Brief: Poxel Says Metavant Decided Not To Advance Imeglimin Into Phase 3 Program

Poxel SA

20/11/2020 07:13

Nov 20 (Reuters) - POXEL SA  POXEL.PA :
    * POXEL PROVIDES UPDATE ON METAVANT PARTNERSHIP WITH
IMEGLIMIN
    * FOR STRATEGIC REASONS, METAVANT HAS DECIDED NOT TO ADVANCE
IMEGLIMIN INTO A PHASE 3 PROGRAM
    * METAVANT WILL ACTIVELY EXPLORE OPTIONS FOR A POTENTIAL
OUT-LICENSING OF IMEGLIMIN RIGHTS FOR A PERIOD OF 60 DAYS
    * METAVANT INTENDS TO RETURN IMEGLIMIN RIGHTS TO POXEL IF
THEY ARE
UNABLE TO REACH AN AGREEMENT ON MATERIAL TERMS WITHIN THIS
PERIOD
    * NO IMPACT ON SUMITOMO DAINIPPON PHARMA PARTNERSHIP
    * FOLLOWING SUCCESSFUL COMPLETION OF PHASE 3 PROGRAM, A NEW
DRUG
APPLICATION FOR IMEGLIMIN IN JAPAN (J-NDA) IS CURRENTLY
ADVANCING THROUGH REGULATORY REVIEW WITH A TARGET PRODUCT LAUNCH
ANTICIPATED IN FISCAL YEAR 2021
    * METAVANT WILL NOT BE ENTITLED TO ANY PAYMENT FROM POXEL IN
EVENT
THAT RIGHTS TO IMEGLIMIN ARE RETURNED TO POXEL
    * ANTICIPATES NO IMPACT TO ITS PROJECTED CASH RUNWAY AND
THAT ITS
CASH AND CASH EQUIVALENTS WILL CONTINUE TO BE SUFFICIENT TO FUND
OPERATIONS THROUGH 2022 BASED ON ITS CURRENT BUSINESS PLAN
    * AS OF SEPTEMBER 30, 2020, POXEL HAD CASH AND CASH
EQUIVALENTS OF
EUR 41.5 MILLION (USD 48.6 MILLION)

Source text for Eikon:  ID:nBwbrq2Xza 
Further company coverage:  POXEL.PA 

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