Genomic Vision: Financial Information for the First Quarter of 2022
05 Mai 2022 - 6:00PM
Business Wire
- Revenue from sales up 72%
- Revenue from activity up 78%
- Cash position of €1.3 million at end-March
2022
Regulatory News:
Genomic Vision (FR0011799907 – GV – the “Company”)
(Paris:GV), a biotechnology company that develops tools and
services dedicated to the analysis and control of changes in the
genome, today reported its revenue for the first quarter and its
cash position at March 31, 2022.
Q1 2022 revenue
In € thousands
Q1 2022
Q1 2021
Sales of products
188
82
Sales of services
96
83
Total revenue from sales
284
165
Other revenue
104
53
Total revenue from activity
389
218
Revenue from sales totaled €284 thousand in the first
quarter of 2022, up 72% compared with the first quarter of 2021.
This increase was primarily due to a positive base effect (Q1 2021
having been heavily impacted by the Covid-19 crisis) and to an
upturn in product sales and service sales activities in the first
quarter of 2022, notably thanks to the Company’s commercial
prospecting efforts.
Within the context of the public health crisis that heavily
impacted Genomic Vision’s activities and revenue, the Company has
undertaken a sizeable R&D focus specific to targeted programs
since 2021 to strengthen its commercial offer.
Total revenue from activity, once other revenue is taken
into account, increased by 78% in the first quarter of 2022
compared with the same quarter of 2021. Other revenue, which
totaled €104 thousand, mainly corresponded to Research Tax Credit,
which was higher than last year as a result of the R&D focus
mentioned above.
Financial structure at March 31, 2022
Genomic Vision had a cash position of €1.3 million at March 31,
2022, compared with €2.3 million at December 31, 2021. Based on its
proposed development plan, the Company estimates that its current
available cash will enable it to finance its activities until the
end of May 2022 (excluding the exercise of the Winance warrants and
Bracknor/Negma warrants already in circulation) and that the
additional cash required to enable it to pursue its activities in
2022 is an estimated €4 million. In order to cover its working
capital requirements:
- the Company decided to put in place a new financing line with
Winance via the signing, on June 11, 2020, of an OCABSA
(convertible notes with warrants) issuance contract, of which it
has used €6 million gross (€5.7 million net of costs) out of a
possible €12 million. The Company can no longer use this financing
line given the expiry of the Prospectus relating to this operation
that was, in any case, due to expire in June 2022.
- the Company decided to implement a new financing line with
Winance via the signing of a new contract on April 11, 2022
providing for the provision of a maximum of 15 tranches of €2
million each, i.e. up to €30 million, subject to the following
conditions precedent:
- the granting of an AMF visa for the new Prospectus,
- the operation’s prior approval by the Company’s shareholders at
an Extraordinary General Meeting scheduled for May 23, 2022,
- the conditions for the drawdown of each tranche being met, and
notably with the share price not being below the share’s par
value.
In the event that one or more of these conditions precedent –
which are not all in the Company’s hands – were not fulfilled
within the given timeframe, the Company could then not be in a
position to realize its assets and liabilities and settle its debts
within the framework of its normal course of business, and the
application of IFRS accounting rules and principles within a normal
context of the continuation of its activities, notably concerning
the evaluation of assets and liabilities, could prove to be
inappropriate. Consequently, this situation is generating
significant going concern uncertainty.
Upcoming financial publications and events
- Extraordinary General Meeting: Monday May 23, 2022
- Ordinary General Meeting: Tuesday June 28, 2022
- H1 2022 results: Thursday September 29, 2022
- Q3 2022 revenue: Thursday October 27, 2022
ABOUT GENOMIC VISION
GENOMIC VISION is a biotechnology company developing products
and services dedicated to the analysis (structural and functional)
of genome modifications as well as to the quality and safety
control of these modifications, in particular in genome editing
technologies and biomanufacturing processes. Genomic Vision
proprietary tools, based on DNA combing technology and artificial
intelligence, provide robust quantitative measurements needed to
high confidence characterization of DNA alteration in the genome.
These tools are mainly used for monitoring DNA replication in
cancerous cell, for early cancer detection and the diagnosis of
genetic diseases. Genomic Vision, based near Paris in Bagneux, is a
public listed company listed in compartment C of Euronext’s
regulated market in Paris (Euronext: GV – ISIN: FR0011799907). For
further information, please visit www.genomicvision.com
Member of the CAC® Mid & Small and CAC®
All-Tradable indexes
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly 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 “Risk Factors” section of the universal
registration document filed with the AMF on April 14, 2022,
available on the website of Genomic Vision (www.genomicvision.com)
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.
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Genomic Vision Dominique Remy-Renou CEO Tel.: +33 1 49 08
07 51 investisseurs@genomicvision.com
Ulysse Communication Press Relations Bruno Arabian
Tel.: +33 1 42 68 29 70 barabian@ulysse-communication.com
NewCap Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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