>La Soci\u00e9t\u00e9 propose aux Porteurs ainsi qu\u2019aux Actionnaires (pour ces derniers, uniquement s\u2019agissant de la Modification du Ratio de Conversion), (i) la modification du ratio de conversion initial des OCEANEs d\u2019une (1)\u00a0OCEANE pour (1)\u00a0action nouvelle ou existante \u00e0 une (1)\u00a0OCEANE pour cinq et demie (5,5)\u00a0actions nouvelles ou existantes (la\u00a0\u00ab\u00a0<strong>Modification du Ratio de Conversion<\/strong>\u00a0\u00bb), (ii)\u00a0l\u2019extension de la maturit\u00e9 des OCEANEs du 16\u00a0octobre\u00a02022 au 16\u00a0octobre\u00a02025, (iii)\u00a0le d\u00e9calage de l\u2019ouverture de la p\u00e9riode de remboursement par anticipation pr\u00e9vue dans les modalit\u00e9s des OCEANEs \u00e0 compter du 3\u00a0novembre\u00a02023 ainsi que (iv)\u00a0la modification de la clause d&#8217;ajustement du ratio de conversion en cas d&#8217;offre publique visant les actions de la Soci\u00e9t\u00e9 afin de prendre en consid\u00e9ration l\u2019allongement de la maturit\u00e9 des OCEANEs (ensemble, les\u00a0\u00ab\u00a0<strong>Ajustements des OCEANEs<\/strong>\u00a0\u00bb).<br \/>La Modification du Ratio de Conversion sera soumise au vote des Actionnaires devant se r\u00e9unir en assembl\u00e9e g\u00e9n\u00e9rale extraordinaire, sur premi\u00e8re convocation, le 13\u00a0janvier\u00a02021, et, le cas \u00e9ch\u00e9ant, sur seconde convocation le 25\u00a0janvier\u00a02021 (l\u2019\u00a0\u00ab\u00a0<strong>Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires<\/strong>\u00a0\u00bb).<br \/>Les Ajustements des OCEANEs seront soumis au vote des Porteurs devant se r\u00e9unir le 25\u00a0janvier\u00a02021 (l\u2019\u00a0\u00ab\u00a0<strong>Assembl\u00e9e des Porteurs<\/strong>\u00a0\u00bb).<br \/><strong>Les deux volets de l\u2019Op\u00e9ration sont interd\u00e9pendants\u00a0: <\/strong>le Rachat Partiel interviendra uniquement si (i)\u00a0l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires approuve la Modification du Ratio de Conversion et (ii) l\u2019Assembl\u00e9e des Porteurs approuve des Ajustements des OCEANEs. La Date de R\u00e8glement du Rachat interviendra donc post\u00e9rieurement \u00e0 ces deux assembl\u00e9es. Au-del\u00e0 du\u00a031\u00a0janvier\u00a02021, si l\u2019Op\u00e9ration n\u2019a pas \u00e9t\u00e9 approuv\u00e9e par l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires et l\u2019Assembl\u00e9e des Porteurs, les Engagements de Rachat deviennent caducs.<br \/>Sous r\u00e9serve du rachat et de l\u2019annulation effective de 2\u00a0895\u00a0260\u00a0OCEANEs dans le cadre du Rachat Partiel conform\u00e9ment aux Engagements de Rachat, il est pr\u00e9cis\u00e9 que les Ajustements des OCEANEs porteront uniquement sur le solde restant en circulation d\u2019OCEANEs post\u00e9rieurement au Rachat Partiel, soit 3\u00a0185\u00a0821\u00a0OCEANEs, repr\u00e9sentant 52,4\u00a0% du montant nominal des OCEANEs, soit 94\u00a0300\u00a0301,6\u00a0euros.<\/p>\n<p align=\"justify\">\n        <u>Nouveaux prix de conversion implicite et nouveau nombre d\u2019Actions Nouvelles pouvant \u00eatre \u00e9mises<\/u><br \/>\n        <br \/>Compte tenu de la Modification du Ratio de Conversion, le prix de conversion implicite (valeur nominale unitaire de 29,60\u00a0euros divis\u00e9e par le nouveau ratio de conversion d\u2019une (1)\u00a0OCEANE pour cinq et demie (5,5)\u00a0actions nouvelles ou existantes) s\u2019\u00e9tablirait \u00e0 5,38\u00a0euros par Action Nouvelle, soit une prime de conversion de 18,8\u00a0% par rapport au cours de cl\u00f4ture de l\u2019action de 4,53\u00a0euros le 4\u00a0d\u00e9cembre\u00a02020 (dernier cours de cl\u00f4ture avant l\u2019annonce des r\u00e9sultats d\u00e9finitifs du Rachat Partiel (tel que ce terme est d\u00e9fini ci-dessous)) et de 32,2\u00a0% par rapport au cours moyen pond\u00e9r\u00e9 par les volumes calcul\u00e9 entre le lundi 16\u00a0novembre et le vendredi 20 novembre 2020 (<em>i.e.