ASIT biotech Presents Its 2020 Half Year Results and Provides a Business Update Until End 2020
30 Settembre 2020 - 6:00PM
Business Wire
- Cash position of €2.9 million as of June 30, 2020
- Non-binding term sheet signed and extension of 2 months of
the procedure for judicial reorganization (PJR) requested
Regulatory News:
ASIT biotech (ASIT - BE0974289218) (BSE:ASIT)
(Paris:ASIT), a biopharmaceutical company focused on the
research, development and future commercialization of breakthrough
allergy immunotherapy products, today announces its 2020 half-year
results1, and provides a business update.
- The Company continues to minimize its expenses.
- As of June 30, 2020, the Company had a cash position of €2.9
million.
- The Company continues its efforts to valorize its assets.
Significant events after June 30, 2020
- On September 20, 2020, the Company announced that it has signed
a non-binding term sheet with a partner in the allergy field and
requested an extension of 2 months of the PJR.
The 2020 half-year financial report can be downloaded on the
website of the Company under the section Investors / Documentation / Financial reports.
FINANCIAL RESULTS AS OF JUNE 30, 2020
In thousands of euros - IFRS
30.06.2020
30.06.2019
Revenue
-
-
Other Operating Income
16
859
Research & Development Expenses
-413
-6,885
General & Administrative Expenses
-711
-1,783
Operating profit / loss
-1,108
-7,809
Financial income / expense
-213
-15
Tax
3
-
Net profit / loss
-1,218
-7,824
The Company has significantly reduced its expenses immediately
after the below efficacy threshold results of the Phase III study
in grass pollen. The operating loss as of June 30, 2020 amounted to
€1.1 million, compared to €7.8 million the previous year.
FINANCIAL STRUCTURE On June 30, 2020, the Company had a
cash position of € 2.9 million and had € 11,1 million outstanding
liabilities.
OUTLOOK The Company has important milestones to
materialize in the second half of 2020:
- To obtain a second extension of its PJR;
- To obtain the approval of its creditors on a plan for
reimbursement of its deferred debt under the PJR;
- To close the transaction with the partner so the new group can
develop a new generation of allergy products;
- To refinance the new group based on the new equity story;
***
About ASIT biotech ASIT biotech is a Belgian
biopharmaceutical company focused on the development and future
commercialization of a range of breakthrough immunotherapy products
for the treatment of allergies.
Further information can be found at www.asitbiotech.com.
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Legal notice
This announcement is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy or
subscribe for the Company’s shares in any jurisdiction. This
announcement does not constitute a prospectus. Any purchase of,
subscription for or application for, Shares to be issued in
connection with the intended offering should only be made on the
basis of information contained in the prospectus and any
supplements thereto, as the case may be.
Forward-looking statements
This release may contain forward-looking statements. Such
forward-looking statements are not guaranteeing future results.
These forward-looking statements speak only as of the date of
publication of this document. The Company expressly disclaims any
obligation to update any forward-looking statements in this
document, unless specifically required by law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20200930005381/en/
Company Michel Baijot, CEO ASIT biotech Tel.: +32 2 264
03 90 investors@asitbiotech.com