BIOPHYTIS (EPA:ALBPS) - Biophytis to Restate Previously Issued Financial Statements

Transparency directive : regulatory news

07/10/2021 07:10

Press release

Biophytis to Restate Previously Issued Financial Statements

Paris (France), Cambridge (Massachusetts, U.S.), October 7, 2021, 8 am CET -
Biophytis SA (NasdaqCM: BPTS, Euronext Growth Paris: ALBPS) (the "Company" or
"Biophytis"), a clinical- stage biotechnology company focused on the
development of therapeutics that slow the degenerative processes associated
with aging and improve functional outcomes for patients suffering from
age-related diseases, including severe respiratory failure in patients
suffering from COVID-19, today announced that the Company's previously issued
audited consolidated financial statements for the fiscal years ended December
31, 2019 and 2020 and unaudited consolidated financial statements for the six
month periods ended June 30, 2021 and 2020 will be restated to correct the
Company's accounting treatment of its convertible notes.

These technical corrections relate to the inappropriate historical accounting
practices relating to notes convertible into ordinary shares and/or redeemable
for cash with attached warrants issued to convertible noteholders.

The Company is still in the process of evaluating the impact of these
corrections on its financial statements for the affected periods, however the
Company does not believe that the corrections will affect the Company's cash
position as at the end of the relevant accounting periods.

Consequently, the Company's previously released financial statements for the
affected time periods, the associated reports of the Company's auditors and of
the Company's management and related press releases, or other communications
describing Biophytis's financial statements for the affected periods should no
longer be relied upon as regards the impacted accounting items.

The Company is not currently aware of any other accounting corrections
requiring adjustment to any prior period financial statements.

The Company expects, as soon as reasonably practicable, to file restated
financial statements on Form 20-F/A for the years ended December 31, 2019 and
2020, and furnish restated financial statements for the half years ended June
30, 2020 and 2021 on Form 6-K. The Company also expects to publish shortly the
management's report for the six month period ended June 30, 2021, which will
incorporate the restated financial statements.

About BIOPHYTIS

Biophytis SA is a clinical-stage biotechnology company specialized in the
development of therapeutics that are aimed at slowing the degenerative
processes associated with aging and improving functional outcomes for patients
suffering from age-related diseases, including severe respiratory failure in
patients suffering from COVID-19. Sarconeos (BIO101), our leading drug
candidate, is a small molecule, administered orally, being developed as a
treatment for sarcopenia in a Phase 2 clinical trial in the United States and
Europe (SARA-INT). It is also being studied in a clinical two-part Phase 2-3
study (COVA) for the treatment of severe respiratory manifestations of COVID-19
in Europe, Latin America, and the US. A pediatric formulation of Sarconeos
(BIO101) is being developed for the treatment of Duchenne Muscular Dystrophy
(DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The
Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS - ISIN:
FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq
Capital Market (Ticker BPTS - ISIN: US09076G1040). For more information visit
www.biophytis.com

Disclaimer

This press release contains forward-looking statements. Forward-looking
statements include all statements that are not historical facts. In some cases,
you can identify these forward-looking statements by the use of words such as
"outlook," "believes," "expects," "potential," "continues," "may," "will,"
"should," "could," "seeks," "predicts," "intends," "trends," "plans,"
"estimates," "anticipates" or the negative version of these words or other
comparable words. Such forward-looking statements are based on assumptions that
Biophytis considers to be reasonable. However, there can be no assurance that
the statements contained in such forward-looking statements will be verified,
which are subject to various risks and uncertainties. The forward-looking
statements contained in this press release are also subject to risks not yet
known to Biophytis or not currently considered material by Biophytis.
Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these
statements. Please also refer to the "Risk and uncertainties the Company is to
face" section from the Company's 2020 Annual Report available on BIOPHYTIS
website (www.biophytis.com) and as exposed in the "Risk Factors" section of
form 20-F as well as other forms filed with the SEC (Securities and Exchange
Commission, USA). We undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by law.

Biophytis Contact for Investor Relations
Evelyne Nguyen, CFO
Investors@biophytis.com

Media contact
Life Sci Advisors
Sophie Baumont
E: sophie@lifesciadvisors.com
T: +33 6 27 74 74 49

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