<\/em> cinq (5) jours de bourse pr\u00e9c\u00e9dant l\u2019annonce des termes d\u00e9finitifs de l\u2019Op\u00e9ration par la Soci\u00e9t\u00e9, le 23 novembre 2020).<br \/>Le nombre d\u2019Actions Nouvelles qui pourrait potentiellement \u00eatre souscrites en cas de conversion de l\u2019int\u00e9gralit\u00e9 des 3\u00a0185\u00a0821 OCEANEs restant en circulation post\u00e9rieurement au Rachat Partiel sur la base du nouveau ratio de conversion d\u2019une (1)\u00a0OCEANE pour cinq et demie (5,5)\u00a0actions nouvelles ou existantes est de 17 522 016 Actions Nouvelles.<br \/>Cette \u00e9mission constituerait une augmentation de capital d\u2019un montant total, prime d\u2019\u00e9mission incluse, de 94\u00a0300\u00a0301,6\u00a0euros (dont 4\u00a0380\u00a0504\u00a0euros de nominal (17\u00a0522\u00a0016 Actions Nouvelles multipli\u00e9es par la valeur nominale unitaire de 0,25\u00a0euro par Action Nouvelle) et 89\u00a0919\u00a0797,6\u00a0euros de prime d\u2019\u00e9mission) correspondant au nombre de 17\u00a0522\u00a0016\u00a0Actions Nouvelles multipli\u00e9 par le prix de conversion implicite de 5,38\u00a0euros par Action Nouvelle.<br \/>Ces 17\u00a0522\u00a0016\u00a0Actions Nouvelles repr\u00e9sentent 45,1\u00a0% du capital social actuel de la Soci\u00e9t\u00e9, permettant aux Porteurs ainsi devenu actionnaires de d\u00e9tenir 31,08\u00a0% du capital social de la Soci\u00e9t\u00e9 (30,8\u00a0% en cas d\u2019exercice de l&#8217;int\u00e9gralit\u00e9 des bons de souscription (BSA) et options de souscription ou d\u2019achat d\u2019actions en circulation ainsi que l\u2019attribution d\u00e9finitive de l\u2019int\u00e9gralit\u00e9 des actions gratuites en circulation.<br \/>L\u2019Admission potentielle de 17\u00a0522\u00a0016\u00a0Actions Nouvelles sur Euronext Paris interviendra \u00e0 la suite des demandes de conversion par les Porteurs (la\u00a0\u00ab\u00a0<strong>Conversion des OCEANEs<\/strong>\u00a0\u00bb).<br \/><strong>4.1.2 \u2013 Calendrier indicatif<\/strong><\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:94.6px;text-align: justify;vertical-align: middle;vertical-align: top\">  7 d\u00e9cembre 2020  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;vertical-align: top\">  Publication de l\u2019avis de r\u00e9union valant convocation de l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;text-align: justify;vertical-align: middle;vertical-align: top\">  16\u00a0d\u00e9cembre 2020  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;vertical-align: top\">  Publication de l\u2019avis de convocation de l\u2019Assembl\u00e9e des Porteurs  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;text-align: justify;vertical-align: middle;vertical-align: top\">  22 d\u00e9cembre 2020  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;vertical-align: top;text-align: justify;vertical-align: middle\">  D\u00e9p\u00f4t de l\u2019Amendement et approbation du Prospectus par l\u2019AMF<\/p>\n<p>    Publication du Prospectus  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;vertical-align: top\">  13 janvier 2021  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;vertical-align: top;text-align: justify;vertical-align: middle\">  Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires sur premi\u00e8re