Plus 5 per cent growth of Hybrigenics’ operating revenues
An exceptional revenue of EUR 0.96 million
EUR 3.3 million raised to finance the clinical study of oral inecalcitol in chronic lymphocytic leukemia
Paris, October 18, 2012 – Hybrigenics (ALHYG), a bio-pharmaceutical company listed on Alternext (NYSE-Euronext) in Paris, with a focus on research and development of new treatments against proliferative diseases and specialised in protein interactions, today presents its consolidated accounts for the first half of 2012.
2012 first-half results
EUR (million) H1 2012 H1 2011 Change (per cent)
Total operating revenues 2.1 2.0 plus 5 per cent
Exceptional revenue 1.0 — —
Total revenues 3.1 2.0 plus 55 per cent
Operating costs 4.6 4.4 plus 5 per cent
Operating loss minus 2.5 minus 2.4 plus 4 per cent
Net loss minus 1.5 minus 2.1 minus 29 per cent
Net cash position (end of period) 4.1 2.0 plus 105 per cent
Hybrigenics’ consolidated operating revenues and operating costs both grew by 5 per cent. Operating loss increased from EUR 2.4 to EUR 2.5 million (plus 4 per cent). An exceptional revenue of EUR 0.96 million resulting from the conversion of a loan into a subsidy by the French Ministry of Industry (cf. Hybrigenics’ press release of August 28th, 2012) is the non-recurring reason for the 55 per cent increase in total revenues and for the 29 per cent decrease in net loss.
Hybrigenics’ cash position on June 30, 2012 amounted to EUR 4.1 million compared to EUR 2.7 million on December 31, 2011, and EUR 2.0 million on June 30, 2011. During H1 2012, a total of EUR 3.8 million has been raised: EUR 3.3 million from two consecutive PIPEs in March and EUR 0.5 million earlier in the year from drawings on the equity line agreement with the American fund Yorkville Global Advisors; EUR 8.2 million were still available on this line as of June 30, 2012.
Launch of Phase II clinical study of inecalcitol in chronic lymphocytic leukemia (CLL)
The EUR 3.3 million raised in March 2012 was ear-marked to finance the clinical phase II study of inecalcitol in CLL. As planned, the trial started enrolling patients in September (cf Hybrigenics’ press release of September 11, 2012).
“Hybrigenics has again delivered a solid business performance during the first half of 2012, with an exceptional revenue of EUR 0.96 million booked on top of it,” said Remi Delansorne. “The clinical phase II study of inecalcitol in CLL was successfully financed by a project-driven capital raise in March and has been efficiently implemented within six months.”
Hybrigenics is a bio-pharmaceutical company listed (ALHYG) on Alternext (NYSE-Euronext) in Paris, focusing its internal R&D programs on innovative targets and therapies for the treatment of proliferative cancerous or non-cancerous diseases.
Hybrigenics’ current development program is based on inecalcitol, a vitamin D receptor agonist active by oral administration. Oral inecalcitol has shown excellent tolerance and strong presumption of efficacy for the first-line treatment of metastastic castrate-resistant prostate cancer in combination with Taxotere(R), which is the current gold-standard chemotherapeutic treatment for this indication. Oral inecalcitol has recently been studied in a clinical trial for the treatment of moderate-to-severe psoriasis, and is currently being tested in chronic lymphocytic leukemia patients.
Hybrigenics has a research collaboration with Servier on deubiquitinating enzymes and their inhibitors in oncology, neurology, psychiatry, rheumatology, ophthalmology, diabetes and cardiovascular diseases. Hybrigenics continues to build on its pioneer research position in the field of ubiquitin-specific proteases by exploring their role in other areas of particular relevance, such as inflammation and virology.
Hybrigenics Services (http://www.hybrigenics-services.com), a fully-owned subsidiary, is the market leader in Yeast Two-Hybrid (Y2H) and related services to identify, validate and inhibit protein interactions for researchers in all areas of life sciences, using its ISO 9001-certified high-throughput Y2H screening platform, its sophisticated bioinformatics tools and extensive database, along with its chemical library and chemical screening platform.