Dear Madam, dear Sir, dear Shareholder,

Since its creation a year ago, PHAXIAM achieved significant advances which position our company as a future world leader in phage therapy. We refocused our clinical strategy on the most critical indications, involving virulent bacteria such as S. aureus, and accelerated our development in Prosthetic Joint Infections (PJI).

The rights issue we are launching today should enable us to accelerate our clinical development in this high value indication.

Indeed, considering the promising efficacy signals observed in over a hundred patients treated to date on a compassionate basis, and the insights drawn from our ongoing PhagoDAIR study, we are actively working on the launch of a first worldwide Phase 2 study (Gloria) in hip or knee prosthesis infections caused by S. aureus.

This study, which should involve 100 patients in Europe and the United States, takes into account the positive feedback received from the U.S. (FDA) and the European (EMA) health agencies, and we anticipate its launch during the 1st quarter of 2025.

This capital increase of around €10 million is 75% guaranteed. As part of this operation, we can count on subscription commitments from several historical shareholders, as well as the strategic support of a major investor, EPIC BPI France, acting on behalf of the French government under the French Tech Souveraineté agreement.

NWith shareholders’ preferential subscription rights, this transaction enables you to subscribe for new shares by irrevocable entitlement at a unit price of €2.00, thereby benefiting from a 30.3% discount to the closing price on June 10, 2024.

We would be delighted to count on your support in our fight against the increasingly worrying issue of antimicrobial resistance!

Yours sincerely,

THIBAUT DU FAYET
Chief Executive Officer