convocation<\/p>\n<p>    Communiqu\u00e9 de presse annon\u00e7ant les r\u00e9sultats de l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires ou, faute du quorum requis, publication du second avis de convocation \u00e0 l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;vertical-align: top\">  25 janvier 2021  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;text-align: justify;vertical-align: middle;vertical-align: top;text-align: justify;vertical-align: middle\">  Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires sur seconde convocation<\/p>\n<p>    Assembl\u00e9e des Porteurs  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;vertical-align: top\">  26\u00a0janvier\u00a02021  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;vertical-align: top\">  Communiqu\u00e9 de presse annon\u00e7ant les r\u00e9sultats de l\u2019Assembl\u00e9e des Porteurs et, en cas de seconde convocation, ceux de l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;vertical-align: top\">  27 janvier 2021  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;vertical-align: top\">  D\u00e9cision du Directeur G\u00e9n\u00e9ral arr\u00eatant les Ajustements des OCEANEs  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:94.6px;vertical-align: top\">  29 janvier 2021<br \/> (au plus tard)  <\/td>\n<td style=\"width:599.8px;text-align: justify;vertical-align: middle;vertical-align: top\">  Date de R\u00e8glement du Rachat Partiel  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>4.1.3 \u2013 D\u00e9tails de l\u2019admission \u00e0 la n\u00e9gociation sur un march\u00e9 r\u00e9glement\u00e9<\/strong><br \/>\n        <br \/>L\u2019admission des Actions Nouvelles interviendra \u00e0 la suite des demandes de conversion et\/ou d\u2019\u00e9change des Porteurs. <br \/><strong>4.1.4 \u2013 Montant et pourcentage de la dilution r\u00e9sultant imm\u00e9diatement de l\u2019Op\u00e9ration <\/strong><br \/>\u00c0 titre indicatif, l\u2019incidence de l\u2019\u00e9mission des Actions Nouvelles sur la quote-part des capitaux propres consolid\u00e9s part du Groupe par action (calculs effectu\u00e9s sur la base des capitaux propres consolid\u00e9s part du Groupe tels qu&#8217;ils ressortent des comptes consolid\u00e9s semestriels au 30\u00a0juin\u00a02020 et des actions composant le capital social de la Soci\u00e9t\u00e9 \u00e0 la date du r\u00e9sum\u00e9 apr\u00e8s d\u00e9duction des actions auto-d\u00e9tenues) est la suivante\u00a0:<\/p>\n<table style=\"border-collapse: collapse;margin-left:0.4pt;width:99%;border-collapse:collapse\">\n<tr>\n<td style=\"width:58.9%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"width:41.1%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Quote-part des capitaux propres par action<\/strong><br \/>\n            <br \/>\n            <strong> (en euros)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Base non dilu\u00e9e<\/strong>\n          <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Base dilu\u00e9e <\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Avant \u00e9mission des Actions Nouvelles issues de la Conversion des OCEANEs <sup>(2)<\/sup><\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  0,81\u00a0\u20ac  <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  0,98\u00a0\u20ac   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Apr\u00e8s \u00e9mission d\u2019un maximum de 17\u00a0522\u00a0016 Actions Nouvelles issues de la Conversion des OCEANEs<sup>(3)<\/sup><\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  2,23\u00a0\u20ac  <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  2,34\u00a0\u20ac   <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(1) En prenant pour hypoth\u00e8se l\u2019exercice de l\u2019int\u00e9gralit\u00e9 des 71\u00a0760 bons de souscription (BSA) et des 374\u00a0920 options de souscription ou d\u2019achat d\u2019actions en circulation ainsi que l\u2019attribution d\u00e9finitive de l\u2019int\u00e9gralit\u00e9 des 73\u00a0948 actions gratuites en circulation au 30\u00a0novembre\u00a02020.