Brief: Paion FY net loss shrinks to 20.1 million euros

PAION AG

16/03/2017 06:30

March 16 (Reuters) - Paion AG  PA8G.DE : 
    * Cash position of 30.1 million euros ($32.32 million) as of Dec. 31, 2016 
    * FY revenues amounted to 4.3 million euros in reporting period, an increase of 4.2 million 
euros compared to previous year 
    * FY research and development costs amounted to 23.4 million euros, a decrease of 6.0 
million euros compared to prior year 
    * Net loss of 20.1 million euros was below range of 24.5 million euros to 27.5 million euros 
projected for fiscal year 2016 (2015: 28.2 million euros) 
    * Positive remimazolam data in pivotal U.S. Phase III study for procedural sedation during 
colonoscopy 
    * To conduct a phase III program in EU, paion currently expects funding needs of 
approximately 20 million to 25 million euros up until filing, subject to further discussions 
with regulatory authorities 
    * In 2017, Paion expects revenues of approximately 5.8 million euros 
    * Expects research and development expenses to be between approximately 18 million and 20 
million euros for 2017, depending on progress of development 
 
Source text for Eikon:  ID:nEQ2GLx6T  
Further company coverage:  PA8G.DE  
 
($1 = 0.9313 euros) 
 
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