GENFIT: Reports First Quarter 2021 Financial Information
12 Maggio 2021 - 10:10PM
GENFIT: Reports First Quarter 2021 Financial Information
(Unaudited financial information under
IFRS)
-
Cash and cash equivalents totaled
€109 million as
of March 31, 2021
Lille, France; Cambridge,
MA; May
12, 2021 -
GENFIT (Nasdaq and Euronext: GNFT), a late-stage
biopharmaceutical company dedicated to improving the lives of
patients with metabolic and liver diseases, today announced its
cash position as of March 31, 2021 and revenues for the first three
months of 2021.Cash position
As of March 31, 2021, the Company’s cash and
cash equivalents amounted to €108.9 million compared with €252.0
million as of March 31, 2020 and €171.0 million as of December 31,
2020.
The decrease in cash and cash equivalents
between December 31, 2020 and March 31, 2021 takes into account the
Company’s partial buyback of its convertible bonds (OCEANEs) in
January 2021 for an amount of €47.5 million as well as the expenses
related to the convertible bond renegotiation (financial advisors,
legal counsel fees, costs related to holding the shareholder and
bondholder meetings, etc) which totaled €2.9 million tax included,
and for which a significant portion was already paid at March 31,
2021.
Revenues Revenues for the first
three months of 2021 amounted to €1 thousand compared to €102
thousand for the same period in 2020. Revenues for the
first three months of 2020 mainly consisted of revenues from
services provided to Terns Pharmaceuticals pursuant to the
collaboration and license agreement in relation to their clinical
trials.
Reminder
On September 30, 2020, GENFIT announced its plan
to reduce its cash burn by 50% by 2022 compared to the cash burn
before the publication of the RESOLVE-IT Phase 3 data readout.
The Company reiterates its goal to reduce the
cash burn rate from €110 million annually before our Phase 3 data,
to approximately €45 million annually, beginning in 2022. 2021 will
be a transition year with a cash burn of approximately €75 million
(excluding the partial OCEANEs buyback transaction for €47.48
million in cash1) mainly due to the residual expenses related to
the termination of the RESOLVE-IT clinical trial, and to costs
associated with the workforce reduction plan.
ABOUT GENFIT
GENFIT is a late-stage biopharmaceutical company
dedicated to improving the lives of patients with cholestatic and
metabolic chronic liver diseases. GENFIT is a pioneer in the field
of nuclear receptor-based drug discovery, with a rich history and
strong scientific heritage spanning more than two decades. GENFIT
is currently enrolling in ELATIVE™, a Phase 3 clinical trial
evaluating elafibranor in patients with Primary Biliary Cholangitis
(PBC). Elafibranor is an investigational compound that has not been
reviewed and has not received approval by any regulatory authority.
As part of GENFIT’s comprehensive approach to clinical management
of patients with liver disease, the Company is also developing
NIS4®, a new, non-invasive blood-based diagnostic technology which
could enable easier identification of patients with at-risk NASH.
NIS4® technology has been licensed to LabCorp® in the U.S. and
Canada for the development and commercialization of a blood-based
molecular diagnostic test powered by NIS4® technology. 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). 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, with respect to GENFIT, including statements regarding the
Company’s projected cash burn. 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, 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 2020 Universal Registration Document filed with the AMF
on 23 April 2021 under n° D.21-0350, 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 2020 Annual Report on Form 20-F filed with the SEC on
April 23, 2021. 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 | Investors
Tel: +1 (617) 714 5252 |
investors@genfit.com
PRESS RELATIONS | Media
Hélène LAVIN – Press relations | Tel: +333 2016
4000 | helene.lavin@genfit.com
1 Excluding transaction expenses
GENFIT | 885 Avenue Eugène Avinée, 59120
Loos - FRANCE | +333 2016 4000 |
www.genfit.com
- GENFIT: Reports First Quarter 2021 Financial Information
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