Dear Sir, Dear Madam,

Following the success of our IPO on Euronext Paris, we would like to thank all of our shareholders, both historical and new, for the trust they have placed in us and their decision to accompany GeNeuro in the development of a new approach to the treatment of multiple sclerosis (MS) by seeking to block upstream inflammatory and neurodegenerative mechanisms, rather than interfering with the body's immune response as most current treatments do. 

Indeed, this success is the result of a remarkable journey.

Our approach is the result of 25 years of research into human endogenous retroviruses (HERVs), including 15 years within the Institut Mérieux group and INSERM, before GeNeuro’s creation in 2006. Such research has enabled us to discover and understand the action of a potentially causal factor of multiple sclerosis: the MSRV-Env protein, which is expressed in MS patients by genes that are normally silent and could be a major cause of the inflammation and neurodegeneration characterising MS. 

GeNeuro consequently developed GNbAC1, a monoclonal antibody currently in phase IIb clinical trials as a treatment for MS. GNbAC1 neutralises MSRV-Env rather than targeting the patient's immune system, and could be a treatment that is both safe and effective in slowing or stopping the disease's progress in all its forms. 

Our technology has received the support of Servier, which took an equity stake in our company and entered into a collaboration and licensing agreement with us under which GeNeuro could receive up to €362.5 million in potential revenue, excluding royalties, €37.5 million of which are allocated to finance the current phase IIb trial. 

We also plan to further capitalise on our technology's potential through the development of a therapeutic platform focusing on diseases potentially caused by HERVs. In particular, GeNeuro is targeting CIDP (chronic inflammatory demyelinating polyneuropathy) – an orphan neurological disease – and type-1 diabetes. GeNeuro is currently planning phase II proof-of-concept trials in these. 

Looking ahead, GeNeuro's technology could prove central in explaining the causes of currently partially understood diseases, and we are determined to build on our leadership in this area in order to identify and address the causes of those diseases. 

Yours sincerely,

Jesús Martin-Garcia
Chairman and CEO