Brief: Genfit To Reduce Cash Burn By More Than 50% By 2022, With 40% Workforce Reduction

Genfit SA

01/10/2020 07:48

Oct 1 (Reuters) - GENFIT SA  GNFT.PA :
    * ANNOUNCED ON WEDNESDAY H1 2020 FINANCIAL REPORT AND NEW
CORPORATE STRATEGY 
    * CASH AND CASH EQUIVALENTS EUR 225.7 MLN AT JUNE 30, 2020
VS EUR
276.7 MLN AT DECEMBER 31, 2019
    * H1 OPERATING LOSS EUR 49.2 MLN VS LOSS EUR 45.9 MLN YR AGO
    * H1 NET LOSS EUR 53.0 MLN VS LOSS OF EUR 51.1 MLN YR AGO
    * H1 REVENUE EUR 122,000 VS EUR 1,000 YR AGO 
    * NEW CORPORATE STRATEGY FOCUSED ON TWO PRIORITY AREAS:
DEVELOPMENT OF ELAFIBRANOR IN PRIMARY BILIARY CHOLANGITIS (PBC):
ONGOING ENROLMENT FOR PHASE 3 CLINICAL TRIAL ELATIVE
    * NEW CORPORATE STRATEGY FOCUSED ON TWO PRIORITY AREAS:
COMMERCIALISATION OF NIS4 FOR NASH DIAGNOSIS: EXCLUSIVE
LICENSING AGREEMENT WITH LABCORP
    * PLAN TO CREATE TWO DISTINCT OPERATIONAL SUBSIDIARIES BY
2021
    * CREATION OF SUBSIDIARIES: FIRST ENTITY WOULD BE DEDICATED
TO
DEVELOPMENT OF SPECIALTY INDICATIONS, STARTING WITH PHASE 3
TRIAL IN PBC
    * CREATION OF SUBSIDIARIES: SECOND ENTITY WOULD HOUSE NASH
SOLUTIONS, INCLUDING ALL PROGRAMMES RELATED TO IDENTIFICATION,
EVALUATION AND MONITORING OF PATIENTS WITH NASH
    * OBJECTIVE OF CASH BURN REDUCTION BY MORE THAN 50% BY 2022
    * PLAN TO REALLOCATE AND RATIONALISE ALL CAPITAL 
    * AIMS TO REDUCE CURRENT CASH BURN RATE FROM EUR 110M
ANNUALLY
BEFORE PHASE 3 DATA TO AROUND EUR 45MM ANNUALLY, BEGINNING IN
2022
    * COMPREHENSIVE COST-SAVING PLAN AND RESTRUCTURING PLAN,
WITH 40%
WORKFORCE REDUCTION IN GROUP
    * PHASE 3 CLINICAL TRIAL ELATIVE EVALUATING ELAFIBRANOR IN
PBC:
PATIENT ENROLMENT STARTED, RESULTS EXPECTED EARLY 2023
    * NIS4TM TECHNOLOGY FOR (NASH) DIAGNOSIS: EXCLUSIVE
LICENSING
AGREEMENT WITH LABCORP FOR NIS4 TM TECHNOLOGY WILL ENABLE A
LARGE-SCALE COMMERCIAL LAUNCH AS OF NEXT YEAR
    * PHARMACOKINETIC AND DRUG INTERACTION STUDIES HAVE RESUMED;
BIOEQUIVALENCE STUDY HAS RESTARTED; FOOD INTERACTION STUDY WILL
START IN 2021

    
 Source text: https://bit.ly/33hrrx0
 Further company coverage:  GNFT.PA  
   


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