- Cash position of €7.9 million as of December 31,
2021
- Positive clinical results throughout the year
- Strategic partnership with IRIS Pharma to accelerate
development in ophthalmology
Regulatory News:
ABIONYX Pharma (FR0012616852 – ABNX – PEA PME
eligible) (Paris:ABNX), a new generation biotech company
dedicated to the discovery and development of innovative therapies
for patients, today presents its annual results 2021 and provides
an update on activity to date. Audit procedures on the consolidated
financial statements have been carried out. The certification
report will be issued after completion of the procedures required
for the filing of the universal registration document.
Selected financial information (as of 31 December
2021/Consolidated financial statements under IFRS)
Millions €
2021
2020
Revenue
0.7
0
Cost of goods and services sold
(0.4)
0
R&D expenditures
(3.8)
(1.7)
Administrative, sales and marketing
expenses
(2.3)
(1.3)
Other income and expenses
(0.1)
Operating income
(5.9)
(3.0)
Financial income
0.3
1.2
Financial expense
(0.2)
(0.1)
Net financial items
0.1
1.1
Net income
(5.8)
(1.9)
Net cash flows related to operating
activities
(6.7)
(0.6)
Net cash flow from investing
activities
1.3
(0.1)
Net cash flows related to financing
activities
4.0
1.5
Cash position variation
(1.4)
0.8
Cash and cash equivalents at the end of
the period
7.9
9.2
Fiscal year 2021 was marked by the acquisition, on December 3,
2021, of 100% of the shares of IRIS Pharma Holding, which itself
holds 100% of the shares of IRIS Pharma, a company recognized as
one of the world's experts in pharmacokinetics and preclinical
research within the ophthalmology community.
Details of the main changes in the consolidated financial
statements
ABIONYX Pharma’s activities being dedicated to the discovery and
development of innovative therapies to improve the lives of
patients, generated a revenue of €27 K during the fiscal year
2021.
Following the acquisition of Iris Pharma, the Group mainly
provides two types of services:
- Pre-clinical activities, for a revenue of €143 K since the
acquisition
- Clinical activities representing a revenue of €505 K since the
acquisition.
Costs of goods and services sold amounted to €416 K in
2021, corresponding to the costs associated with the pre-clinical
and clinical studies carried out in December by Iris Pharma, which
has been included in the scope of consolidation since the purchase
of IRIS Pharma Holding shares.
Research and development expenditures amounted to €3,838
K over the period, compared to €1,698 K in fiscal year 2020, and
correspond to the ramp-up of clinical studies in renal indications
and ophthalmology and the increase in personnel costs, in
particular due to the recruitment of employees for
ophthalmology-related activities. However, these costs remain
limited in view of all the clinical trials conducted and in
progress in LCAT, sepsis and COVID-19 in 2021. As a reminder, the
Phase 2a study was entirely funded by the Italian CBVF
consortium.
Administrative, sales and marketing expenses amounted to
€2,336 K in 2021 compared to €1,270 K the previous year. This
increase is explained by the growth in activity linked to the
integration of IRIS Pharma and by expenses linked to the free share
grants on plans that have been definitively awarded and those that
have been granted.
After taking all these factors into account, operating
income fell from a loss of €2,968 K at 31 December 2020 to a
loss of €5,952 K at 31 December 2021.
The financial income amounts to €130 K on December 31,
2021 against €1,082 K on December 31, 2020, which included the
waiver of debt granted by Bpifrance for €900 K€ on the CER-209
program.
The net income thus shows a loss of €5,822 K on December
31, 2021 compared to a loss of €1,886 K on December 31, 2020.
Cash and cash equivalents amounted to 7,935 K€ on
December 31, 2021 against 9,154 K€ on December 31, 2020.
Key highlights in 2021
Despite the continuation of the pandemic and for a managed cash
burn in view of the tangible results delivered, the year 2021 has
been very rich in transforming strategic events and positive
clinical results.
Initiation of the randomized Phase 2a study named RACERS
which concluded with positive interim clinical results
The first highlight of the year was the start of the randomized
Phase 2a study called RACERS, a RAndomized trial comparing
short-term infusions of CER-001 at different doses to prevent
induced Acute Kidney Injury in high-risk septic patients. This
clinical study is being conducted in partnership with the
University of Bari and the Consorzio per Valutazioni Biologiche e
Farmacologiche (CBVF) consortium, which is funding the entire
study. The first patient could only be enrolled in June 2021 due to
the pandemic. In April 2022, the Company reported positive interim
results for this Phase 2a clinical trial in the treatment of
patients with sepsis that demonstrate rapid reversal of the
cytokine cascade in sepsis patients, rapid improvement in
biomarkers of inflammation, including leukocytosis, compared to
standard therapy. No treatment-related side effects were observed
during the study.
Positive Clinical Results from CER-001 in an ultrarare kidney
disease
In March 2021, ABIONYX announced positive clinical results from
CER-001 in an ultra-rare kidney disease published in exclusively in
the journal Annals of Internal Medicine. This publication revealed
the efficacy of CER-001 in the renal and ophthalmic indication,
which constitutes a breakthrough therapeutic innovation in renal
diseases and ophthalmology, and the systemic mechanism of action of
CER-001. As a reminder, the patient who was about to undergo
dialysis due to the rapid decline in kidney function was able to
avoid the need for dialysis during his treatment with CER-001. In
addition, the patient who was suffering from lipid deposits in the
corneas saw the visual blurring disappear. This clear improvement
in visual function is still observed after 1 year of follow-up.
