Earnings Release • Oct 22, 2020
Earnings Release
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Toulouse, FRANCE, October 22, 2020, 6:30pm CEST – ABIONYX Pharma (FR0012616852 - ABNX - PEA PME eligible), a new generation biotech company dedicated to the discovery and development of innovative therapies for patients, announces today that cash and cash equivalents totaled €8.2 million as of September 30, 2020. As ABIONYX Pharma's activities are dedicated to the discovery and development of innovative therapies to improve patients' lives, the company did not generate any revenues in the first nine months of the year, in line with expectations.
As recently announced, the Company has decided to focus on the development of CER-001 in severe indications and on short-term treatments, mainly renal for the time being. As a result, the Company completed, on October 14, 2020, a capital increase of nearly €1.86 million (issue premium included) to strengthen the Company's cash position in view of the launch of a new production campaign for CER-001. Indeed, the Company preferred to anticipate the supply of raw materials because of the pandemic. The Company will proceed to the prepayment of raw materials for approximately €2 million, in order to secure its supply chain and the technology transfer delays for a relocation of its production in France.
The clarification of the strategy associated with additional financial resources makes it possible to consider the continuation of the study of collaborations with external partners and new developments. However, the company is still awaiting final clinical data for ATUn and ongoing preclinical studies. In particular, the Company is pursuing discussions with regulatory agencies for approval to proceed with an in vivo study on the mechanism of action of CER-001.
ABIONYX Pharma is a new generation biotech company dedicated to the discovery and development of innovative therapies for patients. The biotech assets inherited from CERENIS Therapeutics constitute a rich portfolio of valuable programs for the treatment of renal and metabolic diseases as well as with a HDL targeted drug delivery platform.
Investor relations Louis-Victor Delouvrier [email protected] +33 (0)1 44 71 98 53
NewCap Media relations Nicolas Merigeau [email protected] +33 (0)1 44 71 94 98
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