Signature of a framework agreement with
Institut Pasteur in gene therapy
Financial position strengthened with the
issuance of a €20m mandatory convertible bond
- Gene Therapy: Exclusive collaboration with Institut
Pasteur in gene therapy with programs targeting hearing loss. One
of the two pre-clinical programs (otoferlin-deficiency) has been
granted a €9.7m non-dilutive funding from RHU (hospital/university
research)
- SENS-401: Paediatric plan (PIP) awarded in the treatment
of sudden sensorineural hearing loss (SSNHL) and prevention of
cisplatin-induced ototoxicity (CIO)
- SENS-111: Recruitment completed in the acute unilateral
vestibulopathy (AUV) phase 2b proof of concept clinical trial
- Cash position of €22.3m at June 30 2019;
- Sensorion opens its capital to two long term investors:
Invus Public Equities LP and Sofinnova Crossover I SLP
Regulatory News:
Sensorion (Paris:ALSEN) (FR0012596468 – ALSEN), a
pioneering clinical-stage biopharmaceutical company which
specializes in the development of novel therapies to restore, treat
and prevent inner ear diseases such as hearing loss, tinnitus and
vertigo, today announces its interim annual results at June 30 2019
and its outlook for 2019.
«The signature of a framework agreement with Institut Pasteur in
gene therapy marks an inflection point in Sensorion’s expansion
trajectory. This partnership reinforces our pipeline, our long-term
development potential and confirms the company as a leading
platform in the field. We were also pleased to welcome new long
term and strategic investors in the two financing operations of
June and September. After the capital increase at the end of
September, we estimate that cash in hand will carry us through the
middle of the first quarter of 2021.
We continue to build up one of the richest pipelines in the
inner ear domain, with two programs in phase 2 accompanied by the
new portfolio of gene therapies. We expect SENS-111 phase 2
clinical results before year end; Sensorion has a promising
pipeline allowing us to develop therapeutic solutions to restore,
prevent and treat inner ear disorders» , comments Nawal Ouzren,
CEO of Sensorion.
First-half 2019 financial
results
The half-year accounts at June 30 2019, drawn up according to
IFRS standards and approved by the Board of Directors on October 30
2019, have been duly reviewed by statutory auditors.
The simplified income statement at June 30 2019 is as
follows:
In Euros –IFRS standards
31.06.2019
31.06.2018
Operating income
1,042,407
1,299,199
Research and Development expenses
5,226,883
5,849,636
General and Administrative expenses
1,257,185
1,542,860
Total operating expenses
6,484,068
7,392,496
Operating profit/loss
-5,441,662
-6,093,297
Financial profit/loss
-22,929
-45,186
Net profit/loss
-5,464,591
-6,138,483
At June 30 2019, Sensorion operating income,
mainly the research tax credit, amounted to €1.04m, compared to
€1.29m at June 30 2018.
Operating expenses fell 12%, down from €7.4m at June 30
2018 to €6.5m at June 30 2019, mainly owing to a 20% reduction in
G&A expenses and a 10% reduction in research costs. The
research platform costs have been reduced while the costs of the
SENS-111 clinical study have remained stable; costs for the
SENS-401 clinical trial are ramping up slowly.
G&A expenses fell 20% to €1.3m at June 30 2019, compared
with €1.5m at June 30 2018, reflecting the company’s determination
to cut costs in all areas.
Operating loss at June 30 2019 thus amounted to -€5.4m,
compared with -€6.09m at June 30 2018.
Net loss amounted to -€5.5m at June 30 2019,
compared with -€6.1m at June 30 2018.
At June 30 2019, the company employed 18 people.
Financial structure
On March 11th 2019, Sensorion undertook a bond issue of a
nominal amount of €4.7m with European financial investors,
consisting of (i) a convertible bond issue for a nominal €3.4m
underwritten by several new European investors, plus (ii) a simple
bond issue of a nominal €1.3m. 4,408,606 bonds have been converted
into 4,398,176 shares during the first half.
Equity capital amounted to €2.3m at June 30 2019, compared with
€3.5m euros at June 30 2018.
Invus and Sofinnova Crossover I SLP invested in Sensorion as
long-term partners on June 12, 2019 via a mandatory convertible
bond issue for a nominal amount of €20m. They have taken three
seats on the board of directors (two for Invus, one for Sofinnova),
and are subject to a lock-up till June 30, 2020. These bonds will
undergo compulsory conversion into shares at the latest on the
maturity date (June 13, 2024) and do not bear interest.
Current liabilities include €19.1m of convertible bonds at June
30 2019.