Strategic partnership with GTP Biologics (Fareva Group) and
V-Nano (VBI Therapeutics group)
At the end of March 2021, ABIONYX announced the signature of a
strategic partnership with GTP Biologics (Fareva Group) and V-Nano
(VBI Therapeutics Group) for the bioproduction of the bio-HDL in
France. This strategic partnership allows the bioengineering
redevelopment of the production of bio-HDL and ensures the
relocation of the bioproduction to France.
A “raison d’être” stated in its articles "To develop
innovative therapies in indications without effective or existing
treatment, even the rarest ones, for the benefit of patients
"
In June 2021, following these first scientific publications and
the graceful availability of its bioproduct in rare diseases,
ABIONYX Pharma communicated its “raison d'être”, which was stated
in its articles: "To develop innovative therapies in indications
with no effective or existing treatment, even the rarest ones, for
the benefit of patients”. This determination has allowed the
remobilization of all ABIONYX Pharma's collaborators, suppliers and
shareholders around the common objective of developing innovative
therapies and fundamental responsibility towards patients waiting
for solutions in the rarest diseases.
Orphan Drug Designation from EMA for CER-001 in the kidney
indication and ophthalmology
In July 2021, ABIONYX Pharma received a positive opinion from
EMA within the framework of the the Orphan Drug Designation process
for CER-001 for the rare disease LCAT deficiency. This Orphan Drug
Designation was one of the first achievements of the new strategy
in a rare renal disease and was a key step in the repositioning in
renal and ophthalmological diseases. This designation also allowed
the securing of the bioproduction of CER-001.
Strategic partnership with IRIS Pharma for the development of
the first class of bioproducts in ophthalmology
In October 2021, ABIONYX Pharma announced positive preclinical
results in a model of uveitis that allowed the Company to consider
the strategic development of the first class of bioproducts in
ophthalmology based on its bio-HDL. These preclinical results led
to the initiation of strategic exchanges with IRIS Pharma, one of
the world leaders in preclinical and clinical research in
ophthalmology, which concluded in November 2021 with the signature
of an agreement for the contribution of 100% of IRIS Pharma
Holding's capital and the launch of a €4.2 million cash capital
increase by private placement. ABIONYX has thus become a specialist
in bioproduct candidates for ophthalmology in addition to renal
diseases, with a potential portfolio of 3 new bioproducts
candidates that could enter the clinical phase and 14 indications
in ophthalmology. IRIS Pharma has become a subsidiary of ABIONYX
and remains independent in its service activities for the largest
pharmaceutical and biotech groups in ophthalmology.
New positive clinical results for CER-001 in ultra-rare
kidney disease
In November 2021, ABIONYX Pharma announced new positive clinical
results for CER-001 in renal diseases associated with LCAT
deficiency published in the Journal of Internal Medicine. This
publication highlighted the efficacy in the renal indication,
demonstrated the ability to normalize lipoproteins and further
clarified the mechanism of action of CER-001.
An equally tight and strategic beginning to 2022
The beginning of 2022 remains equally eventful as in January
2022, ABIONYX Pharma received a Compassionate Access Authorization
from the ANSM for its bio-HDL (CER-001) in COVID-19, in which it
was able to announce in March 2022 first clinical results published
in the journal Biomedecines, demonstrating that CER-001 limits the
effects of inflammation, improves reverse cholesterol transport and
reduces inflammatory markers and cytokines.
At the end of March 2022, ABIONYX Pharma announced that the Food
and Drug Administration (FDA) had granted orphan drug designation
(ODD) to CER-001 for the treatment of LCAT deficiency, in renal
dysfunction and/or ophthalmic disease. The orphan drug designation
follows positive results in two compassionate use cases that
demonstrated for the first time that bio-HDL treatment can reduce
lipid deposition in the kidney, slow the decline in kidney function
while eliminating the need for dialysis, beneficially remodel
lipoproteins, and alleviate visual impairment due to corneal lipid
deposits. The orphan drug designation opens a new strategy for the
clinical development of bio-HDL in renal and ophthalmic diseases in
the United States.
All of the preclinical and clinical results for 2021 and the
beginning of this year point to an acceleration of the development
of CER-001 in severe renal diseases, which have not seen a
breakthrough innovation for a long time, and in ophthalmology with
the first class of bioproducts. The Company continues to await
further preclinical and clinical results.
About ABIONYX Pharma
ABIONYX Pharma is a new generation biotech company that aims to
contribute to health through innovative therapies in indications
where there is no effective or existing treatment, even the rarest
ones. Thanks to its partners in research, medicine,
biopharmaceuticals and shareholding, the company innovates on a
daily basis to propose drugs for the treatment of renal and
ophthalmological diseases, or new HDL vectors used for targeted
drug delivery.
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version on businesswire.com: https://www.businesswire.com/news/home/20220428006031/en/
NewCap Investor relations Louis-Victor Delouvrier
abionyx@newcap.eu +33 (0)1 44 71 98 53
NewCap Media relations Arthur Rouillé abionyx@newcap.eu
+33 (0)1 44 71 00 15
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