Brief: Adocia Is In Discussions With Its Lenders To Restructure Its Debt

Adocia SA

15/03/2023 17:00

March 15 (Reuters) - Adocia SA  ADOC.PA :
    * FY REVENUE EUR 11.4 MILLION VERSUS EUR 1.4 MILLION YEAR
AGO
    * FY NET LOSS EUR 6.9 MILLION VERSUS LOSS EUR 22.8 MILLION
YEAR
AGO
    * END-DEC CASH POSITION OF EUR 17.4 MILLION
    * IF COMPANY FAILS TO STRENGTHEN CASH POSITION, ITS CASH
FLOW
HORIZON WOULD BE CUT TO END MAY 2023
    * CEO SAYS COMPANY IN DISCUSSIONS WITH INVESTORS WHO MAY
WISH TO
BUY A PORTION OF FUTURE REVENUES GENERATED BY  BIOCHAPERONE®
LISPRO PRODUCT
    * CASH POSITION OF EUR 17 MILLION ALLOWS THE COMPANY TO
FINANCE
ITS ACTIVITIES UNTIL SEPTEMBER 2023, BUT DOES NOT ALLOW IT TO
MEET FINANCIAL COMMITMENTS TO ITS LENDERS BEYOND MARCH 2023
    * END-DEC NET FINANCIAL DEBT (EXCLUDING IFRS 16 IMPACTS AND
DERIVATIVES) EUR 24.1 MILLION VERSUS EUR 33.3 MILLION END-DEC
2021
    * COMPANY IN DISCUSSIONS WITH ITS LENDERS TO RESTRUCTURE ITS
DEBT
TO EXTEND CASH FLOW HORIZON
    * CEO SAYS COMPANY EXPECTS $30M IN MILESTONE PAYMENTS,
FOLLOWED BY
DOUBLE-DIGIT ROYALTIES ON SALES FROM ITS PARTNER IN CHINA FOR
BIOCHAPERONE® LISPRO PRODUCT
    * CEO SAYS BIOCHAPERONE® LISPRO PRODUCT AIMS TO BE
COMMERCIALISED
IN WORLD'S LARGEST INSULIN MARKET
    * CEO SAYS BIOCHAPERONE® LISPRO PRODUCT IS NOW IN PHASE 3 IN
CHINA

Source text for Eikon: [ID: nBw6mg7FRa]
Further company coverage:  ADOC.PA 

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