<br \/>(2) Nombre d\u2019actions composant le capital social \u00e0 la date du r\u00e9sum\u00e9. <br \/>(3)En prenant pour hypoth\u00e8se la conversion de l\u2019int\u00e9gralit\u00e9 des 3\u00a0185\u00a0821\u00a0OCEANEs restant en circulation post\u00e9rieurement au Rachat Partiel en 17\u00a0522\u00a0016 Actions Nouvelles sur la base du nouveau ratio de conversion d\u2019une (1) OCEANE pour cinq et demie (5,5) Actions Nouvelles (\u00e9tant pr\u00e9cis\u00e9 que la Modification du Ratio de Conversion est conditionn\u00e9e (i) au Rachat Partiel et (ii) \u00e0 son approbation par l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires et l\u2019Assembl\u00e9e des Porteurs).<br \/>\u00c0 titre indicatif, l\u2019incidence de l\u2019\u00e9mission des Actions Nouvelles sur la participation dans le capital d\u2019un actionnaire d\u00e9tenant 1\u00a0% du capital social de la Soci\u00e9t\u00e9 pr\u00e9alablement \u00e0 l\u2019\u00e9mission (calculs effectu\u00e9s sur la base du nombre d\u2019actions composant le capital social de la Soci\u00e9t\u00e9 \u00e0 la date du Prospectus apr\u00e8s d\u00e9duction des actions auto-d\u00e9tenues) est la suivante\u00a0: <\/p>\n<table style=\"border-collapse: collapse;margin-left:0.4pt;width:99%;border-collapse:collapse\">\n<tr>\n<td style=\"width:58.9%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"width:41.1%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Quote-part du capital en\u00a0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Base non dilu\u00e9e<\/strong>\n          <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Base dilu\u00e9e <\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Avant \u00e9mission des Actions Nouvelles issues de la Conversion des OCEANEs <sup>(2)<\/sup><\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  1,00\u00a0%  <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  0,99\u00a0%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:58.9%;text-align: justify;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  Apr\u00e8s \u00e9mission d\u2019un maximum de 17\u00a0522\u00a0016\u00a0Actions Nouvelles issues de la Conversion des OCEANEs<sup>(3)<\/sup><\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  0,69\u00a0%  <\/td>\n<td style=\"width:20.54%;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  0,68\u00a0%  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(1) En prenant pour hypoth\u00e8se l\u2019exercice de l\u2019int\u00e9gralit\u00e9 des 71\u00a0760 bons de souscription (BSA) et des 374\u00a0920 options de souscription ou d\u2019achat d\u2019actions en circulation ainsi que l\u2019attribution d\u00e9finitive de l\u2019int\u00e9gralit\u00e9 des 73\u00a0948 actions gratuites en circulation au 30\u00a0novembre\u00a02020.<br \/>(2) Nombre d\u2019actions composant le capital social \u00e0 la date du r\u00e9sum\u00e9. <br \/>(3)En prenant pour hypoth\u00e8se la conversion de l\u2019int\u00e9gralit\u00e9 des 3\u00a0185\u00a0821\u00a0OCEANEs restant en circulation post\u00e9rieurement au Rachat Partiel en 17\u00a0522\u00a0016 Actions Nouvelles sur la base du nouveau ratio de conversion d\u2019une (1) OCEANE pour cinq et demie (5,5) Actions Nouvelles (\u00e9tant pr\u00e9cis\u00e9 que la Modification du Ratio de Conversion est conditionn\u00e9e (i) au Rachat Partiel et (ii) \u00e0 son approbation par l\u2019Assembl\u00e9e G\u00e9n\u00e9rale des Actionnaires et l\u2019Assembl\u00e9e des Porteurs).