At June 30 2019, cash and cash equivalents amounted to €22.3m
compared with €2.7m at December 31 2018, thanks to the injection of
funds stemming from the convertible bond issues.
Key developments: Research &
Development and scientific communications
- Collaboration with Institut Pasteur in Gene Therapy programs
targeting hearing loss
On May 27 2019, Sensorion announced the signature with Institut
Pasteur (Paris) of a framework agreement for a research partnership
granting Sensorion an exclusive option to an exclusive license in
order to develop and commercialise drug candidates in gene therapy
for the restoration, treatment and prevention of hearing
problems.
In the first place, Sensorion has launched two preclinical gene
therapy programs targeting the Usher Syndrome type 1 and the
Otoferlin-deficiency, two monogenic forms of hereditary deafness.
On top of these programs, part of the framework agreement signed
with Institut Pasteur, other projects could emerge in the same
domain of genetic forms of deafness. During the five years of the
partnership, Sensorion also has a preference right on all Institut
Pasteur programs research in the domain of genetic diseases of the
inner ear to implement collaborations leading to a license. These
programs are conducted under the sponsorship of Professor Christine
Petit, director of “L’Institut de l’Audition” and Chair of our
Scientific Advisory Board.
Moreover, the specific gene therapy program aimed at correcting
a hereditary monogenic form of deafness caused by a mutation of the
gene encoding for Otoferlin (DNBF9) was retained on June 10 2019 in
the RHU call for healthcare projects in the “Avenir” public
investment program. The “AUDINNOVE” project which is conducted by
the ENT department of Hospital AP-HP-NECKER, is an association that
includes Institut Pasteur, “La Fondation pour l’Audition” and
Sensorion as the industrial partner. This project received €9.7m as
a grant, with payment in stages over the development period of the
program.
- Drug candidate SENS-111: Enrolment of the patients completed
in the phase 2b proof of concept
Sensorion has undertaken phase 2 clinical trials with SENS-111
in acute unilateral vestibulopathy (AUV). AUV was chosen as a first
indication to demonstrate proof-of-concept as it is a pure disease
for which the patient phenotype is quite homogeneous. Two phase 2
were conducted in 2018:
- Positive results of the first one were published in December
2018 confirming the initial hypothesis whereby the SENS-111 drug
candidate impacts negatively neither the vigilance nor the
cognitive performance of patients during a motion stimulus. The
trial also showed that SENS-111, in contrast to meclizine, has no
negative CNS (Central Nervous System) side effects such as
sedation, impairment of memory and of cognitive performance
- As for the second phase 2b proof of concept, the 105 expected
patients have been recruited. We announced that the last visit of
the last patient took place on October 15, 2019. Efficacy data will
be known by the end of the second half of 2019. This information
will enable Sensorion to present a strong data package covering the
scientific, clinical and commercial advantages of SENS-111 to
potential partners.
- Drug candidate SENS-401: Clinical study progressing -
Paediatric Plan authorized in two indications
The SENS-401 phase 2 clinical trial in the treatment of sudden
sensorineural hearing loss in adults (SSNHL) has been launched.
This randomized, double-blind and placebo-controlled phase 2 trial
will unfold in 12 countries to recruit some 260 patients. It has
gradually started in some fifteen sites in Europe and Canada.
Interim safety data are expected at the end of the second half of
2019 and the final results of the clinical trial are expected at
the end of the first half of 2020.
On June 28 2019, the European Drug Agency (EMA) accepted
SENS-401 paediatric investigation plan (PIP) for both the
development of the treatment of sudden hearing loss (SSNHL) and
prevention of cisplatin-induced ototoxicity (CIO) in the paediatric
population. This agreement is necessary for an application for a
marketing authorisation in Europe.
The company is accelerating with the development and utilisation
of its specialised screening platform in all inner ear pathologies.
We continue our collaboration with renowned international experts
for the validation of translational, quantitative endpoint measures
in tinnitus. We have also implemented robust models of chronic
noise exposure and age-related hearing loss.
- Regular scientific communication
During the first half, Sensorion made presentations at various
scientific congresses and notably:
- The results presented to the ARO MidWinter Meeting in February
2019 via two posters which showed proof of efficacy for SENS-401 in
preclinical models. The first poster showed the lasting protection
by SENS-401 of cochlear cilia cells for Organ of Corti explants in
culture, after ototoxicity induced by gentamicin. And the second
showed that a targeted local exposure to SENS 401 is not specific
to a single species and the otoprotective efficacy can be
generalised, the PK/PD models can thus be translated.
