Brief: Paion 9-month net loss narrows to 16.06 million euros

PAION AG

09/11/2016 06:30

Nov 9 (Reuters) - Paion AG  PA8G.DE : 
    * Net loss for first nine months of 2016 amounted to 16.061 
million euros compared to a net loss of 20.391 million euros in 
prior-year period 
    * Cash and cash equivalents amounted to 35.906 million euros 
as of 30 September 2016, an increase of 3.226 million euros 
compared to 31 December 2015 
    * Confirms its outlook for current fiscal year announced on 
10 August 2016 
    * Expects revenues of approximately 4 million euros in 2016 
resulting primarily from upfront payment of 10 million euros 
received from Cosmo in July 2016 
    * Remaining approximately 6 million euros of upfront payment 
are expected to be recognized as revenues in 2017 
    * Financial outlook assumes that no further license 
agreements are entered into during 2016 
    * FY net loss is expected to be between 21.5 million and 24 
million euros, a decrease compared to previous year (2015: 28.2 
million euros) 
 
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