Brief: Sequana Medical End-H1 Positive Net Cash Position Of EUR 11.48 Mln

Sequana Medical NV

03/09/2020 06:21

Sept 3 (Reuters) - Sequana Medical NV  SEQUA.BR :
    * SINCE START OF THIS YEAR, WE HAVE SUCCESSFULLY SECURED ADDITIONAL FUNDING THAT EXTENDS OUR
CASH
RUNWAY INTO H2 2021
    * TOTAL LIQUIDITY POSITION OF EUR 14.9 MLN AT END OF JUNE 2020 COMPARED TO EUR 5.6 MLN AT
END OF
2019
    * H1 REVENUE (EUR 0.59 MLN) INCREASED +44% COMPARED TO SAME PERIOD LAST YEAR (EUR 0.41 MLN)
AS A
RESULT OF GROWTH IN GERMANY AND FRANCE
    * H1 EBIT EVOLVED FROM A LOSS OF EUR 6.84 MLN IN 2019 TO A LOSS OF EUR 8.93 MLN IN 2020
    * COMPANY EXPECTS TO REPORT INTERIM RESULTS FROM RED DESERT STUDY IN Q4 2020 AND TOP-LINE
RESULTS
IN H1 2021
    * COMPANY EXPECTS TO COMPLETE ENROLMENT IN THE POSEIDON STUDY IN Q1 2021 AND REPORT INTERIM
RESULTS IN H1 2021 WITH PRIMARY ENDPOINT READ-OUT IN Q1 2022
    * COMPANY ENDED THE PERIOD WITH A TOTAL LIQUIDITY POSITION OF €14.89 MILLION (2019: €12.88
MILLION)
    * H1 NET FINANCE COST (EUR 0.46 MLN) REMAINED AT A SIMILAR LEVEL TO SAME PERIOD LAST YEAR
(EUR
0.52 MLN) AND CONSISTS MAINLY OF INTEREST EXPENSES RELATED TO BOOTSTRAP LOAN
    * H1 NET LOSS INCREASED FROM EUR 7.30 MLN IN HY 2019 TO EUR 9.55 MLN IN HY 2020
    * NET DEBT AT 30 JUNE 2020 IMPROVED BY EUR 9.12 MLN, RESULTING IN A POSITIVE NET CASH
POSITION OF
EUR 11.48 MLN COMPARED TO EUR 2.36 MLN AT 31 DECEMBER 2019, MAINLY AS A RESULT OF PROCEEDS FROM
JANUARY 2020 EQUITY PLACEMENT

Source text for Eikon:  ID:nGNX3fpSD4 
Further company coverage:  SEQUA.BR 

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