Neovacs S.A.
NEOVACS REPORTS FULL YEAR 2015 FINANCIAL RESULTS
DGAP-News: Neovacs S.A. / Key word(s): Final Results PRESS RELEASE NEOVACS REPORTS FULL YEAR 2015 FINANCIAL RESULTS – Strong improvement in net results – Balance sheet strengthened through capital increase of EUR7.5 million and signing of partnering agreement – Acceleration of IFNα Kinoid development in Lupus – Extended IFNα Kinoid clinical development program to include Dermatomyositis – Strengthening of preclinical portfolio with VEGF Kinoid and IL4/IL13 Paris, March 7, 2016 – NEOVACS (Alternext Paris: ALNEV), a leader in active immunotherapies for the treatment of autoimmune diseases, today announced its full-year 2015 financial results, as approved by its Board of Directors on March 4, 2016. “The year 2015 has been an important year for Neovacs for several reasons: We have concluded and prepared partnering agreements of strategic importance. Following the recommendation of our Scientific Advisory Board we have refocused on the clinical development of IFNα Kinoid in Lupus and added a new indication in the orphan disease Dermatomyositis. This year has also been marked by our new engagement in cancer immunotherapy with our Kinoid technology. We enter 2016 with the keys to pursue the preclinical, clinical and industrial development of our products,” said Miguel Sieler, CEO of Neovacs. FULL YEAR 2015 RESULTS Summary financial information
As of 31st December 2015, revenues of the company amounted to EUR1.2 million, an exceptional increase due to the payment of EUR1.0 million recorded in conjunction with the licensing agreement with the Korean group Chong Kun Dang (CKD) Pharmaceutical Corp. As a consequence of the intensification of clinical and preclinical activities, running costs increased by 27%, mainly due to the enrolment of the first patients in the Phase IIb trial of IFNα Kinoid in Lupus. Trial-related R&D costs now represent 86% of total expenditures, while structural cost decreased accordingly. Operating loss was EUR11.3 million in 2015 compared to EUR9.7 million the previous year. However, the net loss improved significantly to EUR 4.7 million due to a loan of EUR4.2 million from the General Commission for Investment PIAVE and Bpifrance. Further financing and research cost reimbursements by the tax authorities totaled EUR2.6 million. REINFORCED FINANCIAL POSITION At 31st December 2015, Neovacs had cash of EUR6.1 million compared to EUR5.6 million the previous year. This amount does not include the down payment from CKD within our licensing agreement or the new financing obtained within the PIAVE program with Bpifrance. NEOVACS CONFIRMS DYNAMIC GROWTH STRATEGY Launch of Phase IIb clinical trial of IFNα Kinoid in Lupus and extension of clinical program to Dermatomyositis Engagement in cancer immunotherapy Out licensing agreement with Chon Kun Dang (CKD) Pharmaceutical Corp. CLEAR STRATEGIC VISION FOR 2016 Advance IFNα Kinoid development. Completion of patient recruitment for Phase IIb trial in Lupus and launch of Phase I/IIa trial in Dermatomyositis. Focus on partnering in markets with high potential Establishing the production company NEOSTELL SA To further strengthen this industrial plan, Neovacs has entered a partnership with Stellar Biotechnologies based in California (USA) to establish a joint production company Neostell* SA , based near Paris, which will produce Kinoids for Neovacs and will position the Company as a conjugated therapeutic vaccines producer. The investments in this facility will start immediately after having obtained positive results of the ongoing Phase IIb trial in Lupus. Pre-clinical portfolio enrichment About Neovacs For more information on Neovacs, please visit www.neovacs.fr Contacts Investor Relations –
2016-03-07 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | Neovacs S.A. | |
3-5, Impasse Reille | ||
75014 Paris | ||
France | ||
Phone: | +33 (0)1 53 10 93 00 | |
Fax: | +33 (0)1 53 10 93 03 | |
E-mail: | www.neovacs.fr | |
Internet: | info@neovacs.fr | |
ISIN: | FR0004032746 | |
WKN: | A1CVKR | |
Listed: | Regulated Unofficial Market in Stuttgart; Open Market in Frankfurt | |
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