GeNeuro: Financial Information and Business Update for the Second Quarter 2022
21 Juli 2022 - 5:45PM
Business Wire
- Solid financial situation and strong visibility:
- Cash position of €10 million - Operations funded until
Q2-2023
- Swissmedic approval for new Phase II study starting summer
2022 evaluating temelimab in patients with severe neuropsychiatric
post-COVID syndromes
Regulatory News:
GeNeuro (Euronext Paris: CH0308403085 - GNRO) (Paris:GNRO), a
biopharmaceutical company developing new treatments for
neurodegenerative and autoimmune diseases, such as multiple
sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe
neuropsychiatric consequences of COVID-19 (post-COVID), today
reported on its 2022 second quarter cash position and issued a
business update.
2022 Second-quarter financial information
At June 30, 2022, GeNeuro had €10 million in cash, which include
the net proceeds from the May 2022 capital increase and an
unsecured €1 million bank loan that was put in place in June 2022.
The total available cash resources provide GeNeuro with visibility
until Q2 2023 in terms of financing all its current activities.
Excluding the financing activities, the cash consumption related
to GeNeuro’s operating and investing activities in Q2 2022 was €4.2
million, compared to €2.5 million for the first quarter of 2022.
This higher cash consumption is due primarily to expenses related
to the preparation of the Company’s new Phase II GNC-501 study
evaluating temelimab in patients with severe neuropsychiatric
post-COVID syndromes, as well as final costs related to the
Company’s ProTEct-MS Phase II study in MS, whose positive results
were announced on March 21, 2022. The Company’s French 2021
Research Tax Credit, in an amount of € 1 million, is expected to be
collected in Q3 2022. Taking into account the GNC-501 study
expenses, full-year cash consumption is now estimated at
approximately €14.5 million, of which €8 million for the second
half of 2022. As previously mentioned, the Company has received a
€6.7 million grant from the Swiss Federal Office for Public Health
(FOPH) grant for its post-COVID program, out of which €3.7 million
remain to be received based on the study’s progress,
“The successful completion of the May 2022 capital increase
provides GeNeuro with the means to complete its post-COVID program
with temelimab. This trial, which will start enrolling patients
this summer, will be the first personalized therapeutic approach in
this indication, as the study will only enroll patients who are
positive to the pathogenic W-ENV protein”, said Jesús
Martin-Garcia, CEO of GeNeuro “Based on the successful
ProTEct-MS Phase II results, we have resumed discussions with
potential partners to define the best development path combining
temelimab and anti-inflammatory treatments to treat relapses and
disability progression, the key unmet medical need in multiple
sclerosis.”
Key developments during the quarter
- On April 6-10, 2022, GeNeuro and the FondaMental Foundation, a
scientific cooperation foundation serving patients with mental
illness, presented at the Schizophrenia International Research
Society (SIRS) congress in Florence, Italy, the first data
resulting from their collaboration launched in 2021, in the context
of COVID.
- On May 11, 2022, the Company announced it had received the
authorization by the Swiss Health Authority (Swissmedic) to
initiate a Phase II study evaluating temelimab in patients with
severe neuropsychiatric post-COVID syndromes.
- On May 12, 2022, GeNeuro announced the successful completion of
a €7.7 million capital increase through an international private
placement only to certain qualified and institutional
investors.
- On June 20, 2022, GeNeuro announced that its R&D subsidiary
GeNeuro Innovation SAS would be the industrial R&D partner of
the HERVCOV project funded with a €6.8 million grant from the
European Union HORIZON-Health program.
Post-period highlights
- On July 20, 2022, GeNeuro announced the publication in the
leading scientific journal "Annals of Neurology" of the results of
the collaboration between GeNeuro and the National Institute of
Neurological Disorders and Stroke (NINDS). NINDS is part of the
National Institutes of Health (NIH) of the United States. This
publication describes the novel pathogenic mechanism of HERV-K in
sporadic ALS and confirms the action of GeNeuro's antibody to
neutralize this toxicity.
Next financial events:
First half financial report: September 29, 2022
Investor Meetings:
22nd Annual Biotech in Europe Forum: September 21-22, 2022 –
Basel, Switzerland Lyon Pôle Bourse: September 28, 2022 – Lyon,
France Investor Access Event: October 6-7, 2022 - Paris, France
About GeNeuro
GeNeuro‘s mission is to develop safe and effective treatments
against neurological disorders and autoimmune diseases, such as
multiple sclerosis, by neutralizing causal factors encoded by
HERVs, which represent 8% of human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D
facilities in Lyon, France. It has rights to 17 patent families
protecting its technology.
For more information, visit: www.geneuro.com
Disclaimer
This press release contains certain forward - looking statements
and estimates concerning GeNeuro’s financial condition, operating
results, strategy, projects and future performance and the markets
in which it operates. Such forward-looking statements and estimates
may be identified by words, such as “anticipate,” “believe,” “can,”
“could,” “estimate,” “expect,” “intend,” “is designed to,” “may,”
“might,” “plan,” “potential,” “predict,” “objective,” “should,” or
the negative of these and similar expressions. They incorporate all
topics that are not historical facts. Forward looking statements,
forecasts and estimates are based on management’s current
assumptions and assessment of risks, uncertainties and other
factors, known and unknown, which were deemed to be reasonable at
the time they were made but which may turn out to be incorrect.
Events and outcomes are difficult to predict and depend on factors
beyond the company’s control. Consequently, the actual results,
financial condition, performances and/or achievements of GeNeuro or
of the industry may turn out to differ materially from the future
results, performances or achievements expressed or implied by these
statements, forecasts and estimates. Owing to these uncertainties,
no representation is made as to the correctness or fairness of
these forward-looking statements, forecasts and estimates.
Furthermore, forward-looking statements, forecasts and estimates
speak only as of the date on which they are made, and GeNeuro
undertakes no obligation to update or revise any of them, whether
as a result of new information, future events or otherwise, except
as required by French aw.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220721005560/en/
GeNeuro Jesús Martin-Garcia President and CEO +41 22 552
4800 investors@geneuro.com
NewCap (France) Mathilde Bohin / Louis-Victor Delouvrier
(investors) +33 1 44 71 98 52
Arthur Rouillé (media) +33 1 44 71 00 15 geneuro@newcap.eu
GeNeuro (EU:GNRO)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
GeNeuro (EU:GNRO)
Historical Stock Chart
Von Apr 2023 bis Apr 2024