Brief: Poxel FY Net Result Turns To Loss Of 25.8 Million Euros

Poxel SA

26/03/2020 17:10

March 26 (Reuters) - Poxel SA  POXEL.PA :
    * POXEL REPORTS FINANCIAL RESULTS FOR FULL YEAR 2019 AND
PROVIDES
CORPORATE UPDATE
    * SUCCESSFUL COMPLETION OF IMEGLIMIN PHASE 3 TIMES PROGRAM
IN
JAPAN FOR TREATMENT OF TYPE 2 DIABETES IN OVER 1,100 PATIENTS
    * COMPANY IS PROACTIVELY MONITORING AND MANAGING POTENTIAL
IMPACTS
CAUSED BY CORONAVIRUS (COVID-19) PANDEMIC
    * SECURED BOND LOAN FINANCING FOR UP TO EUR 30 MILLION WITH
IPF
PARTNERS
    * AS OF DECEMBER 31, 2019, TOTAL CASH AND CASH EQUIVALENTS
WERE
EUR 37.2 MILLION (USD 41.8 MILLION), AS COMPARED TO EUR 66.7
MILLION (USD 76.4 MILLION) AS OF DECEMBER 31, 2018
    * SUCCESSFUL COMPLETION OF IMEGLIMIN METAVANT TRIAL IN TYPE
2
DIABETES PATIENTS WITH CHRONIC KIDNEY DISEASE (CKD) STAGES 3B/4;
ONGOING DISCUSSIONS WITH U.S. FOOD AND DRUG ADMINISTRATION (FDA)
FOR PHASE 3 PROGRAM CONTINUE
    * SUCCESSFUL COMPLETION OF PXL065 PHASE 1A/1B TRIALS WITH A
SINGLE, COMPREHENSIVE PHASE 2 STUDY FOR TREATMENT OF NASH
EXPECTED TO INITIATE IN Q2 2020
    * ADVANCED PXL770 IN A PHASE 2A STUDY AND SEPARATE
PHARMACOKINETIC
(PK)/PHARMACODYNAMIC (PD) TRIAL FOR TREATMENT OF NASH; PATIENT
ENROLLMENT FOR BOTH TRIALS COMPLETED IN Q1 2020
    * JAPANESE NEW DRUG APPLICATION (JNDA) SUBMISSION ON TRACK
AND
EXPECTED IN Q3 2020 WITH TARGET LAUNCH ANTICIPATED IN 2021
    * SECURED BOND LOAN FINANCING FOR UP TO EUR 30 MILLION WITH
IPF
PARTNERS; CONTINGENT ON ACHIEVING IMEGLIMIN-RELATED MILESTONES
AND INCLUDING DEBT COVENANTS
    * COMPANY IS PROACTIVELY MONITORING AND MANAGING POTENTIAL
IMPACTS
CAUSED BY CORONAVIRUS (COVID-19) PANDEMIC
    * NET RESULT FOR FINANCIAL PERIOD ENDING DEC 31, 2019 WAS
NET LOSS
OF EUR 25.8 MILLION, VERSUS ADJUSTED NET INCOME OF EUR 1.3
MILLION IN 2018
    * AS OF THIS DATE COMPANY HAS NOT IDENTIFIED OCCURRENCE OF
MATERIAL NEGATIVE EFFECT ON BUSINESS DUE TO COVID-19 PANDEMIC
    * END-DEC OPERATING LOSS FROM CONDENSED INCOME STATEMENT EUR
24.7
MILLION VERSUS PROFIT OF EUR 0.3 MILLION YEAR AGO

Source text for Eikon:  ID:nBw5h7vYya 
Further company coverage:  POXEL.PA 

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