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Dominique Costantini, Emile Loria et Alexis Peyroles, founding shareholders of OSE Immunotherapeutics (OSE) and former executives from 2012 to 2024, warn of the Boardof Directors’ headlong rush, which is evident from its latestcommunications.
As the decisive September 30 General Meeting approaches, the three founding shareholders acting in concert deplore the repeated resort to misinformation.
Their strategy for OSE is based on its two most advancedflagship programs—Tedopi®, currently in active recruitment for its registrational Phase 3 trial, and Lusvertikimab, which has delivered positive Phase 2 results both in efficacy and in safety—as well as, more broadly, on the development of innovative drugsin immuno-oncology and immuno-inflammation. It is thereforefalse to claim, as the current Board of Directors did again on September 9, that “their strategy relies exclusively on Tedopi®.” Something false repeated a hundred times does not become true.
Dominique Costantini, Emile Loria and Alexis Peyroles alsodenounce the deliberate confusion created by the current Boardof Directors when, on September 9, it included the nominations of Pascale Briand and Jonathan Cool among its own resolutions—and, above all, when it presented this sleight of hand as proof of its “openness to dialogue with shareholders and to inclusive governance.”
They stress, in fact, that Pascale Briand and Jonathan Cool are twoof the five independent directors they themselves proposed in theirresolutions published on September 5.
This crude maneuver by the Board of Directors and its spin in communications are of the same nature as its attempt, at the end of August, to make people believe that “ongoing discussions with the acting-in-concert shareholders” would lead to “strategicalignment” and “a change in governance.”
In contradiction with its surface-level rhetoric calling for dialogue and compromise, the three founding shareholders recall the legal harassment instigated by the Board of Directors againstthem (already three formal notices aimed at silencing theirwebsite, ose-immuno-ensemble.com—ironically requested by the French Financial Markets Authority), as well as proceedingsbefore the Nantes Commercial Court, initiated by the currentBoard with the sole purpose of depriving them of part of theirvoting rights.
Still reading OSE’s latest communications, Dominique Costantini, Emile Loria and Alexis Peyroles deplore the Board of Directors’ consistently vague messaging, which makes no binding commitments and claims to be “exploring all options, dilutive and non-dilutive, for financing,” while at the same time conditioningshareholders to expect new funding needs as early as 2026—for example by introducing in its latest Q&A: “What happens if partnerships are delayed—how will OSE finance its operations?”
What is not “currently” envisaged (according to the September 9 press release: “recourse to complex instruments such as convertible bonds, royalty streams or IP-backed financings”) mayvery well be envisaged tomorrow.
The three acting-in-concert shareholders also deplore the Board of Directors’ excessive use of scapegoating when itwrote, on September 9, about them: “[their] approach […] threatens financial visibility as early as 2026 and risks disruptingongoing partnerships as well as clinical programs.”
Following the September 30 General Meeting, they will requestthat the Board of Directors conduct a rapid audit focusedprimarily on assessing the state of partnerships and cash position.
In the immediate term, Dominique Costantini, Emile Loriaand Alexis Peyroles call on shareholders to completely renewOSE’s Board of Directors, with directors whose ethics, expertise and value they know—because, engaged in a headlong rush, the current Board now seems ready to do anything to defend its personal interests.
They therefore call on shareholders to vote in favor of theirresolutions:
– Appointment of five independent directors: Pascale Briand, Markus Cappel, Jonathan Cool, Marc Le Bozec and ShihongNicolaou
– Appointment of one director as their representative: Alexis Peyroles
– Dismissal of six directors: Marc Dechamps, Brigitte Dréno, Martine George, Markus Goebel, Eric Leire and Nicolas Poirier (Cécile Nguyen-Cluzel having resigned on September 1, 2025)
– Vote against the renewal of Didier Hoch’s mandate.
All information on how to vote at the General Meeting is availableat: ose-immuno-ensemble.com.