<br \/><strong>4.1.5 \u2013 Expertise ind\u00e9pendante<\/strong><br \/>Les modalit\u00e9s de l\u2019Op\u00e9ration ont fait l\u2019objet d\u2019une expertise ind\u00e9pendante demand\u00e9e par le Conseil d\u2019Administration de la Soci\u00e9t\u00e9 sur une base volontaire. L\u2019expert ind\u00e9pendant a \u00e9t\u00e9 nomm\u00e9 sur recommandation d\u2019un comit\u00e9 du Conseil d\u2019Administration compos\u00e9 d\u2019une majorit\u00e9 de membres ind\u00e9pendants.<br \/>La conclusion de l\u2019expert ind\u00e9pendant, Accuracy, en date du 15\u00a0d\u00e9cembre\u00a02020 est la suivante\u00a0:<\/p>\n<p align=\"justify\">\u00ab\u00a0Les r\u00e9sultats de nos analyses sont les suivants\u00a0:<br \/>(i)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 dans le cadre de l\u2019Op\u00e9ration, les porteurs d\u2019OCEANEs ont consenti \u00e0 c\u00e9der une fraction de leurs obligations avec une d\u00e9cote de 45% par rapport \u00e0 leur valeur faciale (16,4\u00a0euros contre 29,6\u00a0euros). Cette d\u00e9cote reste logiquement inf\u00e9rieure \u00e0 celle observ\u00e9e sur le march\u00e9 \u00e0 la veille de l\u2019Op\u00e9ration (62%, par rapport au cours de 11,0\u00a0euros du 30 septembre 2020), puisque ce cours int\u00e8gre pleinement le risque de d\u00e9faut qui p\u00e8se sur la Soci\u00e9t\u00e9.<br \/>(ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 l\u2019Op\u00e9ration entra\u00eenera, de fa\u00e7on imm\u00e9diate, un transfert de richesse th\u00e9orique des actionnaires vers les porteurs d\u2019OCEANEs que nous estimons \u00e0 environ 77\u00a0millions d\u2019euros (par le biais du rachat d\u2019une fraction des OCEANEs, puis par le rajeunissement du prix de conversion et l\u2019allongement de la maturit\u00e9 des OCEANEs). Cependant, l\u2019Op\u00e9ration devrait \u00e9galement, en diminuant le risque de d\u00e9faut de la Soci\u00e9t\u00e9 et en redonnant davantage de flexibilit\u00e9 strat\u00e9gique et op\u00e9rationnelle, avoir un impact positif sur le cours de l\u2019action \u00e0 court terme, sans que nous puissions aujourd\u2019hui mesurer pr\u00e9cis\u00e9ment cet impact. Par ailleurs, si l\u2019Op\u00e9ration n\u2019\u00e9tait pas r\u00e9alis\u00e9e, les actionnaires verraient de fa\u00e7on quasi-certaine la valeur de leurs actions r\u00e9duite \u00e0 z\u00e9ro d\u2019ici \u00e0 fin 2022.<br \/>(iii)\u00a0\u00a0\u00a0\u00a0\u00a0 \u00e0 l\u2019horizon 2025, si la valeur agr\u00e9g\u00e9e des fonds propres et quasi-fonds propres (OCEANEs) de la Soci\u00e9t\u00e9 se situe entre 100\u00a0millions d\u2019euros et 300\u00a0millions d\u2019euros, le rendement enregistr\u00e9 par les actionnaires sera n\u00e9gatif ou nul alors que celui enregistr\u00e9 par les porteurs d\u2019OCEANEs restera stable \u00e0 40% (sur la base du cours des OCEANEs avant Op\u00e9ration). En revanche, si la valeur agr\u00e9g\u00e9e des fonds propres et quasi-fonds propres de la Soci\u00e9t\u00e9 d\u00e9passe le seuil de 300\u00a0millions d\u2019euros, les rendements enregistr\u00e9s par les actionnaires et porteurs d\u2019OCEANEs seront tous deux positifs, celui des porteurs d\u2019OCEANEs exc\u00e9dant toujours celui des actionnaires.