Genomic Vision: Financial information at March 31, 2015
06 Mai 2015 - 6:17PM
Business Wire
- Revenue from activity: €0.7
million
- Solid cash position of €20.7
million
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), a
molecular diagnostics company specialized in the development of
diagnostic tests for genetic diseases and cancers based on
molecular combing, today announces its revenue and cash position1
at March 31, 2015.
Revenue for the 1st quarter of 2015
In thousands of euros
Q1 2015 Q1 2014
Revenue from R&D Quest Diagnostics R&D 259
393 Product sales 106 60
Total revenue from
sales 365 452 Other revenue
327 264
Total revenue from activity 692
716
In line with expectations, over the 1st quarter of 2015 Genomic
Vision recorded €365 thousand in revenue from sales, consisting of
payments resulting from the Company’s R&D collaboration with
its US partner Quest Diagnostics that, in the absence of any major
milestones during the quarter, totaled €259 thousand (compared with
€393 thousand for the 1st quarter of 2014), and product sales. The
latter increased to €106 thousand (compared with €60 thousand for
the 1st quarter of 2014) and 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.
Once other revenue of €327 thousand corresponding to tax credits
(research tax credit and innovation tax credit totaling €306
thousand) and R&D subsidies (€21 thousand) is taken into
account, total revenue from activity came to €692 thousand over the
1st quarter, almost stable compared with the 1st quarter of 2014
(€716 thousand).
Cash and cash equivalents
Cash and cash equivalents totaled €20.7 million at March
31, 2015, versus €22.8 million at December 31, 2014,
reflecting a similar cash burn rate to that recorded in previous
quarters.
Erwan Martin, Genomic Vision’s VP Finance & Corporate
Development, comments:
“Revenue from activity over the first quarter of the year was in
line with expectations, with revenue from our R&D collaboration
with Quest Diagnostics still accounting for over a third of total
revenue and almost two thirds of revenue from sales. Product sales
recorded significant growth thanks to the buoyant increase in
revenue from research laboratories and sales of the CombHelix FSHD
test in France and the United States. We are confident that our
main milestones between now and the end of the year will be
reached, notably regarding the development of the HNPCC test (Lynch
Syndrome, predisposition to colorectal cancer) and the
finalization, by Quest Diagnostics, of the development of the BRCA
test (predisposition to breast cancer) in accordance with American
norms and standards, in preparation for its commercial launch.”
Next financial publication
- Revenue for the 1st half of 2015, on
Friday July 31, 2015* (after market)
* indicative date that may be amended
ABOUT GENOMIC VISION
Founded 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 COMBING
DNA 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
Member of CAC® Mid & Small, CAC®
All-Tradable and EnterNext© PEA-PME 150 indexes
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 Unaudited data reviewed by the Supervisory Board on May 5,
2015.
Genomic VisionAaron BensimonCo-founder, Chairman &
CEOTel.: +33 1 49 08 07
50investisseurs@genomicvision.comNewCapInvestor Relations /
Strategic CommunicationsDušan Orešanský / Emmanuel HuynhTel.: +33 1
44 71 94 92gv@newcap.fr
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