- The SENS-111 development program was exposed at the ‘European
Histamine Research Society’ in Krakow in Poland. The translational
development of Seliforant (i.e. SENS-111) was presented from the
results of the preclinical models in vitro and in vivo up till the
proof of concept (POC) validation phase.
- A presentation of the SENS-111 phase 2 trial protocol in acute
unilateral vestibulopathy (AUV) was made during the symposium of
the Société Internationale d’Otoneurologie in Venice in June.
Capital breakdown after the September
2019 capital increase
Sensorion’s financial position strengthened further on end of
September 2019 following a €18.1m capital increase with a 12%
premium on last price, underwritten by first-tier investors. The
completion of this capital increase was supported by Invus,
Sofinnova Crossover I SLP and new investors including WuXi AppTec
and 3SBio. The participation of Invus, Sofinnova Crossover I SLP
and Marijn Dekkers in this financing round demonstrates their
continued support in the Company’s long-term strategy. The
relationship with 3SBio will help us build a commercial strategy
for the China region.
The breakdown of the company’s capital at September 26th, 2019
is described in the table thereafter. The last two columns include
the impact of any conversion of the entirety of the convertible
bonds issued in March and June 2019.
Strategy and prospects: 2019 a
turnaround year
The proceeds from the capital increase completed in September
will mainly be used to finance the phase 2 clinical program for
SENS-111 and SENS-401 as well as the preclinical gene therapy
programs.
The results of the POC phase 2 study on SENS-111 efficacy in
acute unilateral vestibulopathy are expected by the end of the
year. SENS-401 phase 2 Interim safety results in sudden hearing
loss (SSNHL), will be released by the end of the year 2019 and the
top line read out is anticipated at the end of H1 2020.
The initiation of two preclinical gene therapy programs
targeting Usher type 1 syndrome and Otoferlin deficiency, two
monogenic forms of deafness have been launched in collaboration
with Institut Pasteur.
●●●
About Sensorion
Sensorion is a pioneering clinical-stage biopharmaceutical
company, which specializes in the development of novel therapies to
restore, treat and prevent inner ear diseases such as hearing loss,
vertigo and tinnitus. Its clinical-stage portfolio includes two
phase 2 products: Seliforant (SENS-111) under investigation for
acute unilateral vestibulopathy and Arazasetron (SENS-401) for
sudden sensorineural hearing loss (SSNHL).
Sensorion has built a unique R&D technology platform to
deepen its understanding of the physiopathology and etiology of
inner ear related diseases. This approach allows us to select the
best therapeutic targets and appropriate mechanisms of action for
our drug candidates. The Company has also identified biomarkers to
improve diagnosis and treatment of these underserved illnesses.
In the second half of 2019, Sensorion has launched two
preclinical gene programs aiming at correcting hereditary monogenic
forms of deafness including Usher Type 1 and deafness caused by a
mutation of the gene encoding for Otoferlin. The Company is
uniquely placed through its platforms and pipeline of potential
therapeutics to make a lasting positive impact on hundreds of
thousands of people with inner ear related disorders; a significant
global unmet need in medicine today.
www.sensorion-pharma.com
Label: SENSORION ISIN: FR0012596468 Mnemonic:
ALSEN
Disclaimer
This press release contains certain forward-looking statements
concerning Sensorion and its business. Such forward looking
statements are based on assumptions that Sensorion considers to be
reasonable. However, there can be no assurance that such
forward-looking statements will be verified, which statements are
subject to numerous risks, including the risks set forth in the
“Document de reference” registration document filed with the
“Autorité des Marchés Financiers” (AMF French Financial Market
Authority) on September 7th, 2017 under n°R.17-062 and to the
development of economic conditions, financial markets and the
markets in which Sensorion operates. The forward-looking statements
contained in this press release are also subject to risks not yet
known to Sensorion or not currently considered material by
Sensorion. The occurrence of all or part of such risks could cause
actual results, financial conditions, performance or achievements
of Sensorion to be materially different from such forward-looking
statements.
This press release and the information that it contains do not
constitute an offer to sell or subscribe for, or a solicitation of
an offer to purchase or subscribe for, Sensorion shares in any
country. The communication of this press release in certain
countries may constitute a violation of local laws and regulations.
Any recipient of this press release must inform him/herself of any
such local restrictions and comply therewith.
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version on businesswire.com: https://www.businesswire.com/news/home/20191030006160/en/
Sensorion Nawal Ouzren CEO contact@sensorion-pharma.com
Tel: +33 467 207 730
Catherine Leveau Finance & Financial communication
catherine.leveau@sensorion-pharma.com Tel.: +33 467 207 730
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