- Thanks to current customer base and new contracts signed
with pharma partners, commercial invoicing to reach 10.2 million
euros in 2020, i.e. 3.8 times higher than previous year
- Funding secured beyond 2021, thanks to several financing
operations: 11.1 million euros in available cash at end of
- New partnerships under discussion, commercial launch of new
solutions planned and financial targets confirmed for 2021
Voluntis (Paris:VTX) (Euronext Paris, Ticker: VTX - ISIN:
FR0004183960), a leader in the field of digital therapeutics,
reviews a solid year of commercial growth in 2020 and outlines its
outlook for the fiscal year 20211.
Pierre Leurent, Chief Executive Officer, said: "With our March
2020 strategic roadmap, we placed Voluntis on a trajectory for 2020
and the following years that will enable us to reach our full
potential. The achievements of 2020 have proven that we are on the
right track. We are proud of this year's progress and intend to
continue to create value for our shareholders. »
Implementation of the Strategic Plan and signing of new major
The goal of Voluntis' 2020 new strategic roadmap was to ink
major partnerships with leading pharmaceutical companies, in order
to commercialize the digital therapeutics solutions developed by
the company, primarily in the field of oncology.
The global market for digital therapeutics is expected to grow
at an average annual rate of +21% between 2019 and 2025,
representing 8.7 billion dollars by then2. The Covid-19 pandemic
has further accelerated this trend, given the increased need to
implement remote patient monitoring solutions. At the same time,
the global Oncology market represents the largest therapeutic area
of the Global pharmaceutical industry with an estimated 237 billion
dollars of revenues in 20243.
It is within this framework that Voluntis has entered a
collaboration with Bristol-Myers Squibb, announced in March 2020,
to develop digital therapeutic solutions for symptom management of
cancer patients and their remote monitoring by healthcare
professionals. This collaboration complements the portfolio of
oncology programs in development, which are based on Voluntis’
Theraxium Oncology platform.
The field of diabetes - the world's second largest therapeutic
area (58 billion dollars in estimated 2024 pharma revenues) - is
also targeted by Voluntis. The company announced a worldwide
licensing agreement with Biocon Biologics in July 2020. This global
agreement covers the proprietary Digital Therapeutics solution
Insulia®, developed by Voluntis, approved by the FDA and CE marked,
for patients with type 2 diabetes treated with basal insulin.
Up to 25 million euros in pre-launch revenues already
contracted between 2020 and 2024, with significant commercial
invoicing in 2020
As part of the commercial agreements signed since December 2019
and subject to the fulfillment of certain contractual conditions,
Voluntis stands to receive up to 25 million euros in pre-launch
commercial invoicing between 2020 and 2024, primarily in cumulated
upfront and milestone payments.
In addition to these payments, the commercial launch(es) of
co-developed solutions makes Voluntis eligible to receive
additional payments for the license of its Theraxium platform and
proprietary digital therapeutics, based on patient usage. These
payments may cumulatively amount to tens of millions of euros per
year, based on negotiated per-patient fees and projected number of
In 2020 alone, Voluntis generated 10.2 million euros in
commercial invoicing, a 3.8-fold increase compared to 2019 (2.7
In a significant step towards commercial launches, the company
obtained the CE mark for its Oleena® oncology solution, paving the
way for the future commercialization of digital therapeutics based
on the Theraxium Oncology platform in the European Union.
In addition to the solutions already marketed by Voluntis, the
commercial launches of the various solutions co-developed under the
new agreements concluded since the end of 2019 are expected to take
place gradually between 2021 and 2024.
11.1 million euros in available cash at year end, optimized
cost base and enhanced financial visibility
Voluntis has embarked on an ambitious program to adapt its
organization to its new strategy, both in France and in the United
States. These organizational adjustments, combined with the
increase in commercial invoicing, have delivered a favorable impact
on net cash consumption, excluding new financing, which has evolved
from 17.7 million euros in 2019 to 5.9 million euros in 2020, and
on the Group's results which will be published on March 29th.
