- Cash and cash equivalents:
€163.6 million as of September 30, 2022
Lille, France; Cambridge, MA; November 10, 2022 - GENFIT
(Nasdaq and Euronext: GNFT), a late-stage
biopharmaceutical company dedicated to improving the lives of
patients with severe chronic liver diseases, today announced its
cash position as of September 30, 2022 and revenue for the first
nine months of 20221.
Cash Position
As of September 30, 2022, the Company’s cash and
cash equivalents amounted to €163.6 million compared with €91.5
million a year earlier.
As of June 30, 2022, cash and cash equivalents
totaled €209.1 million.
The decrease in cash and cash equivalents
between June 30, 2022, and September 30, 2022, takes into account
notably the initial consideration of CHF40.0 million for the
acquisition of Versantis AG, which GENFIT paid at the closing of
this acquisition on September 29, 2022. It also includes the
consolidation of the cash and cash equivalents of Versantis for the
first time, which amounted to €5.1 million.
Revenue
Revenue2 for the first nine months of 2022 amounted to €14,129
thousand compared to €20 thousand for the same period in 2021.
The increase in revenue is mainly attributable
to the partial recognition of the €40.0 million deferred income,
which was accounted for in accordance with IFRS 15 following
the conclusion of the strategic licensing and collaboration
agreement with Ipsen on December 17, 2021. The revenue recognized
out of this deferred income amounted to €13,050 thousand for the
first nine months of 2022.
ABOUT GENFIT
GENFIT is a late-stage biopharmaceutical company
dedicated to improving the lives of patients with severe chronic
liver diseases characterized by high unmet medical needs. GENFIT is
a pioneer in the research and development of therapeutic and
diagnostic solutions in liver diseases, with a rich history and
strong scientific heritage spanning more than two decades. Thanks
to its expertise in bringing early-stage assets with high potential
to late development and pre-commercialization stages, today GENFIT
boasts a growing and diversified pipeline of innovative therapeutic
and diagnostic solutions.
Its R&D is focused on three franchises:
cholestatic diseases, Acute on Chronic Liver Failure (ACLF) and
NASH diagnostics. In its cholestatic diseases franchise, ELATIVE™,
a Phase 3 global trial evaluating elafibranor3 in patients with
Primary Biliary Cholangitis (PBC) is well underway following a
successful Phase 2 clinical trial. Topline data is expected to be
announced in the second quarter 2023. In 2021, GENFIT signed an
exclusive licensing agreement with IPSEN to develop, manufacture
and commercialize elafibranor in PBC and other indications.4 GENFIT
is also developing GNS5613 in cholangiocarcinoma following the
acquisition of exclusive rights in this indication from Genoscience
Pharma in 20215. In ACLF, a Phase 1 clinical program with
nitazoxanide has been initiated in 2021, and GENFIT further
expanded its ACLF pipeline in 2022 via the acquisition of
Swiss-based clinical-stage company Versantis, with a Phase 2 ready
program evaluating liposomes technology and a preclinical stage
small molecule. As part of its diagnostic solutions franchise, the
Company entered into an agreement with Labcorp in 2021 to
commercialize NASHnext®, powered by GENFIT’s proprietary diagnostic
technology NIS4®, and recently developed NIS2+™, an evolutionary
and optimized diagnostic tool in identifying at-risk NASH.
GENFIT has facilities in Lille and Paris,
France, and Cambridge, MA, USA. GENFIT is a publicly traded company
listed on the Nasdaq Global Select Market and on compartment B of
Euronext’s regulated market in Paris (Nasdaq and Euronext: GNFT).
In 2021, IPSEN became one of GENFIT’s largest shareholders and
holds 8% of the company’s share capital. www.genfit.com
GENFIT FORWARD LOOKING STATEMENTS
This press release contains certain
forward-looking statements with respect to GENFIT, including those
within the meaning of the Private Securities Litigation Reform Act
of 1995, in relation to expected timelines for the publication of
ELATIVE™ Phase 3 trial data, and the Company’s revenue and cash
position. The use of certain words, including “consider”,
“contemplate”, “think”, “aim”, “expect”, “understand”, “should”,
“aspire”, “estimate”, “believe”, “wish”, “may”, “could”, “allow”,
“seek”, “encourage” or “have confidence” or (as the case may be)
the negative forms of such terms or any other variant of such terms
or other terms similar to them in meaning is intended to identify
forward-looking statements. Although the Company believes its
projections are based on reasonable expectations and assumptions of
the Company’s management, these forward-looking statements are
subject to numerous known and unknown risks and uncertainties,
which could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking
statements. These risks and uncertainties include, among other
things, the uncertainties inherent in research and development,
including in relation to safety, biomarkers, progression of, and
results from, its ongoing and planned clinical trials, review and
approvals by regulatory authorities of its drug and diagnostic
candidates, the impact of the COVID-19 pandemic, exchange rate
fluctuations and the Company’s continued ability to raise capital
to fund its development, as well as those risks and uncertainties
discussed or identified in the Company’s public filings with the
AMF, including those listed in Chapter 2 “Main Risks and
Uncertainties” of the Company’s 2021 Universal Registration
Document filed with the AMF on April 29 2022 under n° D.22-0400,
which is available on the Company’s website (www.genfit.com) and on
the website of the AMF (www.amf-france.org) and public filings and
reports filed with the U.S. Securities and Exchange Commission
(“SEC”) including the Company’s 2021 Annual Report on Form 20-F
filed with the SEC on April 29, 2022 and the 2022 Half-Year
Business and Financial Report. In addition, even if the Company’s
results, performance, financial condition and liquidity, and the
development of the industry in which it operates are consistent
with such forward-looking statements, they may not be predictive of
results or developments in future periods. These forward-looking
statements speak only as of the date of publication of this
document. Other than as required by applicable law, the Company
does not undertake any obligation to update or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise.
CONTACT
GENFIT | InvestorsTel : + 33 3
20 16 40 00 | investors@genfit.com
PRESS RELATIONS | Media
Stephanie BOYER – Press relations | Tel : +
33 3 20 16 40 00 | stephanie.boyer@genfit.com
1 Unaudited financial information under IFRS
2 Revenue recognized under IFRS 153 Elafibranor
and GNS561 are investigational compounds that have not been
reviewed nor been approved by a regulatory authority4 With the
exception of China, Hong Kong, Taiwan, and Macau where Terns
Pharmaceuticals holds the exclusive license to develop and
commercialize elafibranor5 Agreement includes commercialization and
development in the United States, Canada and Europe, including the
United Kingdom and Switzerland
GENFIT | 885 Avenue Eugène Avinée, 59120 Loos -
FRANCE | +333 2016 4000 | www.genfit.com
- GENFIT Reports Third Quarter 2022 Financial Information
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