DBV Technologies : Reports First Half 2018 Financial Results
September 07 2018 - 1:30AM
Montrouge, France, September 7, 2018 |
DBV Technologies
Reports First Half 2018 Financial Results
DBV Technologies (Euronext: DBV -
ISIN: FR0010417345 - Nasdaq Stock Market: DBVT), a clinical-stage
biopharmaceutical company, today reported first half 2018 financial
results. The interim financial report is available on the Investor
Relations section of the Company's website,
https://www.dbv-technologies.com/investor-relations/. First half
2018 financial statements were subject to a limited review by the
Company's external auditors.
Cash
Position: cash and cash equivalents as of June 30, 2018,
were €202.2 million, compared to €137.9 million as of December 31,
2017, an increase of €64.4 million. The increase in the cash
position is attributable to the increase in the net cash from
financing activities pursuant to the Company's March 2018 public
offering.
Operating
Income: operating income was €7.3 million for the first half
2018 compared to €7.6 million for the prior-year period. In the
first half 2018, as well as in the first half 2017, income was
primarily generated from the Company's Research Tax Credit (Crédit
Impôt Recherche) and by income recognized under the collaboration
agreement with Nestlé Health Science.
Research &
Development Expenses: research and development expenses
decreased by €2.6 million, or 4.9%, to €49.9 million in
the first half 2018, compared to €52.5 million in the
first half 2017, reflecting the decrease in expenses following the
completion of the Phase III and Phase II clinical trials of Viaskin
Peanut and Viaskin Milk, respectively, as well as a decrease in
manufacturing expenses due to the completion of a new manufacturing
machine in the first half 2017. During the first half 2018, the
Company continued to increase its R&D activity for both
pre-clinical research and clinical development, as well as
reinforcing the teams dedicated to R&D.
Sales &
Marketing Expenses: sales and marketing expenses were €9.7
million for the first half 2018 compared to €8.5
million for the first half 2017, reflecting an increase of
€1.2 million, or 14.1%, compared to the prior-year period. The
increase in sales and marketing expenses resulted from an increase
in expenses related to the potential commercialization of Viaskin
Peanut in North America, if approved, as well as an increase in
share-based compensation.
General &
Administrative Expenses: general and administrative expenses
were €21.1 million for the first half 2018, compared
to €17.7 million for the first half 2017. The increase in
general and administrative expenses was primarily attributable to
an increase in personnel-related expenses as a result of increased
global employee headcount and increased costs associated with legal
and professional services, partially offset by decreases in
share-based compensation.
Net Loss: net
loss was €(72.1) million for the first half 2018,
compared to €(72.5) million for the first half 2017. Loss
per share (based on the weighted average number of shares
outstanding over the period) was €(2.60) and €(2.94) in first half
2018 and 2017, 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 Investor
Relations Contact
Sara Blum Sherman
Senior Director, Investor Relations & Strategy
+1 212-271-0740
sara.sherman@dbv-technologies.com
DBV Media
Contact
Raul Damas
Partner, Brunswick Group
+1-212-333-3810
DBV@brunswickgroup.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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