Earnings Release • Oct 13, 2015
Earnings Release
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Lyon, October 13, 2015 - Adocia (Euronext Paris: FR0011184241 – ADOC) today reported revenue for the 3rd quarter of 2015.
| In thousands of Euro- IFRS rules | 3 months | 9 months | ||
|---|---|---|---|---|
| (Unaudited) | 09/30/15 | 09/30/14 | 09/30/15 | 09/30/14 |
| Licensing revenue | 2,687 | - | 8,061 | - |
| Research and collaborative agreements | 3,530 | 62 | 10,864 | 249 |
| Revenue | 6,217 | 62 | 18,925 | 249 |
The EUR 6.2 million in revenue for the third quarter 2015 resulted primarily from the collaborative and licensing agreement signed with Lilly at the end of 2014 which impacts the revenue at two levels:
Last year, over the same period, the EUR 0.1 million in revenue was derived mostly from ongoing research and collaborative contracts related to the formulation of monoclonal antibodies. As a consequence, on the first nine months of 2015, revenue was approximately EUR 19 million compared to EUR 0.2 million last year.
As of end of September 2015, cash and cash equivalents amounted to EUR 68.7 million, compared to EUR 49.8 million on January 1st 2015. This increase is attributed to the EUR 32 million capital increase completed in March 2015 with healthcare-focused investors.
The amount of cash needed to finance operations amounted to EUR 11 million (net) for the first nine months of 2015, compared to EUR 6.8 million over the same period last year.
The third quarter saw extensive clinical research activity, featuring the preparation and the launch of 6 clinical studies:
BioChaperone Lispro U100 is a project developed in partnership with Lilly. Three new studies have been launched since the June announcement of positive results on postmeal glucose in patients with type 1 diabetes:
In parallel to the U100 formulation development, the double concentration U200 formulation is currently being tested in a clinical trial on healthy volunteers. This feasibility study aims at establishing bioequivalence between the U100 and U200 formulations of BioChaperone Lispro. Results are expected at the end of 2015.
Adocia continues to develop the BioChaperone Combo project, and launched two phase 1b clinical trials in the middle of July:
Results for these two clinical trials are expected during the fourth quarter 2015.
«We are very pleased with the collaboration with Eli Lilly, which results in a rapid advancement of the project in line with the plan we established jointly to prepare for phase 3 testing» commented Gérard Soula, Chief Executed Officer of Adocia. «For BioChaperone Combo, our second major project, results of the current clinical trials are expected during this quarter. In order to maximize the value of this product, our strategy is to actively pursue its development until we sign a partnership agreement.»
«Our burn-rate reflects increased activity on our projects as well as the maturity of our portfolio. It remains nevertheless adequately controlled and our cash position close to 69 million euro allows us to develop our projects confidently» commented Valérie Danaguezian, Financial Director of Adocia.
ADOCIA plans to participate to the following events in the next months:
Adocia is a clinical-stage biotechnology company that specializes in the development of innovative formulations of already-approved therapeutic proteins. Adocia's insulin formulation portfolio, featuring four clinical-stage programs and one preclinical program, is among the largest and most differentiated in the industry.
The proprietary BioChaperone® technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use. Adocia customizes BioChaperone to each protein for a given application in order to address specific patient needs.
Adocia's clinical pipeline includes a unique formulation of PDGF-BB for the treatment of diabetic foot ulcer and four novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analogs (BioChaperone Lispro U100 and U200), a fast-acting formulation of human insulin (HinsBet U100) and a combination of insulin glargine and a fast-acting insulin analog (BioChaperone Combo). Adocia is also developing a concentrated, rapidacting formulation of human insulin (HinsBet U500).
In December 2014, Adocia signed a partnership with Eli Lilly for the development and commercialization of the BioChaperone Lispro programs.
Adocia's extended, early-stage programs include innovative monoclonal antibody formulations, featuring two ongoing collaborations programs with major pharmaceutical companies in the field, and the delivery of anticancer drugs using the proprietary DriveIn® nanotechnology platform.
Adocia aims to deliver "Innovative medicine for everyone, everywhere."
To learn more about Adocia, please visit us at www.adocia.com
| Adocia | Adocia Press Relations | |
|---|---|---|
| Gérard Soula | ALIZE RP | |
| Chairman and CEO | Caroline Carmagnol and Florence Portejoie | |
| [email protected] | [email protected] | |
| Tel.: +33 4 72 610 610 | [email protected] | |
| Tel.: + 33 1 44 54 36 61 |
This press release contains certain forward-looking statements concerning Adocia and its business. Such forward-looking statements are based on assumptions that Adocia considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the 'Risk Factors' section of the Reference Document registered by the French Autorité des marchés financiers on April 30, 2015 under number R.15-032 (a copy of which is available on www.adocia.com) and to the development of economic conditions, financial markets and the markets in which Adocia operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Adocia or not currently considered material by Adocia. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Adocia to be materially different from such forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy Adocia shares in any jurisdiction.
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