Quantum Genomics (Euronext Growth - FR0011648971 -
, a biopharmaceutical company specialising in the
development of a new class of medicinal products that act directly
on the brain in order to address difficult-to-treat/resistant
hypertension and heart failure, today reported its full year 2021
The annual financial statements were approved by
the Board of Directors on 27 April 2022. Statutory auditor’s report
is available on the Company’s
website: www.quantum-genomics.com. The “Document
d’Enregistrement Universel” including the financial report for
fiscal year 2021 will be available on the company’s website in the
Jean-Philippe Milon, CEO of Quantum
Genomics, said: “In an environment still impacted by the
pandemic crisis, we continued our research programmes throughout
the 2021 fiscal year and signed two new partnership contracts. Our
stated ambition is to launch the marketing phase of firibastat for
difficult-to-treat or resistant hypertension by the end of 2023. In
order to carry out our current projects and to explore new
therapeutic indications based on the BAPAIs platform, we have just
completed a capital increase, the success of which is a testament
to the support and confidence of our historical shareholders, our
partner Julphar and new shareholders. We are therefore pursuing our
development trajectory with confidence, serenity and determination,
and are on track to achieve the first firibastat registration by
the end of 2023. This is a fundamental step for Quantum Genomics
and its shareholders, and one that has been eagerly awaited by the
millions of patients around the world who suffer from resistant or
A strengthen financial situation after
the latest capital raise
For the full year 2021, Quantum Genomics
continued to receive payments due under the partnership contracts
announced in 2020.
As such, Quantum Genomics invoiced and collected
€2.3 million of royalties, corresponding to the upfront payments of
the partnership contracts signed in South Korea, Greece and Canada.
On top of this amount was the payment of $1 million invoiced in
April 2022, corresponding to the first milestone payment following
the inclusion of the first South Korean patient in the REFRESH
At the end of December 2021, operating revenues
amounted to €3.2 million compared to €2.3 million a year earlier.
Operating income amounted to (€19.2 million), compared with (€13.9
million) at the end of December 2020. Personnel costs remain under
control, with the progress of clinical trials logically meaning an
increase of operating expenses.
After accounting for the research tax credit of
€2.7 million, net income at 31 December 2021 was (€16.6 million).
Free cash flow (amount of net disbursements related to operations)
was (€16.9 million) over the period.
At the end of this fiscal year, the company’s
shareholders equity amounted to €11.4 million, to which was added
€0.2 million of other equity (conditional advances from Bpifrance).
At the start of the year, Orient EuroPharma Co. Ltd (OEP) acquired
a stake in Quantum Genomics through a €0.9 million reserved capital
increase, strengthening the cooperation between the two companies
in Southeast Asia and Oceania.
At the end of 2021, cash and cash equivalents
amounted to €13.5 million compared to €27.2 million on 31 December
2020, while financial debts amounted to €3.0 million. The latter
consist of a €1.5 million state-guaranteed loan granted by BNP and
a €1.5 million R&D innovation loan obtained from BPIFrance.
On 27 April 2022, Quantum Genomics successfully
completed a capital increase for an amount of €17.5 million,
including €1.9 million from partner Julphar. This transaction
covers the company’s needs until the second quarter 2023, while
securing the research activities of Quantum Genomics in a difficult
The company now has a strengthened shareholder
structure and the renewed confidence of its historical
shareholders, including Otium Capital and Vatel Capital, its
partner Julphar and new institutional investors.
Summarized financial information as on
31 December 2021:
Data in €’000 (French standards)
Other operating costs
Current result before tax
Research tax credit
Update on the research programmes -
As indicated in the press release from 26 April,
the development programme for firibastat, currently in Phase III
for difficult-to-treat and resistant hypertension, is on track.
Quantum Genomics is confirming its goal of bringing firibastat, in
a single daily dose, to registration by the end of 2023, with this
formulation promoting better compliance.
The company has prioritized its research
activities on this first indication and has assembled a first-rate
team to carry out this key stage of its development, as illustrated
by the recent appointment of Stéphane Cohen as Director of Global
As such, despite the health restrictions and the
impact of the Covid-19 pandemic, the last patient of the FRESH
study, a randomized double-blind placebo-controlled efficacy study,
should be enrolled in the next few days, for results to be
published at the end of October 2022. The study is being conducted
under the oversight of an independent data review committee (IDMC)
and no serious adverse events have been reported that would require
a modification of the protocol.
The Phase III REFRESH study was launched in the
first half of 2021 with the objective of demonstrating the efficacy
at 3 months of once-daily firibastat, as well as the long-term
safety (6 to 12 months). Based on the interim results of this
study, expected in mid-2023, the marketing application for
firibastat will be submitted in the third quarter of 2023, in line
with the plan.
In the heart failure indication, following the
results of QUORUM announced in August 2021, the search for a
partner to accompany upcoming development activities is continuing,
in parallel with the finalizing of the development plan with the
Quantum Genomics is therefore one step closer to
its goal of validating a new class of medicinal products based on
an innovative mechanism.
In addition to its historical activities,
Quantum Genomics intends to build on its development expertise to
become a reference company in the development of innovative
treatments for needs that are currently being unmet. To this end,
the company is exploring new therapeutic areas based on the
patented technology platform built around BAPAIs.
About Quantum GenomicsQuantum
Genomics is a biopharmaceutical company specialising in the
development of a new class of cardiovascular medicines based on the
mechanism of Brain Aminopeptidase A Inhibition (BAPAI). The only
company in the world pursuing this innovative approach that
directly targets the brain, it is based on more than twenty years
of research work by the University of Paris-Descartes and the
INSERM/CNRS laboratory headed by Dr. Catherine Llorens-Cortès at
the Collège de France. Quantum Genomics has as its objective to
develop innovative treatments for complicated or even resistant
hypertension (approximately 30% of patients are poorly controlled
or fail to respond to treatment) and heart failure (one out of
every two patients diagnosed dies within five years).
With its headquarters in Paris, the company is
listed on the Euronext Growth market in Paris (FR0011648971 -
ALQGC) and listed on the U.S. OTCQX market́ (symbol: QNNTF).
More information on www.quantum-genomics.com,
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