By Chris Wack

Biophytis shares fell 11% to $2.40 after the company said it has filed for a pre-submission meeting request with the Food and Drug Administration to discuss filing for emergency use authorization in the U.S. for Sarconeos in the treatment of Covid-19.

The stock dropped 13% on Wednesday after the company priced a registered direct offering valued at $3.8 million. The stock is down 74% in the past 12 months.

The biotechnology company said this request is a further key step in defining the conditions for rapid market access in the U.S. for Sarconeos, following a similar process initiated with the European Medicine Agency in May.

Biophytis said that depending on feedback from the FDA, it could consider filing an emergency use application by the end of 2023 or in the first half of 2024.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 20, 2023 13:06 ET (17:06 GMT)

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