EUR 19.4 millionin revenue, including EUR 18.8 millionresulting from the termination of the partnership with Eli Lilly, with no impact on cash position,
- Cash position of
EUR 52 millionat March 31, 2017
“This first quarter of 2017 was marked by the unexpected decision of Eli Lilly to terminate our collaboration and to favor its own competing internal project. Following this decision, we regained the rights to BioChaperone® Lispro and are currently executing all necessary actions to complete the termination of the partnership. In parallel, we are evaluating various opportunities for new partnerships. We are also reviewing the economic potential of this new class of ultra-rapid insulin, as the first product of this class was recently approved in
“Furthermore, we are pursuing the development of our portfolio of products, in particular the clinical development of BioChaperone Combo and preparing for the start of clinical trials with our new programs. We believe that the results of these studies should serve to confirm Adocia’s position as one of the leaders in the development of innovative products for the treatment of diabetes.”
- Detail of revenue for the first quarter of 2017
|(3 months)||(3 months)|
|Research and collaborative agreements||598||4,112|
Revenue for the first quarter of 2017 were primarily derived from the Eli Lilly licensing agreement signed in
This decision impacted first quarter 2017 revenue by
As per the agreement, the Company has invoiced Lilly for external and internal development expenses related to the project developed within the partnership. This clause remains in effect for a period of 4 months following Lilly’s announcement of the termination of the contract. For the first quarter of 2017, this amounted to
- Cash position
Total operating cash flow for the first quarter 2017 amounted to
Of note, the Company expects in the next few months to receive the reimbursement of the research and tax credit for 2016 expenses that should favorably impact its cash position by
Financial debt at
- Key events in the first quarter of 2017
The beginning of the year was marked on
Regarding BioChaperone Combo, the results of the ongoing clinical study phase 1/2 monitoring postprandial glycemic control (meal-test study) in people with type 2 diabetes are expected in the second quarter of 2017.
For Hinsbet, Adocia’s strategy is to license this product to a regional diabetes player to development and launch this product in emerging countries.
The proprietary BioChaperone technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use.
Adocia’s clinical pipeline includes four novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analogs (BioChaperone Lispro U100 and U200), a rapid-acting formulation of human insulin (HinsBet U100) and a combination of basal insulin glargine and rapid-acting insulin lispro (BioChaperone Combo).
To learn more about
This press release contains certain forward-looking statements concerning
Chairman and CEO
Tram Bui, +1 646 536 7035