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Poxel Announces First Quarter 2018 Financial UpdatePOXEL SA (Euronext - POXEL - FR0012432516), a biopharmaceutical company focused on the development of innovative treatments for metabolic disorders, including type 2 diabetes and non-alcoholic steatohepatitis (NASH), today announced its cash position and revenue for the first quarter of 2018. As of March 31, 2018, cash and cash equivalents were EUR 91.6 million (USD 112.8 million). For the first quarter ending March 31, 2018, Poxel reported revenues of EUR 18.3 million. The revenue reflects a portion of the EUR 36 million upfront payment received from Sumitomo Dainippon Pharma relating to the strategic corporate partnership announced on October 30, 2017, and the USD 35 million (EUR 28 million) upfront payment associated with the corporate partnership announced with Roivant Sciences on February 12, 2018, net of Poxel's financial contribution to Roivant. In addition, the revenue also reflects the Imeglimin Phase 3 program costs in Japan incurred during the first quarter that were re-invoiced to Sumitomo Dainippon Pharma. Both the upfront payment from Sumitomo Dainippon Pharma and re-invoiced costs of the Phase 3 Trials of IMeglimin for Efficacy and Safety (TIMES) program are recognized according to the percentage of completion of this program. "I am very pleased to report that we achieved several significant corporate and clinical milestones during the first quarter. In February, we signed a corporate partnership for Imeglimin with Roivant Sciences for the U.S., Europe and other countries worldwide. When combined with the Sumitomo Dainippon Pharma partnership, this represents a total upfront payment of EUR 76 million (USD 92* million), which includes the equity investment of USD 15 million from Roivant, and potential future milestone and sales-based payments of up to approximately EUR 705 million (USD 857* million) plus royalties on net sales," said Thomas Kuhn, CEO of Poxel. "In addition, we made substantial progress for Imeglimin in Japan advancing the three pivotal Phase 3 TIMES trials and we are on track for the data readout in 2019 and the Japanese New Drug Application submission in 2020. For the U.S. and Europe, we are working closely with Roivant Sciences on Phase 3-related activities with the goal to initiate the Phase 3 program in 2019." "For our second program, PXL770, we are completing the Phase 1 multiple ascending dose study and the data is on track for mid-year. We believe that PXL770 has the potential to treat several chronic metablic diseases, including those affecting the liver, such as NASH," added Thomas Kuhn. "During the second half of 2018, we are planning to initiate a Phase 2a proof-of-concept study in patients with nonalcoholic fatty liver disease (NAFLD), a condition where fat builds up in the liver and of which NASH is a severe form. PXL770 may be differentiated from other compounds in development for liver diseases since targeting AMPK activation has the potential to also treat NASH comorbidities, specifically targeting cardiovascular risk factors, such as hyperglycemia, insulin resistance, dyslipidemia, inflammation and obesity. Additionally, we are actively working to further leverage our internal capabilities and are assessing additional development opportunities in the metabolic area." Planned Presentations at the Following Upcoming Events
Next financial press release: July 10, 2018
About Imeglimin
About PXL770
About Poxel SA *Converted at the exchange rate at the date of the agreement.
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