DBV Technologies Reports First Half 2017 Financial Results
July 28 2017 - 1:30AM
Press Release
Montrouge, France, July 28, 2017 |
DBV Technologies Reports First Half
2017 Financial Results
DBV Technologies (Euronext: DBV -
ISIN: FR0010417345 - Nasdaq Stock Market: DBVT) today reported
first half 2017 financial results. The interim financial report is
available on the Investor Relations section of the Company's
website, http://www.dbv-technologies.com/en/investor-relations.
First half 2017 financial statements were subject to a limited
review by the Company's external auditors.
First Half 2017
Financial Results
Cash
Position: cash and cash equivalents as of June 30,
2017, were €198.7 million, compared to €256.5
million as of December 31, 2016, a decrease of €57.8
million.
Operating
Income: operating income was €7.6 million for the first half
2017 compared to €4.8 million for the prior-year period, an
increase of 60%. In the first half 2017, income was primarily
generated by the Company's Research Tax Credit (Crédit Impôt Recherche) and by income recognized under
the May 2016 collaboration agreement with Nestlé Health
Science.
Research &
Development Expenses: research and development expenses
increased by €19.6 million, or 60%, to €52.5 million in
the first half 2017, compared to €32.9 million in the
first half 2016, reflecting costs associated with the ongoing Phase
III and Phase II clinical trials of Viaskin Peanut and Viaskin
Milk, respectively, as well as a substantial increase in the number
of research and development personnel employed by the Company.
Sales &
Marketing Expenses: sales and marketing expenses were €8.5
million for the first half 2017 compared to €5.5
million for the first half 2016, reflecting an increase of
€3.0 million, or 56%, compared to the prior-year period. The
increase in sales and marketing expenses resulted from an increase
in U.S. employee headcount and expenses related to the potential
launch and commercialization of Viaskin Peanut in North
America.
General &
Administrative Expenses: general and administrative expenses
increased by €1.9 million, or 12%, to €17.7 million for the
first half 2017, compared to €15.8 million for the first
half 2016. The increase in general and administrative expenses was
primarily attributable to an increase in global employee headcount,
costs associated with legal and professional services,
NASDAQ-listing expenses, as well as compensation and other
personnel expenses. This increase was partially offset by a
decrease in insurance expenses following the termination of the
12-month Public Offering of Security Insurance (POSI) policy
related to the Company's July 2015 follow-on offering.
Net Loss: net
loss was €72.5 million for the first half 2017, compared
to €49.4 million for the first half 2016. Loss per share
(based on the weighted average number of shares outstanding over
the period) was €(2.94) and €(2.03) for the first half 2017 and
2016, respectively.
About DBV
Technologies
DBV Technologies is developing Viaskin®, a proprietary technology
platform with broad potential applications in immunotherapy.
Viaskin is based on epicutaneous immunotherapy, or EPIT®, DBV's
method of delivering biologically active compounds to the immune
system through intact skin. With this new class of
self-administered and non-invasive product candidates, the company
is dedicated to safely transforming the care of food allergic
patients, for whom there are no approved treatments. DBV's food
allergies programs include ongoing clinical trials of Viaskin
Peanut and Viaskin Milk, and preclinical development of Viaskin
Egg. DBV is also pursuing a human proof-of-concept clinical study
of Viaskin Milk for the treatment of Eosinophilic Esophagitis, and
exploring potential applications of its platform in vaccines and
other immune diseases.
DBV Technologies has global headquarters in Montrouge, France and
New York, NY. Company shares are traded on segment A of Euronext
Paris (Ticker: DBV, ISIN code: FR0010417345), part of the SBF120
index, and traded on the Nasdaq Global Select Market in the form of
American Depositary Shares (each representing one-half of one
ordinary share) (Ticker: DBVT). For more information on DBV
Technologies, please visit our website:
www.dbv-technologies.com
DBV Technologies
Contact
Sara Blum Sherman
Director, Investor Relations
+1 212-271-0740
sara.sherman@dbv-technologies.com
Media
Contact
Andrea Fassacesia, Weber Shandwick
+1 212-445-8144
afassacesia@webershandwick.com
Media Contact
Europe
Caroline Carmagnol, Alize RP, Relations
Presse
+33 (0)6 64 18 99 59
caroline@alizerp.com
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This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: DBV Technologies via Globenewswire
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