Deinove: Financial Results to December 31st 2010
The 2010 accounting period was marked by progress in the company's research and development programs, a successful listing on the Alternext stock market, the structuring of several key technological and commercial collaborations and the award of additional public financial support. On the financial front, the company's operating costs amounted to 3.137 M€ over the accounting period (80% of which corresponded to R&D expenditure). The company's net financial position of 11.708 M€ on December 31st, 2010, is enough (in conjunction with the newly awarded public financial support) to cover the needs of its R&D programme to 2013.
Commenting on the financial results, Deinove CEO Jacques Biton stated: "2010 marked a clear change of scale in the company's development. Thanks to our IPO and our search for environmentally and economically viable alternatives to fossil energies and petrochemically derived compounds, many investors have placed their trust in us and have given us the resources we need to accelerate our R&D programmes. With the grants that have already been awarded to the company, we believe that we now have enough resources to take our projects successfully to the industrialisation phase. From that standpoint, our collaboration with Tereos - one of the world's leading sugar, ethanol and starch companies - is a key element in transforming our innovations into industrial solutions".