- Successful execution of the new
strategy in LSR market
- Product and service revenue up 332% to
€1.3 million
- Total revenue of €3.4 million
- Doubled installed base of FiberVision®
platforms
- Cash position of €6.9 million at year
end
- Project to draw down up to €10 million
in convertible notes with warrants
- Appointment of Frederic Tarbouriech as
new CFO
2017 OUTLOOK: SOLID GROWTH FROM LSR
ACTIVITIES
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), the
pioneer of molecular combing technology for life sciences research
(LSR) applications and in vitro diagnostics (IVD), announced today
its full-year 2016 financial results.1
Aaron Bensimon, CEO of Genomic Vision, said: “In 2016
Genomic Vision turned a corner as we successfully launched our
strategy targeting the LSR market, a new and important autonomous
growth area for the Company, while we continued to develop our IVD
pipeline. With the ramp-up of our commercial efforts, we doubled
our FiberVision installed base, and have seen strong interest from
pharma and genome editing companies in using our sophisticated
platform in their drug discovery efforts. Our DNA combing
technology is ideally suited for applications in genome editing,
and going forward, we expect to increase our footprint in this
exciting space. In summary, we are confident that demand in the LSR
market will remain brisk, while we continue the development and
commercialization efforts of our IVD portfolio. Erwan Martin is
leaving the company to pursue other opportunities. I thank Erwan
for his commitment to the Company’s growth and success over the
past years, and I wish him all the best with the next step in his
career. Finally, I look forward to working with Frederic
Tarbouriech, our new CFO, and the rest of our team to accelerate
our development in the strategic LSR segment that will fuel our
growth in 2017 and beyond.”
Full year 2016 results
(In thousands of euros IFRS) 2016
2015 Revenue from R&D collaboration with Quest
Diagnostics 316 2,069 Product sales & services
1,257 291
Total revenue from sales
1,573 2,360 Other revenue 1,793
1,957
Total revenue from activity 3,366
4,317 Net operating expenses (12,026) (8,708)
Operating loss (8,660) (4,391)
Net loss
(8,613) (4,338)
Revenue from product sales & services increased 332%
to €1.3 million, mainly driven by:
- sales of instruments and consumables
for the study of DNA replication;
- innovative solutions for quality
control and optimization of genome editing; and
- the installation of five additional
FiberVision® combing platforms at industrial and academic
centers.
Total revenue from sales over the full year 2016
were €1.6 million, a decrease compared with €2.4 million in 2015
due to the completion of milestone payments from Quest Diagnostics,
which was partially offset by a marked increase in sales from
products and services.
Revenue from activity was €3.4 million in 2016, versus
€4.3 million in 2015, including other revenue of €1.8 million from
tax credits (research tax credit and innovation tax credit and
R&D subsidies).
Operating expenses were €12 million in 2016. R&D
expenses increased compared with the previous year as a result of
the ongoing clinical studies in the IVD pipeline, and the
development of new services and tools for the life sciences
research market segment (LSR). General costs remained stable, while
Sales & Marketing costs increased as a function of the build-up
of the Company’s commercial infrastructure.
At December 31, 2016, Genomic Vision had 63 employees, compared
with 54 at December 31, 2015.
For the full year 2016, the Company reported a net loss of €8.6
million compared with a net loss of €4.3 million at December
31, 2015.
Cash position at December 31st, 2016At
December 31, 2016, Genomic Vision had cash and cash equivalents of
€6.9 million, compared with €15.6 million at December 31, 2015.
To cover its cash requirements for the next 12 months given the
development plan envisaged and the anticipated operating expenses,
Genomic Vision has its cash and cash equivalent at December 31,
2016 and a flexible financing line via the reserved issuance of
convertible notes with warrants (OCABSA) for a nominal value of €10
million as announced on October 28, 2016 (subject to the fulfilment
of usual conditions for the completion of this financing line,
including the filing and approval of a prospectus (document de
référence) with the French financial regulatory authority (AMF
- autorité des marchés financiers)).
FY 2016 highlights
Life Sciences Research
Market
FiberVision® platform – doubling of installed baseThe
company’s fully automated FiberVision platform was installed at
five industrial and academic sites in 2016. The pharmaceutical
industry has expressed keen interest in the capabilities of the
FiberVision platform to elucidate DNA replication damage and repair
that play an increasingly important role in drug discovery. The
FiberVision platform gives researchers a unique insight into these
mechanisms, and constitutes an industrially robust technology
platform that yields reproducible results to help them hone their
discovery efforts.
Products & servicesTo complement Genomic Vision’s
high-end FiberVision platform, the company has successfully
launched a number of products and services to target industrial and
academic labs to broaden access to and the application of molecular
combing (such as FiberPrep, FiberStudio, EasyScan and EasyComb).