<br \/>(iv)\u00a0\u00a0\u00a0\u00a0\u00a0 sans surprise, l\u2019Op\u00e9ration aura donc un impact patrimonial th\u00e9orique \u00e0 moyen terme plus favorable pour les porteurs d\u2019OCEANEs que pour les actionnaires. Cependant, les \u00e9carts de rendement observ\u00e9s nous semblent raisonnables au regard (a) du rapport de force actuel en faveur des porteurs d\u2019OCEANEs et (b) du niveau de risque propre \u00e0 chaque cat\u00e9gorie de titres. En effet, les actions de la Soci\u00e9t\u00e9 sont par essence plus risqu\u00e9es que les OCEANEs. La r\u00e9alisation d\u2019un risque (l\u2019\u00e9chec d\u2019une \u00e9tude clinique) impacte donc de fa\u00e7on plus significative le rendement attendu par les actionnaires que celui attendu par les porteurs d\u2019OCEANEs.<\/p>\n<p align=\"justify\">Sur ces bases, nous estimons que les conditions financi\u00e8res de l\u2019Op\u00e9ration sont \u00e9quitables pour les actionnaires et les porteurs d\u2019OCEANEs de la Soci\u00e9t\u00e9.\u00a0\u00bb<br \/><strong>4.1.6 \u2013 Estimation des d\u00e9penses totales li\u00e9es \u00e0 l\u2019\u00e9mission<\/strong><br \/>Sans objet.<br \/><strong>4.1.7 \u2013 D\u00e9penses factur\u00e9es \u00e0 l\u2019investisseur par la Soci\u00e9t\u00e9<\/strong><br \/>Sans objet. Aucune d\u00e9pense ne sera factur\u00e9e aux investisseurs par la Soci\u00e9t\u00e9.<\/p>\n<p align=\"center\">\n        <strong>4.2 \u2013 Pourquoi ce prospectus est-il \u00e9tabli\u00a0?<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>4.2.1 \u2013 Raisons de l\u2019Admission<\/strong><br \/>\n        <br \/>Le Prospectus est \u00e9tabli conform\u00e9ment \u00e0 l\u2019Article 1<sup>er<\/sup> du R\u00e8glement (UE) 2017\/1129 dans la mesure o\u00f9 la Conversion des OCEANEs en int\u00e9gralit\u00e9 post\u00e9rieurement (i) au Rachat Partiel et (ii) \u00e0 la Modification du Ratio de Conversion pourrait repr\u00e9senter, sur une p\u00e9riode de douze (12)\u00a0mois, l\u2019\u00e9mission d\u2019un maximum de 17\u00a0522\u00a0016\u00a0Actions Nouvelles, soit 45,1\u00a0% du capital de la Soci\u00e9t\u00e9 \u00e0 la date du Prospectus, repr\u00e9sentant plus de 20\u00a0% du nombre d\u2019actions ordinaires de la Soci\u00e9t\u00e9 d\u00e9j\u00e0 admises aux n\u00e9gociations sur Euronext Paris.<br \/>L\u2019Op\u00e9ration r\u00e9sulte du fait que la Soci\u00e9t\u00e9 ne dispose pas, \u00e0 la date du Prospectus, d\u2019un niveau de tr\u00e9sorerie disponible lui permettant, en l\u2019\u00e9tat, d\u2019envisager un remboursement en num\u00e9raire du nominal des OCEANEs, soit 179\u00a0999\u00a0997,60 euros, \u00e0 leur \u00e9ch\u00e9ance actuelle du 16 octobre 2022.<br \/><strong>4.2.2 \u2013 Convention de prise ferme avec engagement ferme<\/strong><br \/>Sans objet<br \/><strong>4.2.3 \u2013 Int\u00e9r\u00eats, y compris int\u00e9r\u00eat conflictuel pouvant influer sensiblement sur l\u2019admission<\/strong><br \/>La Soci\u00e9t\u00e9 n\u2019a pas connaissance d\u2019int\u00e9r\u00eats pouvant influencer sensiblement sur l\u2019admission des Actions Nouvelles aux n\u00e9gociations sur Euronext Paris.<br \/>Toutefois dans le cadre de l\u2019Op\u00e9ration, la Soci\u00e9t\u00e9 est assist\u00e9e par Natixis et Kepler Cheuvreux et (les\u00a0\u00ab\u00a0<strong>Conseils Financiers<\/strong>\u00a0\u00bb).<br \/>Les Conseils Financiers ou certains de leurs affili\u00e9s ont rendu et\/ou pourront rendre dans le futur diverses prestations de services bancaires, financiers, d\u2019investissement et autres \u00e0 la Soci\u00e9t\u00e9, \u00e0 ses actionnaires ou \u00e0 ses mandataires sociaux, dans le cadre desquels ils ont re\u00e7u ou pourront recevoir une r\u00e9mun\u00e9ration.