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Dominique Costantini, Emile Loria and Alexis Peyroles, founding shareholders of OSE Immunotherapeutics (OSE) and former executives from 2012 to 2024, see in OSE’s recentannouncements the ultimate confirmation of the need to renewthe company’s Board of Directors.
They are pleased to note that their joint initiative has shed light on the actions of the Chief Executive Officer and the current Board of Directors, who – beyond a pattern of opacity, abdication of responsability and misinformation – have engaged in a harmfulheadlong rush detrimental to OSE and to all its stakeholders.
The three founding shareholders call on those investors who have not yet voted to choose today a new governance capable of restoring OSE’s promising future.
They remind shareholders who regret having granted proxy to the Chairman of the current Board of Directors, or having returned a blank voting form without instructions, that it is still possible – until this evening – to replace that vote by sending a new formto serviceproxy@cic.fr. They invite them to do so by selecting the boxes corresponding to resolutions A through K.
All practical information about the vote is available on theirwebsite ose-immuno-ensemble.com.
On the strategic and financial front, Dominique Costantini, Emile Loria and Alexis Peyroles question OSE’s September 25 simultaneous announcement of both a delay in the AbbViepartnership and a cash position of €41.6M as of June 30, 2025 – financing only twelve months of activity – including nearly€5.3M contributed by Vester Finance in exchange for 800,000 shares.
They recall that on March 26, 2025, OSE announced a cash position of €64.2M as of December 31, 2024, “ensuring financialvisibility until the first quarter of 2027.”
The September 25 disclosure confirms – if further proof wereneeded – the importance of a swift audit to clarify the status of partnerships, the cash position, as well as the irregular maneuversand the legal and communication expenses incurred solely to keepthe current Board of Directors in place.
The three founding shareholders express full confidence in the expertise and integrity of their nominated directors to lead thisaudit and to make the best strategic choices for OSE.
Given the deteriorated financial context, consolidating existingpartnerships with Boehringer Ingelheim, Veloxis and AbbVie, as well as securing the best industrial partner for Lusvertikimab on the basis of already promising results, are set as top priorities.
On the communication and misinformation front, Dominique Costantini, Emile Loria and Alexis Peyroles deplore a continued escalation that has undermined the credibility of the Chief Executive Officer and the current Board of Directors. They emphasize the following points:
• OSE has achieved significant success in immuno-oncologyand immuno-inflammation, with two flagship programs (Tedopi® and Lusvertikimab), three partnerships and a strong R&D engine. Stakeholders should not lose sight of OSE’s full potential in therapeutic innovation.
• They regret that OSE’s 65 employees find themselvescaught in the middle of this conflict, as well as the pressures that may arise in a company of this size – withhighly specialized jobs and limited recruitment opportunities. They look forward to re-engaging with OSE teams as of October 1.
• They note with surprise the unilateral nature of the thirdopen letter published on September 25 by six employeerepresentatives. While addressing them directly, the letterfailed to raise any questions with the Chief Executive Officerand the current Board regarding irregular maneuvers, M&A projects and interactions with investment banks, or the future of the Nantes R&D center, should an investment fund enter the capital.
• On September 23, the Nantes Commercial Court dismissedall OSE’s claims regarding the shareholders’ joint action declaration of May 27. The conspiracy theories and accusations made by the CEO and the current Board fromJune up until recent days were groundless and clearly rancounter to shareholder democracy.
• It was through the sole work of the founding shareholdersthat, on September 23, the irregular manipulation of voting rights by the CEO and the current Board wasuncovered. Referring to this as a “material error” identifiedby the Board and due to “an incorrect legal assessment by one of the Company’s corporate advisors” is pure misrepresentation.
• After asserting on September 22 that they had the support of two international proxy advisory firms for their governanceplan, the CEO and the current Board were visiblypressured to correct course on September 24 : they had to acknowledge that these firms had divergent views on otherresolutions – while hiding behind paywall access to avoidfurther disclosure.
In light of the above, Dominique Costantini, Emile Loria and Alexis Peyroles reserve the right to seek accountability for the actions of the CEO and the current Board of Directors and to claim damages before any competent court.
On this final day of email voting ahead of the September 30 General Meeting, they wish most importantly to underscorethat OSE is a true success story, that patients are awaiting itstherapeutic innovations, and that shareholders – through theirvotes – can restore OSE’s future as early as October 1.