- Total revenue from activity: €4.9
million
- Operating costs under
control
- Solid cash position of €22.8
million
Regulatory News :
Genomic Vision (Paris:GV) (FR0011799907 – GV / PEA-PME
eligible), a molecular diagnostics company specialized in the
development of diagnostic tests for genetic diseases and cancers
based on molecular combing, today announces its full-year results1
to December 31, 2014 according to IFRS, as approved by the
Management Board and examined by the Supervisory Board on March 6,
2015.
Aaron Bensimon, Genomic Vision’s co-founder and President of
the Management Board, comments: “2014 was a pivotal year for
Genomic Vision, both on the financial front – with our IPO – and on
the scientific and technological front – with the concrete progress
made by our various projects. The efforts undertaken by all our
teams have led to the renewal of our strategic collaboration with
Quest Diagnostics until November 2018, under excellent terms.
Beyond its advantageous financial aspects, this new partnership
provides us with an exceptional opportunity to develop and market
new tests on a global scale. Our confidence is thus high regarding
2015.”
2014 annual results - IFRS
In thousands of euros
2014 2013 Revenue
from Quest Diagnostics R&D 3,218 2,655 Product
sales 237 232
Total revenue from sales
3,455 2,887 Other revenue 1,438
1,152
Total revenue from activity 4,893
4,039 Net operating expenses 7,107 5,140
Operating profit / loss -2,214 -1,101 Pre-tax profit
/ loss -2,156 -1,069
Net profit / loss
-
2,156 -1,069
In 2014, Genomic Vision recorded revenue from sales of €3.5
million. This primarily consisted of payments resulting from its
R&D collaboration with its US partner Quest Diagnostics, which
totaled €3.2 million over the period and corresponded to reaching
technical and scientific milestones. Revenue from product sales
(€237 thousand) came from:
- sales of the CombHelix FSHD test
carried out directly by Genomic Vision at the Timone hospital in
Marseille;
- royalties paid by Quest Diagnostics,
which offers this test in its laboratories in the United States;
and
- sales by Genomic Vision of consumables
and instruments to research laboratories around the world.
Once other revenue corresponding to tax credits (research tax
credit and innovation tax credit totaling €1.3 million) and R&D
subsidies (€0.1 million) are taken into account, total revenue from
activity was €4.9 million over the year.
Operating expenses totaled €7.1 million in 2014. R&D costs –
the largest category of expenditure – increased by +26% compared
with 2013, notably as a result of the development of a
high-throughput scanner, which was finalized and delivered to Quest
Diagnostics before the end of 2014. Sales & Marketing costs
totaled €0.4 million in 2014, up 72% compared with 2013, thus
reflecting the setting up of a marketing team, as planned at the
time of the IPO.
At December 31, 2014, Genomic Vision had 46 staff, compared with
35 at the end of 2013, reflecting the strengthening of certain key
positions, and notably the marketing department.
The operating loss for the year to December 31, 2014 was
-€2.2 million, compared with a loss of -€1.1 million in
2013. The net loss was -€2.2 million, versus -€1.1 million in
2013.
A solid cash position
At December 31, 2014, cash and cash equivalents totaled
€22.8 million, versus €24.8 million at September 30, 2014.
This solid cash position reflects the Company’s strict management
of its expenditure within a context of buoyant development since
its IPO in April 2014.
In 2015, Genomic Vision should receive €1.3 million in research
and innovation tax credit reimbursements for 2014.
At December 31, 2014, the Company’s shareholders’ equity stood
at €22.7 million and its financial debt (repayable advances from
OSEO / BPI within the framework of assisted R&D projects and
leasing) at €0.8 million, compared with €1.0 million and €0.8
million respectively at December 31, 2013.
Erwan Martin, Genomic Vision’s VP Finance & Corporate
Development, comments:“We recorded a solid 2014 financial year,
marked by an increase in revenue from activity and a controlled
rise in operating expenditure, which enabled us to record an
operating loss in line with our expectations. Furthermore, thanks
to the funds raised by our IPO on the Euronext Paris, we have a
solid financial structure allowing us to calmly continue our
development.”
2014 highlights
Following the success of its IPO in April 2014, which allowed
Genomic Vision to increase its shareholders’ equity by €22.9
million, the Company successfully achieved a number of
milestones:
- Major milestones reached in the
Company’s collaboration with Quest DiagnosticsAt the end of
July 2014, Genomic Vision validated the diagnostic test for Lynch
Syndrome (HNPCC, or Hereditary Non-Polyposis Colorectal Cancer),
which makes it possible to visualize all of the five major genes
involved in this disease. The Company also validated, with Quest
Diagnostics, a new protocol for the Genomic Morse Code for its
tests for breast and ovarian cancer (BRCA) and Lynch Syndrome, and
launched the production of the high-throughput scanner’s pilot
instruments. Achieving these milestones resulted in Quest
Diagnostics paying Genomic Vision €1.7 million in milestone
payments.
