ADOCIA Announces 2021 Fourth Quarter Financial Results
February 23 2022 - 12:00PM
Business Wire
Regulatory News:
Adocia (Euronext Paris: FR0011184241 – ADOC)
(Paris:ADOC), a clinical-stage biopharmaceutical company
specialized in the development of innovative formulations of
proteins and peptides for the treatment of diabetes and other
metabolic diseases announced today its fourth quarter financial
results.
Fourth quarter 2021 financial
results
The main financial figures for the quarter are as follows:
Detail of the revenue for the
fourth quarter of 2021
In thousands of euros, IFRS
standards (unaudited)
12/31/2021 (3 months)
12/31/2020 (3 months)
12/31/2021 (12 months)
12/31/2020 (12 months)
Licensing revenues
128
159
461
841
Research and collaboration
agreements
384
983
Revenue
513
159
1 444
841
- The Company’s revenue primarily stems from the licensing and
collaboration agreements entered into with Tonghua Dongbao (THDB)
for the development, manufacturing and commercialization of
BioChaperone® Lispro and BioChaperone® Combo in China and other
territories in Asia.
- The revenue recorded for the year 2021 (EUR 1.4 million)
reflects the progress of research and development services provided
by Adocia in connection with the transfer and development of
products as contracted in 2018. Upon partner's request, additional
services were provided by Adocia's teams in particular on the
BioChaperone® Combo project, for an amount of nearly 1 million
euros.
Net Cash Position
The Company had a cash position of EUR 15.2 million as of
December 31, 2021, compared to EUR 28.1 million as of December 31,
2020. Cash consumption for the year 2021 amounts to EUR 19.9
million and stands below last year's level (EUR 22.5 million), on a
comparable basis (excluding financing operations).
Net financial liabilities (excluding derivative debts impacts)
amounted to EUR 33.3 million as of December 31, 2021, compared with
EUR 27.3 million as of December 31, 2020. The EUR 6 million
increase is mainly due to the convertible issuance carried out in
October 2021, which resulted in a net cash inflow of EUR 6 million.
A portion of the bonds was converted at the end of December, the
balance being recorded as debt under IFRS 9 and IAS 32.
Additional information
This press release contains only the key financial elements of
the company, i.e. cash, debt and revenue. Comments, significant
events and project progress will be detailed in the press release
scheduled for April 19, 2022.
About Adocia
Adocia is a clinical-stage biotechnology company that
specializes in the development of innovative formulations of
therapeutic peptides and proteins for the treatment of diabetes and
metabolic diseases. In the diabetes field, Adocia’s portfolio of
injectable treatments is among the largest and most differentiated
of the industry, featuring six clinical-stage products and several
pre-clinical products.
Adocia’s clinical pipeline includes five novel insulin
formulations for the treatment of diabetes: two ultra-rapid
formulations of insulin analog lispro (BioChaperone® Lispro U100
and U200), a combination of basal insulin glargine and rapid acting
insulin lispro (BioChaperone® Combo) and two combinations of a
prandial insulin with amylin analog pramlintide (M1Pram and
BioChaperone® LisPram). The clinical pipeline also includes an
aqueous formulation of human glucagon (BioChaperone® Glucagon) for
the treatment of hypoglycemia.
Adocia’s preclinical pipeline includes bi-hormonal combinations
for diabetes treatment: a combination of aspart rapid acting
insulin analog and pramlintide (BioChaperone® AsPram), a
combination of insulin glargine with GLP-1 receptor agonist
(BioChaperone® Glargine Liraglutide). In addition, there are three
multi-hormonal products for the treatment of obesity: a combination
of glucagon and exenatide (BioChaperone® GluExe), a combination of
pramlintide and exenatide (PramExe) and a triple combination of
pramlintide glucagon exenatide (BioChaperone® PramGluExe).
Adocia's portfolio is based on three technology platforms: 1)
The BioChaperone® platform is designed to enhance the effectiveness
and/or safety of therapeutic proteins while making them easier for
patients to use; 2) A platform designed to improve cell therapy
techniques using a hydrogel matrix; 3) A platform for the oral
delivery of peptides.
Disclaimer
This press release contains certain forward-looking statements
concerning Adocia and its business. Such forward-looking statements
are based on assumptions that Adocia considers as being reasonable.
However, there can be no guarantee that the estimates contained in
such forward-looking statements will be achieved, as such estimates
are subject to numerous risks including those which are set forth
in the “Risk Factors” section of the universal registration
document that was filed with the French Autorité des marchés
financiers on April 20, 2021 (a copy of which is available at
www.adocia.com), in particular uncertainties that are linked to
research and development, future clinical data, analyses, and the
evolution of the economic context, the financial markets and the
markets in which Adocia operates.
The forward-looking statements contained in this press release
are also subject to risks not yet known to Adocia or not considered
as material by Adocia as of this day. The occurrence of all or part
of such risks could cause that actual results, financial
conditions, performances, or achievements of Adocia be materially
different from those mentioned in the forward-looking
statements.
This press release and the information contained herein do not
constitute an offer to sell or the solicitation of an offer to buy
Adocia’s shares in any jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20220223005940/en/
Adocia Gérard Soula CEO contactinvestisseurs@adocia.com
Ph: +33 4 72 610 610 www.adocia.com
MC Services AG Adocia Press Relations Europe Raimund Gabriel,
Shaun Brown, Andreas Jungfer adocia@mc-services.eu Ph: +49 89
210 228 0
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