- Sales of products and services up 141%
to €657 thousand
- Growth driven by strong trends in LSR
market: +179% to €590 thousand
- Cash position of €2.9 million at June
30, 2017
- A further €8.5 million available in the
form of convertible notes with warrants
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 2017 first-half financial results to June 30, 20171.
First-half 2017 results
(in € thousands – IFRS) H1 2017 H1
2016 Revenue from R&D collaboration with Quest Diagnostics
150 154 Product sales & services 657
273 Of which: life sciences research (LSR) 590
208 Of which: in-vitro diagnostics (IVD) 77 62
Total revenue from sales 817 426
Other revenue 696 847
Total revenue from
activity 1,513 1,273 Net current
operating expenses
(excluding share-based payments)
6,234 5,293
Current operating income before
share-based payments2
-4 709 -4 020 Expenses relating to
share-based payments -211 - Other operating income
and expenses -594 -
Operating loss
-5,514 -4,020 Net loss
-5,516 -3,984
1 Financial statements have been subject to limited review by
the company’s auditors and were reviewed by the Supervisory Board
on July 25, 2017.2 Current operating income before share-based
payments is defined and presented in Note 14, Segment Information,
to the interim financial statements to June 30, 2017, which will be
available online within the regulatory period.
Sales of products and services rose 141%, to €657
thousand, in the first half of 2017, including:
- €590 thousand in the LSR market (179%
higher than in the first half of 2016);
- €77 thousand from sales of FSHD testing
in France and royalties from Quest Diagnostics, which distributes
this test in the USA (24% higher than in the first half of
2016).
This strong performance is the result of sales growth of 238%,
to €540 thousand, in the second quarter of 2017. It was driven in
particular by solid trends in the LSR market (up 297% to €496
thousand), with the sale of 2 new FiberVision® combing platforms
over this period.
Total revenue from sales over the first half of 2017 grew
by 89% to €817 thousand and included €150 thousand in R&D
revenue, which equals to the pro rata temporis recognition of
license payments by Quest Diagnostics over the year (an amount
identical to that in the first half of 2016).
After taking into account other revenue of €696 thousand from
tax credits (research tax credit, innovation tax credit,
competitiveness and employment tax credit) and R&D subsidies,
total revenue from activity for the first half of 2017
equalled €1.5 million, an 18% increase on the first half of
2016.
Net current operating expenses (excluding share-based
payments) rose by 18% to €6.2 million, including the following
major items in addition to the cost of sales:
- €2.4 million in R&D expenses, down
18% within the framework of cost control and refocus on higher
added value projects. These expenses are in line with the ongoing
clinical trials of IVD products and the targeted development of new
services and tools for the LSR market.
- €1.8 million associated with sales and
marketing expenses (up 72%), reflecting the investment made in the
Genomic Vision sales teams in 2016, continuing in the first half of
2017, to cover the pharmaceuticals industry, genome editing
companies, academic and life sciences research centers and key
clinical centers in IVD.
- €1.5 million in general expenses (up
14%), mainly reflecting an increase in depreciation charges
relating to investments that came into service in 2016.
The current operating loss before share-based payments
was €4.7 million at June 30, 2017, compared with €4 million a year
earlier.
After including a total of €805 thousand in share-based payments
and other operating expenses, mainly corresponding to non-recurring
costs linked to the rationalization of specific departments and the
operating costs’ reduction initiatives, the operating loss
was €5.5 million at June 30, 2017, compared with €4 million at June
30, 2017. The net loss was €5.4 million in the first half of 2017,
compared with €4 million in the same period in 2016.
At June 30, 2017, Genomic Vision had 53 employees, compared with
62 a year earlier.
Financial structure at June 30, 2017
At June 30, 2017, Genomic Vision had cash and cash equivalents
of €2.9 million, compared with €6.9 million at December 31, 2016.
This figure, which includes €1.5 million from the drawdown of three
tranches of convertible notes with warrants over the period,
reflects a net cash burn of €5.5 million over the period, which was
slightly affected by the first payments relating to non-recurring
rationalization costs. Given the €8.5 million in additional
financing available in the form of convertible notes with warrants,
the expected reimbursement of €1.4 million in research and
innovation tax credits for 2016 and the measures taken during the
second quarter of 2017 to reduce operating expenses, with effects
to be seen in the second half of the year, Genomic Vision has the
necessary resources to continue, for the next 12 months, its
targeted expansion in the replication markets for the
pharmaceutical industry, safety control in genome editing and the
sale of molecular combing equipment and services for academic
research, while continuing to step up the marketing of its
innovative IVD diagnostic solutions.
