NFL Biosciences: 2021 full-year business and earnings update
NFL Biosciences: 2021 full-year business and
earnings update
Phase II/III clinical trial rolled out for the
drug candidate NFL-101 for smoking cessation: first patients
recruited and recruitment capacity ramped up
Organization further strengthened and active
ingredient manufacturing partnership set up
Intellectual property extended with an NFL
Biosciences patent registered in the United States
Co-development agreement signed for the drug
candidate NFL-301 to reduce alcohol consumption
NFL BIOSCIENCES (Euronext Growth Paris –
FR0014003XT0 – ALNFL), a biopharmaceutical company that is
developing botanical drugs for the treatment of addictions, is
reporting its 2021 full-year earnings, approved by the Board of
Directors on March 24, 2022, while looking back on its progress
following its admission to Euronext Growth Paris at the start of
July 2021.
Phase II/III clinical trial rolled out
for NFL-101, a drug candidate for smoking cessation: first patients
recruited in France
Approved by the French National Agency for the
Safety of Medicines and Health Products (ANSM)1, the CESTO II Phase
II/III clinical trial received a favorable opinion from the French
Ethical Review Board (CPP) in September 2021. The recruitment of
patients was launched in January 2022 at the Clinical Investigation
Centers (CIC) at the CHU teaching hospital centers in Poitiers,
Bordeaux and Rennes, overseen by Eurofins-Optimed as the Clinical
Research Organization (CRO). Various initiatives are underway to
add other Clinical Investigation Centers.
To optimize the allocation of its resources, and
in view of the positive developments within the health context in
France and more generally across Europe, NFL Biosciences has
decided to not start recruiting patients in Australia and to focus
on opening additional centers in France. This decision will enable
it to reduce the overall cost of the clinical trial, simplify its
management and accelerate patient recruitment.
The clinical trial is targeting male or female
smokers who are aged 18 to 70, smoke more than 11 cigarettes per
day and are genuinely committed to stopping. The trial includes
three arms (two dose arms and one placebo arm) and will monitor
patients over 12 months. CESTO II’s primary objectives are to
select the best dose and assess the efficacy of NFL-101 versus
placebo, for both immediate and gradual smoking cessation. The main
criteria for assessment are the person’s continued abstinence for
four weeks (US Food & Drug Administration (FDA) criterion) and
six months (European Medicines Agency (EMA) criterion). The
biomarkers used to confirm abstinence are exhaled carbon monoxide
and urinary cotinine. A range of secondary criteria will also be
assessed, including the number of cigarettes smoked, withdrawal
symptoms and level of craving.
Organization further
strengthened
In the third quarter of 2021, and aligned with
the additional resources from the the capital increase, NFL
Biosciences further strengthened its teams with a Medical
Operations Director and a Senior Clinical Project Leader, giving it
the operational capacity needed to continue moving forward with
CESTO II. At the start of 2022, NFL Biosciences also welcomed on
board an Investor Relations Director on a part-time basis, while a
Financial Director is scheduled to arrive at the end of March.
Active ingredient manufacturing
partnership set up
In November 2021, NFL Biosciences selected the
company Diverchim to manufacture the active ingredient for NFL-101
for its use in additional clinical trials beyond the CESTO II study
(Phase II/III). The development plan mapped out will also cover the
preclinical development of the active ingredient of NFL-201, NFL
Biosciences’ drug candidate for treating cannabis addiction.
Thanks to this partnership, NFL Biosciences has
secured control over the production of its botanical extracts with
a view to anticipating future development requirements all the way
through to its potential market release.
Intellectual property extended with an
NFL Biosciences patent registered in the United States
On September 21, 2021, the United States Patent
and Trademark Office (USPTO) issued, with number 11,123,395, the
product patent for NFL-101. The addition of cannabis proteins to
the extract is covered by one of the claims with a view to a
potential future application for cannabis cessation. This patent
protects the innovation that NFL-101 is based on through to 2040 in
the United States. This patent is also approved in France through
to 2040. National registration applications are in the review phase
in the following regions and countries: China, Japan, Canada, South
Korea, Australia, Brazil, India, Indonesia, Israel, Mexico,
Philippines, Eurasia, Saudi Arabia, United Arab Emirates,
Nigeria.
