Adocia announces its Q1 2013 revenues

Adocia , a biotechnology company specialized in the development of ‘best-in-class’ medicines from already approved therapeutic proteins, announces today its Q1 2013 revenues.

Detail of the Q1 2013 revenues

In thousands of euros –  IFRS  (non- audited)                        3 months

03/31/13            03/31/12

Licensing revenues                                                          476                   476

Research and collaborative development contracts             –                   761

Revenues                                                                       476             1 237

At EUR 0.5 million at the end of March 2013 licensing revenues were stable compared to the first quarter of 2012. These revenues are essentially related to the amortization of the EUR 7.6 million up-front payment received under the contract signed with Eli Lilly. This contract covers the development of a new formulation of an ultra-fast acting insulin analog. It is recognized in revenues on a linear basis throughout the expected duration of the clinical development program, as set-out in the contract.

For the first three months of 2013, Adocia recorded revenues of EUR 0.5 million compared to EUR 1.2 million over the same period last year. For Q1 2012, Adocia received an additional EUR 0.8 million for the activities performed within the Eli Lilly partnership, as well as for collaborative projects addressing monoclonal antibody formulations. Given the development of these projects over the first quarter of 2013, no revenues related to research and collaborative development contracts have been accounted for.

“The burn rate of the first quarter is in line with our operational plan. Our strong cash position, of EUR 26.8 million, and the high level of interest generated by our development projects allow us to look at the coming years with confidence,” said Valerie Danaguezian, CFO of Adocia.

“We are currently focusing all our efforts on preparing the 2013 clinical studies. At the same time, we have intensified our business development activities. The results obtained so far and the confirmation of the efficacy of our products, which is due soon, are key elements in convincing big pharmaceutical companies,” said Gerard Soula, president and CEO of ADOCIA.

Next scheduled events

General Shareholders Meeting: June 18, 2013 at Chateau de Montchat, 69003 Lyon, France

Release of the 2013 half year results: September 5, 2013

Adocia will participate in:

BIO International Convention: April 22-25, 2013 in Chicago, USA

PEGS (Protein & Antibody Engineering Summit): April 29 – May 3, 2013 in Boston, USA

“Mission Sante Chine”: May 25 – 30, in Shanghai and Beijing, China

ADA (American Diabetes Association) 73rd Sessions: June 21 – 24, 2013 in Chicago, USA

2013 Colorado Protein Stability Conference: July 8 – 11,2013 in Breckenridge, USA

About Adocia:

“Innovative medicine for everyone, everywhere”

Adocia is a biotech company specialized in the development of best-in-class drugs from the innovative formulation of certain already-approved therapeutic proteins.

Adocia is specialized in insulin therapy and the treatment of the diabetic foot, one of the main complications of diabetes. Worldwide, more than 366 million individuals are currently suffering from diabetes (with a forecast of 552 million individuals by 2030, i.e. a 51 per cent increase, reaching 70 per cent in emerging countries). 15 per cent of these patients will develop a foot ulcer during their lifetime. The markets targeted by Adocia represent more than USD 20 billion (USD 17 billion for insulin therapy and USD 3 billion for diabetic foot ulcer healing).

Through its BioChaperone(R) state-of-the-art technological platform, Adocia intends to enhance the effectiveness and safety of therapeutic proteins and their ease of use for patients, with the aim of making these medicines accessible to the broadest public.

Adocia successfully completed two phases I and II studies on the formulation of a fast-acting human insulin and obtained promising phase I/II results on a diabetic foot ulcer-healing product. Adocia also confirmed the value of its technology for the formulation of a fast-acting insulin analog by signing an exclusive worldwide license agreement with a major pharmaceutical company. Furthermore, Adocia is developing a unique combination of fast-acting insulin and slow-acting insulin, for an optimal insulin therapy with one single product.

To be a global leader for the formulation of therapeutic proteins

Based on its experience and recognized know-how, Adocia has extended its activities to the formulation of monoclonal antibodies, which are gold standard molecules for the treatment of numerous chronic pathologies (oncology, inflammation, etc.). In this field, Adocia is engaged in collaborative programs with two major pharmaceutical companies.

Adocia’s therapeutic innovations aim at bringing solutions in a profoundly changing global pharmaceutical and economic context, characterized in particular by the increased prevalence and impact of the targeted pathologies, population growth and ageing, the need to control public health expenditures and increasing demand from emerging countries.

Adocia is listed on the regulated market of NYSE Euronext in Paris (ISIN: FR0011184241, mnemo / Reuters / Bloomberg: ADOC, ADOC.PA, ADOC.FP) and its share included in the Next Biotech index.

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