Earnings Release • Oct 9, 2014
Earnings Release
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Bagneux (France) - Genomic Vision (FR0011799907 – GV / PEA-PME eligible), a molecular diagnostics company that specializes in the development of diagnostic tests for genetic diseases and cancers using the DNA molecular combing process, today announces its revenue and cash position1 at September 30, 2014.
| In thousands of euros | Q3 2014 | 9M 2014 |
|---|---|---|
| Revenue from Quest Diagnostics R&D | 395 | 2,857 |
| Product sales | 69 | 163 |
| Total revenue from sales | 464 | 3,020 |
| Other revenue | 209 | 858 |
| Total revenue from activity | 673 | 3,878 |
Over the 3rd quarter of 2014, Genomic Vision recorded revenue of €673 thousand from its activity. This consisted of €464 thousand in sales and €209 thousand in other revenue, essentially related to R&D subsidies and research and innovation tax credits.
The Company's revenue primarily consisted of payments resulting from its R&D collaboration with its US partner Quest Diagnostics, which totaled €395 thousand over the period, in line with the Company's expectations. Revenue from product sales (€69 thousand) corresponds to French sales of the CombHelix FSHD test carried out directly by Genomic Vision and to royalties paid by Quest Diagnostics, which markets this test in the United States. In France, this test for a rare myopathy is routinely used at the Timone hospital in Marseille.
Once other revenue corresponding to tax credits (research tax credit and innovation tax credit) and R&D subsidies are taken into account, revenue from activity totaled €673 thousand over the 3 rd quarter of 2014. Over the first 9 months of 2014, revenue from activity came to €3.9 million.
At September 30, 2014, cash and cash equivalents totaled €24.8 million, compared with €25.7 million at June 30, 2014. This figure includes the sum paid to Genomic Vision in August 2014
1 Unaudited, reviewed by the Supervisory Board on October 6, 2014.
with regard to research tax credit and innovation tax credit relating to the 2013 financial year (€934 thousand).
Erwan Martin, Genomic Vision's VP Finance & Corporate Development, comments: "Revenue for the first 9 months of 2014 was perfectly consistent with our development. It continued to mainly include revenue from the R&D collaboration with our American partner Quest Diagnostics, most of which, in the form of milestone payments, was recorded during the 1st half of 2014. Our partnership is progressing at a satisfactory rate, and we are focusing on the marketing of our diagnostic tests for hereditary forms of breast and colon cancer in 2015. This will be undertaken both through Quest Diagnostics' extensive network in the United States and our direct sales teams in Europe, which are currently being established."
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A spinoff of the Institut Pasteur, Genomic Vision is a molecular diagnostics company specialized in developing diagnostic tests for genetic diseases and cancers. Using "molecular combing", an innovative technology that allows the direct visualization of individual DNA molecules, Genomic Vision detects quantitative and qualitative variations in the genome that are at the origin of numerous serious pathologies. Having benefited from the financial support of the Institut Pasteur, SGAM AI, Vesalius Biocapital and Quest Diagnostics, the Company is developing a solid portfolio of tests that notably target breast cancer and cancer of the colon. Since 2013, the Company has marketed the CombHeliX FSHD test for identifying a myopathy that is difficult to detect, Facio-scapulo-humeral dystrophy (FSHD), in the United States thanks to a strategic alliance with Quest Diagnostics, the American leader in diagnostic laboratory tests, and in France.
DNA molecular combing technology considerably improves the structural and functional analysis of DNA molecules. DNA fibers are stretched out on glass slides, as if "combed", and uniformly aligned over the whole surface. It is then possible to identify genetic anomalies by locating genes or specific sequences in a patient's genome using genetic markers, an approach developed by Genomic Vision and patented under the name Genomic Morse Code. This exploration of the entire genome at high resolution via a simple analysis enables the direct visualization of genetic anomalies that are undetectable by other technologies.
For further information, please go to www.genomicvision.com
Genomic Vision
Aaron Bensimon Co-founder, Chairman & CEO Tel.: +33 1 49 08 07 50 [email protected]
NewCap
Investor Relations / Strategic Communications Dušan Orešanský / Emmanuel Huynh Tel.: +33 1 44 71 94 92 [email protected]
This press release contains certain forward-looking statements concerning Genomic Vision and its business. Such forward-looking statements are based on assumptions that Genomic Vision considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the prospectus on which the French Financial Market Authority (AMF) granted its visa n° 14-087 on March 19, 2014 and to the development of economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Genomic Vision to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute and should not be construed as an offer or an invitation to sell or subscribe, or the solicitation of any order or invitation to purchase or subscribe for GENOMIC VISION shares in any country. The distribution of this press release in certain countries may be a breach of applicable laws. The persons in possession of this press release must inquire about any local restrictions and comply with these restrictions.
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