Co-development agreement for NFL-301, a
drug candidate to reduce alcohol consumption
In February 2022, NFL Biosciences set up a
co-development agreement with ATHENA Pharmaceutiques, a market
leader for the development and manufacturing of oral delivery
drugs, to develop and produce NFL-301, a natural drug candidate
from NFL Biosciences aimed at reducing alcohol consumption.
2021 full-year earnings (January 1 -
December 31, 2021)
The full-year financial statements for 2021,
prepared in accordance with French GAAP, were approved by the Board
of Directors during its meeting on March 24, 2022. The audit
procedures on the annual accounts have been finalized. The
auditors' reports will be issued after finalization of the
Management Report, prior to the publication of the Annual Financial
Report.
The initial public offering on Euronext Growth
Paris in July 2022 led to an issue premium of €4,960,724.34, with
€3,287,481 of shareholders’ equity. The gross amount received came
to €5m.
EBIT totaled €(978K), reflecting the costs
incurred to set up the CESTO II clinical trial, including the
strengthening of the team from the third quarter of 2022, the
manufacturing of active ingredient batches, and the payments to the
CROs.
To optimize these resources, NFL Biosciences is
deploying various financing arrangements, which are reflected in
the €270.7K of debt and the research tax credit for €141.8K.
Various applications for additional public funding are underway in
France and in other countries.
Corporate
accounts (€) |
December 31, 2021(12 months) |
December 31, 2020(12 months) |
Net revenues |
- |
- |
Total operating income |
39 |
3 |
EBIT |
(901,867) |
(318,028) |
Financial income (expense) |
(217,643) |
- |
Non-recurring income (expense) |
- |
4,984 |
Net income |
(978,243) |
(261,500) |
|
|
|
Shareholders’ equity |
3,287,481 |
150,025 |
Intangible assets (patents) |
124,034 |
108,946 |
Liabilities |
270,749 |
174,613 |
Cash and cash equivalents |
3,039,570 |
310,201 |
Balance sheet total |
3,685,207 |
576,638 |
Outlook for 2022
Dr Ignacio Faus, NFL Biosciences CEO, commented:
“NFL Biosciences is continuing to roll out the Phase II/III
clinical trial for NFL-101 (smoking cessation), as well as the
development of NFL-201 (cannabis addiction) and NFL-301 (aimed at
reducing alcohol consumption).
In line with our international development
strategy, the company will be ramping up its initiatives enabling
the development of NFL-101 and NFL-301 in the United States. Within
this framework, various meetings are planned with the US FDA,
focused primarily on ensuring that the development plan for the
drug candidates and the future clinical trials are acceptable for
the FDA.
During the Covid-19 pandemic, consumption of
tobacco and alcohol has increased dramatically in most countries.
More than ever, there is a need for safe, effective and natural
medicinal products that will have a long-lasting impact on the
lives of the millions of people who would like to stop smoking and
reduce their alcohol consumption”.
About NFL
Biosciences
NFL Biosciences is a biopharmaceutical company
based in the Montpellier area which develops botanical drug
candidates for the treatment of addictions. NFL Biosciences'
ambition is to bring new, natural, safer and more effective
therapeutic solutions to the entire world population, including
low- and middle-income countries. Its most advanced product, called
NFL-101, is a standardized, nicotine-free tobacco leaf extract
protected by two patent families. NFL Biosciences intends to offer
smokers who want to quit a natural, safe, easy-to-administer and
personalized alternative. NFL Biosciences is also developing
NFL-301, a natural drug candidate for the reduction of alcohol
consumption and has a drug development project for the treatment of
cannabis use disorders.
The shares of NFL Biosciences are listed on
Euronext Growth Paris (FR0014003XT0 – ALNFL). Find out more at
www.nflbiosciences.com
Contact
Bruno Lafont – info@nflbiosciences.com - +33 4
11 93 76 67
Agence Calyptus – nflbiosciences@calyptus.net -
+33 1 53 65 68 68
1 Agence nationale de sécurité du médicament et des produits de
santé
NFL Biosciences (EU:ALNFL)
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