ADOCIA Announces Second Quarter 2021 Financial Results
22 Luglio 2021 - 6:31PM
Business Wire
Regulatory News:
Adocia (Euronext Paris: FR0011184241 – ADOC) (Paris:ADOC), a
clinical stage biopharmaceutical company focused on diabetes
treatment and other metabolic diseases with innovative formulations
of proteins and peptides, announced today its second quarter
revenue and net cash position for the period ending on June 30,
2021.
Revenue Detail for the Second Quarter of 2021
In (€) thousands, IFRS standards
(unaudited)
06/30/2021 (3 months)
06/30/2020 (3 months)
06/30/2021 (6 months)
06/30/2020 (6 months)
Licensing revenues
112
68
227
521
Research and collaborative
agreements
175
101
175
101
REVENUE
287
169
402
622
- Revenue was primarily due to the licensing
agreements signed with Tonghua Dongbao (THDB) in 2018, to develop,
manufacture, and commercialize BioChaperone® Lispro and
BioChaperone® Combo in China and other territories in Asia and the
Middle East.
- The revenue recognized in the first six
months of 2021 (EUR 0.4 million) reflects the progress of research
and development services provided by Adocia in the context of
product transfer and development as well as additional services
requested by THDB.
Net Cash Position
The Company had a cash position of EUR 20.7 million as of June
30, 2021, compared to EUR 28.1 million as of December 31, 2020.
Cash consumption for the first six months of 2021 was EUR 7.4
million, slightly below last year's level (EUR 7.8 million).
As of June 30, 2021, the Company’s financial debt was EUR 28.1
million compared to EUR 28.2 million as of December 31, 2020. Debt
mainly comprised a financing line consisting in a bond issue for a
total of EUR 15 million by IPF Partners in 2019, a State-guaranteed
loan contracted from the BPI, HSBC, BNP and LCL for EUR 7 million,
and finally a loan secured in 2016 to finance the acquisition and
renovation of the building in which the headquarters and the
research center of the Company are located.
For the State-guaranteed loans, the Company has recently opted
for an additional one-year deferral with first repayments scheduled
in August 2022 and an unchanged maturity (August 2026).
Additional information
This press release contains only the key financial elements of
the company: cash, financial debt and revenue. Comments, milestones
and project progress will be detailed in the press release of 7
September 2021.
About Adocia
Adocia is a clinical-stage biotechnology company that
specializes in the development of innovative formulations of
therapeutic proteins and peptides for the treatment of diabetes and
metabolic diseases. In the diabetes field, Adocia’s portfolio of
injectable treatments is among the largest and most differentiated
of the industry, featuring five clinical-stage products and several
pre-clinical products. 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.
Adocia’s clinical pipeline includes four novel insulin
formulations for prandial treatment of diabetes: two ultra-rapid
formulations of insulin analog lispro (BioChaperone® Lispro U100
and U200), a combination of basal insulin glargine and rapid acting
insulin lispro (BioChaperone® Combo) and one combination of a
prandial insulin with amylin analog pramlintide M1Pram. The
clinical pipeline also includes an aqueous formulation of human
glucagon (BioChaperone® Glucagon) for the treatment of
hypoglycemia.
Adocia preclinical pipeline includes bi-hormonal combinations
for diabetes treatment: two combinations of rapid acting insulin
analogs and Pramlintide (BioChaperone® Lispro Pram and
BioChaperone® Aspart Pram), a combination of insulin glargine with
GLP-1 receptor agonists (BioChaperone® Glargine Liraglutide). In
addition, there are two bi-hormonal products for the treatment of
obesity: a combination of glucagon and exenatide (BioChaperone®
GluExe) and a combination of pramlintide and exenatide
(PramExe).
Adocia recently added a preclinical program to its pipeline with
a cell therapy initiative focused on development of a hydrogel
scaffold for use in people with type 1 diabetes. The first patent
application supporting this program has been filed.
Disclaimer
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 Universal Registration Document filed
with the French Autorité des marchés financiers on April 20, 2021
(a copy of which is available at 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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Adocia
Adocia Gérard Soula CEO contactinvestisseurs@adocia.com
Ph: +33 4 72 610 610 www.adocia.com
MC Services AG Adocia Press Relations Europe Raimund
Gabriel Managing Partner adocia@mc-services.eu Ph: +49 89 210
228 0
The Ruth Group Adocia Investor Relations USA Brett
Mermelstein Senior Account Executive
bmermelstein@theruthgroup.com Ph.: +1 267 639 0721
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