- Expansion of the market outside of the US and Europe and
beginning of the commercialization of the high-volume system,
Ikoniscope20max:
- Signing of a Distribution Collaboration
with Integrated Gulf Biosystems Group for the distribution of the
Ikoniscope20 solutions in the Middle East Markets and in India;
- Successful completion of a private
placement to accelerate the commercial development of the
Ikoniscope20 solutions and enlarge the Company’s international
shareholders base;
- First sale of the Ikoniscope20max solution
in large volume, specialized urology laboratory, located in the
Midwest USA;
Subsequent events:
- Successful deployment of the commercial
strategy with the second sale of the Ikoniscope20max solution and
the internal validation of the first instrument sold, that started
being used in routine clinical testing;
- Initiation of ongoing discussions with
industry players to establish potential commercial partnerships
aimed at distributing a solution that covers the entire
laboratory’s workflow;
- Completion of a new financing via the
issuance of a €0.5m private Note to LPE II fund of Columbia
Threadneedle Investment;
- Completion of the study in collaboration
with the Neag Cancer Center of UConn School of Medicine,
demonstrating the power of the Ikoniscope platform for detection of
extremely rare cells in the field of immuno-oncology;
- Completion of the triennial ISO
certification by Ikonisys Inc., reaffirming the Company’s ability
to continuously meet quality international standard
requirements.
- First sales of the Ikoniscope20max solution, validating the
commercial strategy and the important developments carried on by
the Company in the recent past
- Financial results slightly improved with respect to H1 2022,
with sales of Ikoniscope20max yet to strongly impact revenues: net
loss of €0.96 million in H1 2023 vs. €1.02 million in H1
2022
Regulatory News:
Ikonisys SA (Euronext Growth Paris: ALIKO), a company
specializing in the early and accurate detection of cancers through
a unique fully automated solution for medical analysis
laboratories, today announced its financial results for the first
half of the year ended June 30, 2023, approved by the Board of
Directors on October 29, 2023, and provided an update on its
business and development strategy.
Mario Crovetto, CEO of Ikonisys, said: "The first half of
2023 and the following months have been characterized by working on
the company’s market penetration strategy. The final development of
the Ikoniscope20max in late 2022 and the following installations in
the USA have been an important milestone to start substituting the
existing “generation 1” Ikoniscopes and initiate discussions with
prospects that needed a high-volume instrument. In July we had the
confirmation of the excellence of the Ikoniscope20max solution,
that was flawlessly integrated in the workflows of the laboratories
where it was installed. Moreover, in order to be able to provide
our customers with a complete solution from processing to analysis
(including reagents) we are in advanced discussion with industry
players with presence both in USA and in Europe. We believe
providing an end-to-end platform will be very beneficial for
Ikonisys and could significantly boost our sales and our market
presence in the main markets.
On the R&D side, in addition to the fine-tuning of the
Ikoniscope20max, we have been working intensively in the update of
existing application using deep learning, thanks also to the first
outcome of the collaboration with Polytechnic of Milano, and in the
creation of new applications for our most advanced projects:
Circulating Tumor Cells (CTC) and immuno-oncology. As demonstrated
by the recent sales of the Ikoniscope20max, our ability to
transform R&D investments into concrete commercial advances is
well proven and we will continue to work hard in order to
anticipate future needs in cancer diagnostics and continue to
provide best-in-class solutions to laboratories and through them to
all the people that in the years have been tested using one of our
instruments."
Half-year results 2023 - Simplified consolidated income
statement (unaudited)
Euros
H1 2023
H1 2022
Net Sales
128,909
207,212
Other income
145,689
-
Total Revenues
274,598
207,213
Cost of goods sold
(28,818)
(74,465)
Operating expenses
(1,159,240)
(1,149,075)
Operating income / (loss)
(913,461)
(1,016,327)
Financial income / (loss)
(55,465)
(5,630)
Taxes
-
-
Net income / (loss)
(968,926)
(1,021,959)
30/06/2023
31/12/2022
Cash and cash equivalents
66,063
93,985
Details of the main changes in the financial
statements
On a year-over-year basis, total revenues increased by 32%,
mainly because of an increase in “other income” (items not directly
related to the sale of Ikoniscope20) compared to H1 2022. The net
sales slightly decreased because of the sales cycle of the
Ikoniscope20max, that started being installed in Q2 2023.
While General & Administrative Expenses decreased from €501k
in H1 2022 to €405k in H1 2023, the total amount of the Operating
Expenses slightly increased from €1,149k in H1 2022 to €1,159k in
H1 2023. This is due to an increase in depreciation and
amortization. In fact, starting from the beginning of 2023,
capitalized R&D costs for the Ikoniscope20max started being
amortized. We remind that capitalized R&D costs for the
Ikoniscope20 started being amortized in 2022.