<\/p>\n<p>\u00a0<\/p>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachment<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/70f70177-f1e7-43cd-ac88-db07784dbba4\" rel=\"noopener noreferrer\">GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the OCEANEs<\/a>\n        <\/li>\n<\/ul>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQ0NzQ1MSM0MDA4NDI1ODgjMTAxMTI2OA==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml-eu.globenewswire.com\/release\/track\/05b197da-45be-4d2f-be15-7b28a7662d24\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lille (France), Cambridge (Massachusetts, United States), December 22, 2020 \u2013 GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases (the \u201cCompany\u201d), today announces that is has filed with the French Autorit\u00e9 des march\u00e9s financiers (the \u201cAMF\u201d) an amendment to its 2019 Universal Registration Document and that the AMF has approved on\u00a0December\u00a022, 2020 under the approval no. 20-616 a prospectus (the \u201cProspectus\u201d) made available to the public in connection with the admission on the regulated market of Euronext in Paris (\u201cEuronext Paris\u201d) of a maximum aggregate of 17,522,016 new ordinary shares, each with a nominal value of \u20ac0.25 to be issued following the potential full bond conversion in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genfit-renegotiation-of-the-oceanes-convertible-bond-terms-availability-of-prospectus-relating-to-the-admission-of-new-shares-following-conversion-of-the-oceanes\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the OCEANEs&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-404814","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the OCEANEs - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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its 2019 Universal Registration Document and that the AMF has approved on\u00a0December\u00a022, 2020 under the approval no. 20-616 a prospectus (the \u201cProspectus\u201d) made available to the public in connection with the admission on the regulated market of Euronext in Paris (\u201cEuronext Paris\u201d) of a maximum aggregate of 17,522,016 new ordinary shares, each with a nominal value of \u20ac0.25 to be issued following the potential full bond conversion in &hellip; Continue reading &quot;GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the OCEANEs&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/genfit-renegotiation-of-the-oceanes-convertible-bond-terms-availability-of-prospectus-relating-to-the-admission-of-new-shares-following-conversion-of-the-oceanes\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta 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late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases (the \u201cCompany\u201d), today announces that is has filed with the French Autorit\u00e9 des march\u00e9s financiers (the \u201cAMF\u201d) an amendment to its 2019 Universal Registration Document and that the AMF has approved on\u00a0December\u00a022, 2020 under the approval no. 20-616 a prospectus (the \u201cProspectus\u201d) made available to the public in connection with the admission on the regulated market of Euronext in Paris (\u201cEuronext Paris\u201d) of a maximum aggregate of 17,522,016 new ordinary shares, each with a nominal value of \u20ac0.25 to be issued following the potential full bond conversion in &hellip; Continue reading \"GENFIT: Renegotiation of the OCEANEs Convertible Bond Terms: Availability of Prospectus Relating to the Admission of New Shares Following Conversion of the 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