In addition, Voluntis has also put in place new financing to
consolidate its financial structure. Voluntis has raised a total of
11.9 million euros in 2020, including 6 million euros in
non-dilutive financing (PGE and Bpifrance Financement's Innovation
R&D loan) and 5.9 million euros in the context of a fund
raising carried out notably with Debiopharm Innovation Fund, the
corporate fund of the Swiss company Debiopharm, and Indigo, the
personal holding company of Eric Carreel, President and co-founder
With these additional resources, Voluntis has 11.1 million euros
in available cash at the end of 2020, compared to 5.1 million at
the end of 2019. The Company considers it is able to cover its
financial needs beyond the next 12 months.
Consequently, the Company does not intend to use the flexible
bond financing facility ("OCEANE-BSA") that it entered into on
March 23, 2020, which has not been used to date and whose drawdown
option, at the sole initiative of Voluntis, will expire on
September 23, 2021.
Favorable commercial and financial outlook for 2021
Building on the momentum of this solid first year of execution
of the new strategic roadmap, Voluntis expects to continue its
positive trajectory in 2021.
On the commercial front, Voluntis is targeting the signature of
new partnership agreements that will confirm the power of the
Theraxium platform and the company’s ability to deploy even more
widely in the field of oncology.
On the financial front, the company confirms its 2021 ambition
of annual commercial invoicing between 8 to 12 million euros,
thanks to revenues from commercial agreements and new milestones
planned for the year, and of positive free cash flow4 on the second
half of the year.
Next meeting: publication of the 2020 annual results on
March 29, 2021, after the close of trading.
Voluntis creates digital therapeutics that empower people with
chronic conditions to self-manage their treatment every day, thus
improving real-world outcomes. Voluntis’ solutions, combining
mobile and web apps, use clinical algorithms to deliver
personalized recommendations to patients and their care teams. For
example, these recommendations are used to adjust treatment dosage,
manage side effects or monitor symptoms. Leveraging its Theraxium®
technology platform, Voluntis has designed and operates multiple
digital therapeutics, especially in oncology and diabetes. Voluntis
has long-standing partnerships with leading life science companies.
Based in Cambridge, MA, and Paris, France, Voluntis is a founding
member of the Digital Therapeutics Alliance. For more information,
please visit: www.voluntis.com
Mnemo : VTX - ISIN : FR0004183960
Alternative Performance Indicators :
Commercial invoicing: upfront payments, exclusivity
royalties & perpetual licenses + development services &
integration + SaaS fees, royalties, maintenance & support
Free cash flow: cash flow from operating activities +
cash flow from investing activities
Disclaimer This press release contains forward-looking
statements about Voluntis Group and its business, including its
prospects and product development. Voluntis believes that such
forward-looking statements are based on reasonable assumptions.
However, forward-looking statements are not guarantees of future
performance, since they relate to future events and depend on
circumstances that may or may not occur in the future, and on
various risks and uncertainties, including those described in the
2019 annual financial report and the 2020 half-year financial
report published by Voluntis on April 30, 2020 and September 29,
2020, respectively, a copy of which is available on the Group's
website (www.voluntis.com), and changes in economic conditions,
financial markets and the markets in which Voluntis operates. The
forward-looking statements contained in this press release are also
subject to risks that are unknown to Voluntis or that Voluntis does
not consider material at this date. The occurrence of some or all
of these risks could cause the actual results, financial
conditions, performance or achievements of Voluntis to differ
materially from those expressed in such forward-looking statements.
Voluntis disclaims any obligation to update these forward-looking
1 All figures published today are unaudited 2 Source: Grand View
Research 2017 3 EvaluatePharma World Preview 2019, Outlook to 2024
4 Voluntis has chosen to modify its alternative performance
indicators on which it communicates its objectives by now using
Free Cash Flow instead of the adjusted EBITDA on which the company
had previously issued an objective (positive adjusted EBITDA in
2021). The latter indicator is highly complex due to IFRS
restatements, making it difficult to establish reliable forecasts.
Free Cash Flow is also a relevant indicator for monitoring changes
in the company's cash position.
version on businesswire.com: https://www.businesswire.com/news/home/20210106005650/en/
ACTUS Media relations Vivien Ferran
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Voluntis Chief Financial Officer Guillaume
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