- Revenue from activity: €1.4
million
- Excellent control over operating
expenses
- Solid cash position of €18.7
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 first-half results1 to June
30, 2015 according to IFRS, as approved by the Management Board and
examined by the Supervisory Board on July 28, 2015.
Aaron Bensimon, Genomic Vision’s co-founder and President of
the Management Board, comments: “The first half of 2015 was
marked by the renewal of our strategic partnership with Quest
Diagnostics. This new contract secures our commercial development
in the United States for the next 3 years under advantageous
financial conditions while giving us greater flexibility with
regard to our international strategy over the long term. In this
respect, we are delighted to welcome two new members to our
Supervisory Board: Mrs. Elisabeth Ourliac and Mrs. Tamar Saraga,
both acknowledged experts in global corporate strategy, were
appointed at our Shareholders’ Meeting of June 30. Their arrival
represents a real asset for Genomic Vision’s strategic
orientations. Finally, this 1st half was an intense period for the
preparation of the upcoming milestones we expect to achieve over
the coming months, with in particular the finalization of the
development of the HNPCC test (colorectal cancer) and the launch of
the BRCA test (breast cancer) by Quest in the United States.”
Results for the 1st half
of 2015 - IFRS
In thousands of
euros
H1 2015
H1 2014 Revenue from Quest Diagnostics R&D
515 2 462 Product sales
176 95
Total revenue from sales
691 2,557
Other revenue 745 649
Total revenue from activity
1,436 3,206 Net operating
expenses 3,677 3,525
Operating profit / loss -2,240
-319
Net profit / loss
-
2,208 -
310
Genomic Vision recorded revenue from sales of €691 thousand in
the 1st half of 2015, compared with €2,557 thousand in the 1st half
of 2014. Since three quarters of total revenue from sales are due
to our R&D collaboration with Quest Diagnostics, such decrease
was expected given the absence of milestones during the 1st half of
the year; indeed, the latter accounted for €2,462 thousand over the
1st half of 2014.
Revenue from product sales increased by +84% to €175 thousand
(versus €95 thousand in the 1st half of 2014) and reflect the
positive momentum of Genomic Vision’s three sources of commercial
revenue at this stage:
- sales of the CombHelix FSHD test
carried out directly at the Timone hospital, Marseille;
- royalties paid by Quest Diagnostics,
which commercializes this test in the United States; and
- sales by Genomic Vision of consumables
and instruments to research laboratories.
Once other revenues of €745 thousand, corresponding to tax
credits (research tax credit and innovation tax credit) of €609
thousand and R&D subsidies of €137 thousand), are taken into
account, total revenue from activity was €1,436 thousand in the 1st
half of 2015, compared with €3,206 thousand in the 1st half of
2014.
Operating expenses amounted to €3,677 thousand over the 1st half
of 2015, virtually stable compared with the 1st half of 2014, thus
reflecting the Company’s excellent cost control over the
period:
- R&D costs, the largest category of
expenditure, decreased by -18% compared with the 1st half of 2014,
mainly due to the reduction in subcontracting costs associated with
the development of the new high-throughput scanner, completed in
2014;
- General costs recorded a limited
increase of +16%, essentially as a result of the cost of services
associated with the obligations of listed companies;
- Sales & Marketing costs increased
from €109 thousand to €473 thousand, and correspond to the creation
of the Sales & Marketing department as announced at the time of
the Company’s IPO.
At June 30, 2015, Genomic Vision had 49 staff, up from 39 at
June 30, 2014.
Reflecting the fall in revenue from its collaboration with Quest
Diagnostics, over the six months to June 30, 2015 the Company
recorded an operating loss of -€2,240 thousand, compared with
-€319 thousand at June 30, 2014. The net loss for the 1st half
of 2015 was -€2,208 thousand, compared with -€310 thousand for the
1st half of 2014.
Solid cash position
At June 30, 2015, cash and cash equivalents totaled
€18.7 million, versus €20.7 million at March 31, 2015,
illustrating the Company’s good control of its expenditure.
In 2015, Genomic Vision is expecting to receive €1.3 million in
research and innovation tax credit written down and declared at
December 31, 2014.
At June 30, 2015, the Company had a healthy financial structure
with shareholders’ equity of €20.6 million and financial debt of
€0.6 million associated with the repayable advances received from
OSEO / BPI within the framework of assisted R&D projects and
leasing, compared with €22.7 million and €0.8 million respectively
at December 31, 2014.
Erwan Martin, Genomic Vision’s VP Finance & Corporate
Development, comments: “The level of revenue observed during
the 1st half of 2015, which had been widely anticipated, was a
result of the lack of scientific and technical milestones with
Quest Diagnostics, the latter having accounted for more than half
of total revenue in the 1st half of 2014. On the other hand,
product sales recorded solid growth despite the fact that the
Company currently only markets one test, CombHeliX FSHD, which
targets a rare disorder. Thanks to our good control of operating
expenses, we have recorded an operating loss in line with our
development and have a solid cash position to enable us to pursue
our scientific and commercial progress.”
1st half 2015 highlights
Renewal of the strategic collaboration with Quest
Diagnostics
At the start of 2015, Genomic Vision announced the renewal of
its collaboration contract with Quest Diagnostics, the global
leader in laboratory diagnostic services, through to November 2018.
Under the new terms, Quest Diagnostics will continue to be Genomic
Vision’s exclusive partner for the 4 tests developed together, but
the royalty rate paid to Genomic Vision has been revised up
and the Company can develop and market new tests with other
partners in the United States and globally.
Selected to take part in the Horizon 2020 program’s BeyondSeq
project
In June 2015, Genomic Vision’s molecular combing technology was
chosen for the Horizon 2020 program’s BeyondSeq project with a
total grant of €6 million. This program, financed by the European
Commission, aims to bridge the technological gap between
cytogenetic diagnostics and next generation sequencing. Within this
framework, Genomic Vision’s mission will be to develop an SMA test
capable of identifying “2+0” carriers (carriers of both copies of
the SMN 1 gene on a chromosome), which are undetectable using
existing techniques.
Two new members join the Supervisory Board
The Shareholders’ Meeting of June 30, 2015 approved the
appointment of two new members to the Company’s Supervisory
Board:
- Mrs. Elisabeth Ourliac, Vice President
and Director of Corporate Strategy at the Airbus Group;
- Mrs. Tamar Saraga, International
Executive Advisor in Mergers & Acquisitions and Strategy,
previously Senior Director for Mergers & Acquisitions and
Strategy at ORACLE for Europe, the Middle East and Africa.
Outlook
During the 2nd half of 2015, Genomic Vision intends to pursue
its development based on the finalization of the HNPCC test and the
launch of its development phase at Quest Diagnostics, as well as
the preparation of the commercial launch of the BRCA test by Quest
Diagnostics in the United States.
Next financial publication
- Revenue for the third quarter of 2015,
on Thursday October 22, 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 Half-year accounts have been the subject of a partial
examination by the Company’s auditor.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150730006358/en/
CONTACTSGenomic VisionAaron BensimonCo-founder,
Chairman & CEOTel.: +33 1 49 08 07
50investisseurs@genomicvision.comorNewCapInvestor Relations
/ Strategic CommunicationsDušan Orešanský / Emmanuel HuynhTel.: +33
1 44 71 94 92gv@newcap.fr
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