Brief: Gensight Biologics End-Dec Cash And Cash Equivalents At 19.2 Million Euros

Gensight Biologics SA

21/01/2020 08:11

Jan 21 (Reuters) - GENSIGHT BIOLOGICS SA  SIGHT.PA :
    * GENSIGHT BIOLOGICS REPORTS ITS CASH POSITION AS OF
DECEMBER 31,
2019 AND PROVIDES OPERATIONAL UPDATE
    * CASH AND CASH EQUIVALENTS TOTALED EUR 19.2 MILLION AS OF
DECEMBER 31, 2019, COMPARED TO EUR 5.1 MILLION AS OF SEPTEMBER
30, 2019
    * CASH BURN IN LAST QUARTER OF 2019 PRINCIPALLY REFLECTS
FINAL
STEPS OF PHARMACEUTICAL DEVELOPMENT FOR LUMEVOQ™ (GS010) IN
PREPARATION FOR MARKETING AUTHORIZATION FILING IN EUROPE
    * COMPANY CONSIDERS HAVING SUFFICIENT NET WORKING CAPITAL TO
MEET
OBLIGATIONS UNTIL END OF NOVEMBER 2020
    * AS OF DATE OF THIS PRESS RELEASE, LACK OF FINANCIAL
RESOURCES TO
FUND ALL OF COMPANY'S ACTIVITIES IN 2020 REMAINS ESTIMATED AT
EUR 1.3 MILLION
    * IN ORDER TO MEET OBLIGATIONS AS OF DEC. 2020, AND SUBJECT
TO
REALIZATION OF QUALIFYING FINANCING OF EUR 10 MILLION, COMPANY
WILL BE ABLE TO RECEIVE SECOND TRANCHE OF EUR 4.0 MILLION FROM
BOND ISSUANCE WITH KREOS CAPITAL
    * COMPANY WILL ALSO EXPLORE OTHER FINANCING OPTIONS THROUGH
DEBT
OR EQUITY IN ORDER TO COMPLETE ITS WORKING CAPITAL NEEDS AND TO
FINANCE ITS OPERATING EXPENSES
    * IN THIS RESPECT, THIRD OPTIONAL TRANCHE OF EUR 2 MILLION
COULD
BE MADE AVAILABLE TO COMPANY BY KREOS CAPITAL AT A LATER DATE

Source text for Eikon:  ID:nBw6DTfGxa 
Further company coverage:  SIGHT.PA 

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