These services offer a mix of hardware and software solutions, and
rely on different levels of automation. These have allowed Genomic
Vision to gain a foothold in the rapidly emerging field of genome
editing where it started collaborating with one of the leading
companies that is looking to molecular combing as a reliable
quality control tool to verify the accuracy of their interventions.
Discussions with a number of genome editing companies active in
therapeutics and crop sciences are ongoing.
IVD Portfolio
Ovarian and breast cancer (BRCA)The joint study between
Genomic Vision and Quest Diagnostics, BRCA 1000 initiated in 2016
is ongoing. The results of this study are expected in 2018 and will
guide decisions on the further development and commercialization of
the test.
HNPCC & SMAQuest and Genomic Vision collaborate
intensively on tests for HNPCC (Lynch Syndrome, a rare and
hereditary form of colon cancer) and spinal muscular atrophy (SMA),
a devastating muscle wasting disease, and expect to announce a
number of milestones with these tests throughout 2017.
Facioscapulohumeral dystrophy (FSHD)FSHD testing
continued apace and demonstrated growth in the U.S. as a result of
Quest Diagnostics’ strong position in FSHD testing. The Company has
stepped up its outreach efforts to FSHD Centers of Excellence in
Europe to better showcase the significant advantages of using DNA
combing to diagnose this rare disease.
Human papilloma virus (HPV)The Company is conducting two
studies to validate its test for the diagnosis of cervical cancer
caused HPV in France and the Czech Republic respectively. Together,
the studies will enroll approximately 2,200 patients. An interim
readout is expected in mid-2017. While originally more than 3,000
patients were to be enrolled, the test was optimized in 2016 to
allow for a study protocol with equal statistical power with lower
enrollment.
Governance
Supervisory BoardIn 2016, the Shareholders’ Meeting
appointed two new independent Board members, Mrs. Beth Jacobs, and
Mrs. Isabelle Racamier, both with solid track records in banking
and the pharmaceutical industry, respectively.
Management boardOn December 13, 2016, the Supervisory
Board appointed Stephane Altaba, VP of Corporate Development, to
the Management Board of the Company.
Erwan Martin, the Company’s CFO, is leaving the Company to
pursue other opportunities. The Company has appointed Frederic
Tarbouriech as his successor.
Frédéric joins the Company from Labco/Synlab, the European
leader in clinical diagnostics, where he was Group Consolidation,
Internal Control & Accounting director since 2010. In this
capacity, he established a robust reporting process, supported
Labco’s strong growth, and was closely involved in a number of
strategic projects, notably the Labco IPO project, and high yield
bond issuances. Frédéric started his career as a financial auditor
and transaction services advisor. He was at Arthur Andersen and
Ernst & Young for 11 years. He earned an MBA from Essec
Business School.
Financial calendar 2017 (all dates tentative)
- Revenue Q1 Tuesday May 9, 2017
- AGM Tuesday June 20, 2017
- Results H1 Tuesday July 25, 2017
- Revenue Q3 Tuesday October 24,
2017
Preliminary calendar financial conferences
- 10th Annual European Life Sciences CEO
Forum, Zurich March 6-7, 2017
- Conférence Portzamparc Midcaps, Paris
March 21-22, 2017
- BioEquity, Paris May 22-23, 2017
ABOUT GENOMIC VISIONGenomic Vision (Euronext: GV)
leverages its proprietary DNA molecular combing platform in the
life sciences research and IVD markets. DNA combing is an extremely
powerful tool for the direct visualization of individual DNA
molecules at a very high resolution to uncover quantitative and
qualitative genome variations that are telltale signs of cancer and
other severe diseases. The Company’s IVD portfolio includes a
commercial test for facioscapulohumeral dystrophy (FSHD), as well
as others in development for breast and colon cancer, spinal
muscular atrophy (SMA) and human papilloma virus (HPV). In the life
sciences research market, the Company deploys its FiberVision®
platform, supporting academia, and the pharma, biotech, and crop
sciences industries in their drug discovery and development
efforts. For further information, please visit
www.genomicvision.com
Member of CAC® Mid & Small and CAC®
All-Tradable indexes
FORWARD LOOKING STATEMENTThis 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 of the annual financial report dated April
29, 2016, 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.
1 Audited accounts, reviewed by the Supervisory board on March
1st, 2017 .
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version on businesswire.com: http://www.businesswire.com/news/home/20170301006140/en/
Genomic VisionAaron BensimonCo-founder, Chairman &
CEOTel.: +33 1 49 08 07
50investisseurs@genomicvision.comorCapricorn OneMedia
& IRHans HerklotsTel.: +41 79 598
7149capricorn1@bluewin.chorNewCapInvestor Relations /
Strategic CommunicationsDušan Orešanský / Emmanuel HuynhTel.: +33 1
44 71 94 92gv@newcap.euorLHAU.S. Investor RelationsAnne
Marie Fields212-838-3777afields@lhai.com
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