Investors
Genomic Vision is a publicly-traded company on the Euronext regulated market in Paris
Press release
FINANCIAL INFORMATION FOR THE THIRD QUARTER OF 2018
• Sales of products and services for the first 9 months of 2018
down 41% at €655 thousand
• Revenue from activity for the first 9 months of 2018 stable at €2.1 million
• Results of the HPV study expected by the end of October
Bagneux (France), October 24, 2018 – 7 am (CEST)– Genomic Vision (FR0011799907 – GV), a company specialized in the development of in-vitro diagnostic (IVD) tests for the early detection of cancers and genetic diseases and applications for life sciences research (LSR), today announced its revenue and cash position[1] at September 30, 2018.
[1]Unaudited data, reviewed by the Supervisory Board on October 23, 2018.
Revenue for the third quarter and first 9 months of 2018
|
|
|
9 months |
|
3rd quarter |
|
|||||
|
In thousands of euros – IFRS |
|
2018 |
2017 |
∆ |
|
2018 |
2017 |
∆ |
||
|
Revenue from Quest Diagnostics R&D |
|
356 |
225 |
+58% |
|
206 |
75 |
+175% |
||
|
Sales of products & services |
|
655 |
1,104 |
-41% |
|
194 |
437 |
-56% |
||
|
of which: life sciences research (LSR) |
|
485 |
751 |
-35% |
|
166 |
161 |
+3% |
||
|
of which: in-vitro diagnostics (IVD) |
|
170 |
353 |
-52% |
|
28 |
276 |
-90% |
||
|
Total revenue from sales |
|
1,011 |
1,329 |
-24% |
|
400 |
512 |
-22% |
||
|
Other revenue |
|
1,130 |
885 |
+28% |
|
258 |
189 |
+37% |
||
|
Total revenue from activity |
|
2,141 |
2,214 |
+0.03% |
|
658 |
701 |
-6% |
||
- During the third quarter of 2018, sales of products and services were down 56% at €194 thousand, including:€166 thousand generated on the LSR market (+3% compared to the third quarter of 2017), corresponding to sales of consumables and services, notably in the field of DNA replication and gene editing quality control;
- €28 thousand generated on the IVD market from sales of the FSHD test in France and China and from royalties paid by Quest Diagnostics, which markets this test in the United States. This 90% decrease compared to the third quarter of 2017 was due to the lack of FiberVision® platform sold over the quarter whereas one platform was sold during the same period of 2017.
Total revenue from activity for the third quarter was €658 thousand (-6%), given R&D revenue from Quest Diagnostics of €206 thousand (+175%) with the achieving of the second milestone of the SMA project (see press release of September 10, 2018) and other revenue of €258 thousand, corresponding to tax credits (research tax credit, innovation tax credit, competitiveness and employment tax credit) and R&D subsidies.
Over the first 9 months of 2018, sales of products and services were down 41% at €655 thousand as no platform was sold over the period.
Restated for the sale of 3 platforms during the first 9 months of 2017, sales of products and services were up 30% in the first 9 months of 2018, reflecting solid demand from existing clients, the development of sales of instruments and consumables on the LSR market and the strong appeal of the services offer deployed among industrial and academic clients.
Financial structure at September 30, 2018
Genomic Vision had cash and cash equivalents of €1.7 million at September 30, 2018, compared with €1.0 million at June 30, 2018. This amount, which includes €2 million from the drawdown of two tranches (9thand 10th) of convertible notes with warrants during the third quarter, shows a net cash burn of €1.4 million over the period.
On October 10, 2018, the Company carried out the drawdown of an 11th tranche of convertible notes with warrants for €1 million, and still has an additional €1.5 million available via this flexible financing line in accordance with the conditions indicated in the Company’s prospectus approved by the AMF on March 28, 2017 under number 17-114 and under contractual conditions, including timeline conditions.
Within this context, Genomic Vision considers that additional financing will be required before the end of the second quarter of 2019 to enable it to continue its activity. The Company is pursuing active steps with industrial and financial partners and is looking into all options to obtain additional financing.
Results of the HPV study expected by the end of October
The transversal phase (diagnosis) of the HPV study on 688 patients in the Czech Republic has been completed, and Genomic Vision should be in a position to announce the final results of this part of the study by the end of October 2018. The longitudinal phase (prognosis) is continuing in accordance with the clinical protocol, with a 36-month follow-up.
***
THE ABOUT GENOMIC VISION
GENOMIC VISION is a company specialized in the development of diagnostic solutions for the early detection of cancers and serious genetic diseases and tools for life sciences research. Through the DNA Molecular Combing, a strong proprietary technology allowing to identify genetic abnormalities, GENOMIC VISION stimulates the R&D productivity of the pharmaceutical companies, the leaders of the diagnostic industry and the research labs.
The Company develops a robust portfolio of diagnostic tests (breast, ovarian and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based near Paris, in Bagneux, the Company has approximately 50 employees. GENOMIC VISION is a public listed company listed in compartment C of Euronext’s regulated market in Paris (Euronext: GV – ISIN: FR0011799907). For further information, please visit: www.genomicvision.com
Genomic Vision
Aaron Bensimon
Co-fondateur et Président du Directoire
Tél. : +33 1 49 08 07 50
investisseurs@genomicvision.com
Ulysse Communication
Press Relations
Bruno Arabian
Tel. : +33 1 42 68 29 70
barabian@ulysse-communication.com
NewCap
Investor Relations & Strategic Communications
Tel. : +33 1 44 71 94 94
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain forward-looking statements concerning Genomic Vision and its business.
Such forward-looking statements are based on assumptions that Genomic Vision considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the “Risk Factors” section in its Document de Reference filed with the French Autorité des Marchés Financiers (AMF) on March 28, 2017, under number R.17-009, available on the web site of Genomic Vision (www.genomicvision.com) and to the development of economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Genomic Vision to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute and should not be construed as an offer or an invitation to sell or subscribe, or the solicitation of any order or invitation to purchase or subscribe for Genomic Vision shares in any country. The distribution of this press release in certain countries may be a breach of applicable laws. The persons in possession of this press release must inquire about any local restrictions and comply with these restrictions.