Fréderic Tarbouriech, CFO of Genomic Vision, commented:
“The strong sales performance in the 2nd quarter of 2017 reflects
the good reception of our products by the research market, and the
continued investment in our sales teams is now producing
encouraging initial results. In order to maintain our momentum in
the LSR and IVD markets, we have taken measures to reduce our
operating expenses and focus our financial resources on specific
value creating projects in these segments, key to our future
growth.”
First-half 2017 highlights
Life Sciences Research
Market
Technological cooperation with AstraZeneca
Genomic Vision has signed a technological cooperation agreement
with AstraZeneca as part of its research into new cancer
treatments. Genomic Vision’s FiberVision® molecular combing
platform will be used to evaluate the role of WEE1 tyrosine kinase
inhibitors on cancer cells and study the repair of damage to
DNA.
Distribution agreement with APG Bio Ltd of China
The company has reached a commercial agreement with APG Bio Ltd,
a leader in the field of genomics in Asia, which will distribute
Genomic Vision’s solutions and services to research laboratories in
China, Hong Kong and Macao.
Launch of “GV Store” e-commerce platform
At the end of the 1st half of 2017, Genomic Vision launched its
GV Store e-commerce platform, to enable international clients to
order and pay online for products, notably consumables, and
research services. Given that Genomic Vision generates 90% of
its sales in international markets, this platform represents a
particularly effective support to the Sales and Marketing teams and
will facilitate the deployment of molecular combing in the research
laboratory market segment, whilst optimizing administrative
processing.
IVD Portfolio
On May 10, 2017, Genomic Vision organized a first R&D Day
focused on IVD, attended by its longstanding industrial partner,
Quest Diagnostics, and a panel of academic partners to review its
latest developments in in-vitro diagnostics (a video of the event
is available on the company’s website:
http://www.genomicvision.com/company/about-us/news-events/rd-day).
Human papilloma virus (HPV)
Genomic Vision has presented the initial results of its clinical
trial with its cervical cancer screening test (HPV test), conducted
on 600 patients in the Czech Republic. Interim analysis of 126
patients has demonstrated that the inclusion of 14 high-risk
strains of HPV (HPV-HR) detected by molecular combing may offer a
relevant indicator on the progress of pre-cancerous lesions and
their degree of severity. Full results are expected towards the end
of 2017, with those from the IDAHO trial, conducted concurrently in
France, due within the next 18 months.
Ovarian and breast cancer (BRCA)
The BRCA 1000 study, conducted by Genomic Vision on the basis of
DNA samples supplied by Quest Diagnostics, is ongoing. Results,
expected in 2018, will shape Quest Diagnostics’ strategic decisions
regarding this test, in a market context where the analysis of
susceptibility to hereditary breast cancers is no longer based
solely on the BRCA1 and BRCA2 genes but on a panel of more than 30
genes.
Spinal muscular atrophy (SMA)
Quest Diagnostics and Genomic Vision are continuing their
analysis to identify new biomarkers that will allow the detection
of healthy carriers of this devastating form of muscular atrophy.
The first results of this study should be available before the end
of 2017.
Recent events
Adoption of molecular combing by the Cologne Center for
Genomics (CCG)
After several months of testing of the FiberVision® platform,
CCG, a European center of excellence in genetic research based in
Cologne (Germany), has decided to adopt molecular combing. The
department, headed by Professor Nürnberg, will use this technology
to identify new biomarkers in complex genetic disorders. The
Cologne team is particularly interested in Factor H mutations with
a view to assessing the risk associated with transplanting a kidney
to patients suffering from Hemolytic Uremic Syndrome.
Aaron Bensimon, Genomic Vision’s co-founder and Chairman,
added: “Efforts to increase revenue generation were stepped up
over the first half, as reflected in the launch of our online site
and our distribution agreement for the Chinese market. This should
result in the sale of platforms and further cooperation agreements
over the rest of this year. Over the first half we have entered the
pharmaceutical market, with an initial technological collaboration
with AstraZeneca in oncology. This represents a real recognition
for molecular combing, which has also been adopted by the Cologne
Center for Genetics. These types of agreements help build the
reputation of our technology as a robust tool for DNA analysis,
with multiple and highly promising applications in both structural
and functional genomics, for leaders of the pharmaceutical
industry, biotechnology companies and fundamental research
institutions.”
Next publication:
- Revenue 3rd quarter 2017: Tuesday
October 24, 2017
***
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 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 60 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
Member of CAC® Mid & Small and CAC®
All-Tradable indexes
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170725006256/en/
Genomic VisionAaron Bensimon, +33 1 49 08 07
50Co-founder, Chairman &
CEOinvestisseurs@genomicvision.comorMilestonesPress
RelationsBruno Arabian, +33 1 83 62 34
84barabian@milestones.frorNewCapInvestor RelationsDušan
Orešanský / Emmanuel Huynh, +33 1 44 71 94 92gv@newcap.eu
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