- Preliminary results of the HPV
detection testIn August 2014, at the HPV 2014 conference in
Seattle (USA), Genomic Vision presented the first results of its
program to develop a test for detecting the Human Papilloma Virus
(HPV) in cervical cancer. These preliminary results have shown that
molecular combing technology allows the direct and high-resolution
visualization of the integration of the highest-risk viral DNA in
the genome of the infected cell.
- Strengthening of the management
team, commercial reorganizationDuring the 2nd half of 2014,
Genomic Vision strengthened its managerial team by appointing four
directors for its Business Development, Bio-informatics /
Information Technology, Human Resources and Sales & Marketing
units. The Company also put in place a team of Sales &
Marketing specialists in order to develop sales of its tests on the
European market.
- High-throughput scanner installed at
Quest Diagnostics’ Nichols InstituteAt the end of 2014, Genomic
Vision reached a major milestone by supplying Quest Diagnostics
with its new high-throughput scanner. This new scanner has been
developed to increase the screening rate, reduce turnaround times
and accelerate the generating and analysis of tests via molecular
combing, notably including the BRCA test. The latter has been
validated by Quest Diagnostics to enter its LDT development phase,
a prerequisite for the test being marketed in the United
States.
Recent events and 2015 prospects
The breakthroughs achieved in 2014, within the framework of the
Company’s strategic partnership with Quest Diagnostics, enabled it
to renew this partnership between the two companies for a further 3
years under particularly advantageous conditions for Genomic Vision
(see the press release of February 17, 2015).
In 2015, Genomic Vision intends to pursue its:
- commercial development, with the
expected launch of its BRCA test in the United States by Quest
Diagnostics at the end of the year and the implementation of its
diagnostic solutions in new medical centers in Europe,
- scientific development, with the start
of the development phase of the HNPCC test by Quest Diagnostics and
the continuation of the development of the HPV test.
Next financial publication
- Revenue for the 1st quarter of 2015, on
Wednesday May 6, 2015* (after market)
* indicative date that may be amended
●●●
ABOUT GENOMIC VISIONFounded in 2004, Genomic Vision is a
molecular diagnostics company specialized in the development of
diagnostic tests for genetic diseases and cancers based on
molecular combing. Using this innovative technology that allows the
direct visualization of individual DNA molecules, Genomic Vision
detects quantitative and qualitative variations in the genome that
are at the origin of numerous serious pathologies. The Company is
developing a solid portfolio of tests that notably target breast
cancer and cancer of the colon. Since 2013, the Company has
marketed the CombHeliX FSHD test for identifying a myopathy that is
difficult to detect, Facio-scapulo-humeral dystrophy (FSHD), in the
United States thanks to a strategic alliance with Quest
Diagnostics, the American leader in diagnostic laboratory tests,
and in France. Genomic Vision has been listed on Compartment C of
Euronext Paris since April 2014.
ABOUT MOLECULAR COMBINGDNA molecular combing technology
considerably improves the structural and functional analysis of DNA
molecules. DNA fibers are stretched out on glass slides, as if
“combed”, and uniformly aligned over the whole surface. It is then
possible to identify genetic anomalies by locating genes or
specific sequences in a patient’s genome using genetic markers, an
approach developed by Genomic Vision and patented under the name
Genomic Morse Code. This exploration of the entire genome at high
resolution via a simple analysis enables the direct visualization
of genetic anomalies that are undetectable by other
technologies.
For further information, please go to www.genomicvision.com
DISCLAIMER
This press release contains certain forward-looking statements
concerning Genomic Vision and its business.Such forward-looking
statements are based on assumptions that Genomic Vision 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
prospectus on which the French Financial Market Authority (AMF)
granted its visa n° 14-087 on March 19, 2014 and to the development
of economic conditions, financial markets and the markets in which
Genomic Vision operates. The forward-looking statements contained
in this press release are also subject to risks not yet known to
Genomic Vision or not currently considered material by Genomic
Vision. The occurrence of all or part of such risks could cause
actual results, financial conditions, performance or achievements
of Genomic Vision to be materially different from such
forward-looking statements.
This press release and the information contained herein do not
constitute and should not be construed as an offer or an invitation
to sell or subscribe, or the solicitation of any order or
invitation to purchase or subscribe for GENOMIC VISION shares in
any country. The distribution of this press release in certain
countries may be a breach of applicable laws. The persons in
possession of this press release must inquire about any local
restrictions and comply with these restrictions.
1 Audit procedures relative to these accounts have been carried
out. The auditor’s report will be issued after completion of the
procedures required for the purpose of filing the “document de
reference” (reference document).
Genomic VisionAaron Bensimon, Tel.: +33 1 49 08 07
50Co-founder, Chairman &
CEOinvestisseurs@genomicvision.comorNewCapInvestor Relations
/ Strategic CommunicationsDušan Orešanský / Emmanuel Huynh, Tel.:
+33 1 44 71 94 92gv@newcap.fr
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