The increase in total revenues and the very limited increase of
operating expenses led to a slightly improved net loss equivalent
to €968k, a 5% decrease with respect to a net loss of €1,021k over
the same period in 2022.
The consolidated cash position as of June 30, 2023 amounts to
€66k, compared to €93k as of December 31, 2022. It should be noted
that this position does not include the €0.5m financing by LPE II
fund of Columbia Threadneedle Investment announced on August 2,
2023 and the financing facility for a total amount of €5.1m
established with Atlas Capital Markets on October 5, 2022.
Strategy and outlook
Building on the successes achieved in the past 2 years, Ikonisys
plans to continue to ramp up its global marketing strategy,
following also the way of strategic partnerships.
The successful beginning of the commercialization of the
high-volume Ikoniscope20max solution in reference laboratories is
the first step to reach high-volume, national customers, that could
easily see the importance of adding full automation to their
workflow. In this context Ikonisys aims to prove a full solution to
its customer, positioning itself as a turnkey solution provider to
the many oncology diagnostics laboratories in Europe and USA.
The support by renowned partners such as the University of
Connecticut in the United States (immune-oncology), the Sheba
Medical Center in Israel (Circulating Tumor Cells), and Polytechnic
of Milan in Italy (AI) has helped the company in pushing forward
its cutting-edge technology. This strong network is allowing the
company to enhance its development activities and will serve as a
catalyst to address future markets. The aim of the company is
moving even more into the personalized medicine, thanks to its
advancements in artificial intelligence and in the ability to find
rare cells such as CTC circulating in patients’ blood (or,
possibly, other bio fluids).
The clear lack of fully automated systems and the ongoing trend
that is seeing a decrease in the number of active pathologists
continue to show that Ikonisys is perfectly positioned to meet the
needs of users and become an important player in the oncology
arena.
The half-year financial report for 2023 will be available, on
Monday October 30, in the Investors section of the Ikonisys
website.
About Ikonisys
Ikonisys SA is a cell-based diagnostics company based in Paris
(France), New Haven (Connecticut, USA) and Milan (Italy)
specialized in the early and accurate detection of cancer. The
company develops, produces and markets the proprietary
Ikoniscope20® and Ikoniscope20max® platforms, fully-automated
solutions designed to deliver accurate and reliable detection and
analysis of rare and very rare cells. Ikonisys has received FDA
clearance for several automated diagnostic applications, which are
also marketed in Europe under CE certification. Through its
breakthrough fluorescence microscopy platform, the company
continues to develop a stream of new tests, including liquid biopsy
tests based on Circulating Tumor Cells (CTC).
For further information, please go to www.Ikonisys.com
Disclaimer
This press release contains forward-looking statements about the
Company's prospects and development. These statements are sometimes
identified by the use of the future tense, the conditional tense
and forward-looking words such as "believe", "aim to", "expect",
"intend", "estimate", "believe", "should", "could", "would" or
"will" or, where appropriate, the negative of these terms or any
other similar variants or expressions. This information is not
historical data and should not be construed as a guarantee that the
facts and data set forth will occur. This information is based on
data, assumptions and estimates considered reasonable by the
Company. It is subject to change or modification due to
uncertainties relating to the economic, financial, competitive and
regulatory environment. This information contains data relating to
the Company's intentions, estimates and objectives concerning, in
particular, the market, strategy, growth, results, financial
situation and cash flow of the Company. The forward-looking
information contained in this press release is made only as of the
date of this press release. The Company does not undertake to
update any forward-looking information contained in this press
release, except as required by applicable law or regulation. The
Company operates in a competitive and rapidly changing environment
and therefore cannot anticipate all of the risks, uncertainties or
other factors that may affect its business, their potential impact
on its business or the extent to which the materialization of any
one risk or combination of risks could cause results to differ
materially from those expressed in any forward-looking information,
it being recalled that none of this forward-looking information
constitutes a guarantee of actual results.
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version on businesswire.com: https://www.businesswire.com/news/home/20231029998957/en/
Ikonisys Alessandro Mauri CFO investors@ikonisys.com
NewCap Louis-Victor Delouvrier/Aurélie Manavarere
Investor Relations Ikonisys@newcap.eu Tel.: +33 (0)1 44 71 94
94
NewCap Nicolas Merigeau Media Relations
Ikonisys@newcap.eu Tel.: +33 (0)1 44 71 94 98
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