GENFIT Corp. Announces Its Turnover And Cash Position As Of September 30, 2014
(Non-audited data established in accordance with IFRS standards)
Lille (France), Boston (Massachusetts, United States), November 4, 2014 - GENFIT (Euronext: GNFT; ISIN: FR0004163111), a biopharmaceutical company at the forefront of developing therapeutic and diagnostic solutions in metabolic and inflammatory diseases, that notably affect the liver or the gastrointestinal system, today announces a turnover of €1.32 million for the period January 1st to September 30th, 2014 (€1.44 million for the same period in 2013) and an end-of-period cash position of €58.61 million (compared to €24.09 million as of Sept 30, 2013).
The turnover results mainly from the Company's research collaboration with Sanofi.
As of September 30, 2014, the cash, cash equivalents, and current financial instruments of the Company amounted to €58.61 million. The cash position as of September 30, 2013 amounted to €24.09 million.
The third quarter of 2014 was marked by the signature of an extension to the research collaboration contract which links GENFIT and Sanofi in a risk-sharing agreement since early 2011. The aim of this collaboration is the identification and the development, up to marketing authorization, of drug candidates that target the correction of mitochondrial dysfunctions associated with certain metabolic disorders, in particular Type 2 diabetes.
As part of the extension and renewal of this agreement, GENFIT has obtained an increase in the milestone payments linked to the achievement of the different clinical development phases of the drug candidates arising from the collaboration.
About GENFIT:
GENFIT is a biopharmaceutical company focused on the Discovery and Development of drug candidates in fields of high medical need due to a lack of suitable treatment and an increasing number of patients worldwide. GENFIT's R&D efforts are focused on contributing to bringing new medicines to market for patients with metabolic, inflammatory, autoimmune and fibrotic diseases, that affect the liver (such as NASH - Nonalcoholic steatohepatitis) or the bowel (such as the inflammatory bowel disease). GENFIT implements mutually beneficial approaches that combine novel treatments and biomarkers; its research programs have resulted in the creation of a rich and diversified pipeline of drug candidates, including GENFIT's lead proprietary compound, GFT505, that is completing a Phase 2b study in NASH.
With facilities in Lille, France, and Boston, MA (USA), the Company has approximately 80 employees. GENFIT is a public company listed in compartment B of Euronext's regulated market in Paris (Euronext: GNFT; ISIN: FR0004163111). www.genfit.com
Disclaimer:
This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the Listing Prospectus upon the admission of Company's shares for trading on the regulated market Euronext of Euronext Paris filed with the AMF, which is available on the AMF website (www.amf-france.org) or on GENFIT's website (www.genfit.com). This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in GENFIT in any country.
Contacts
GENFIT | Jean-François Mouney - CEO & Chairman of the Management Board | Ph. +333 2016 4000
MILESTONES - Relation Presse | Bruno Arabian | Ph. +331 8362 3484 / +336 8788 4726 - barabian@milestones.fr
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Lille (France), Boston (Massachusetts, United States), November 4, 2014 - GENFIT (Euronext: GNFT; ISIN: FR0004163111), a biopharmaceutical company at the forefront of developing therapeutic and diagnostic solutions in metabolic and inflammatory diseases, that notably affect the liver or the gastrointestinal system, today announces a turnover of €1.32 million for the period January 1st to September 30th, 2014 (€1.44 million for the same period in 2013) and an end-of-period cash position of €58.61 million (compared to €24.09 million as of Sept 30, 2013).
The turnover results mainly from the Company's research collaboration with Sanofi.
As of September 30, 2014, the cash, cash equivalents, and current financial instruments of the Company amounted to €58.61 million. The cash position as of September 30, 2013 amounted to €24.09 million.
The third quarter of 2014 was marked by the signature of an extension to the research collaboration contract which links GENFIT and Sanofi in a risk-sharing agreement since early 2011. The aim of this collaboration is the identification and the development, up to marketing authorization, of drug candidates that target the correction of mitochondrial dysfunctions associated with certain metabolic disorders, in particular Type 2 diabetes.
As part of the extension and renewal of this agreement, GENFIT has obtained an increase in the milestone payments linked to the achievement of the different clinical development phases of the drug candidates arising from the collaboration.
About GENFIT:
GENFIT is a biopharmaceutical company focused on the Discovery and Development of drug candidates in fields of high medical need due to a lack of suitable treatment and an increasing number of patients worldwide. GENFIT's R&D efforts are focused on contributing to bringing new medicines to market for patients with metabolic, inflammatory, autoimmune and fibrotic diseases, that affect the liver (such as NASH - Nonalcoholic steatohepatitis) or the bowel (such as the inflammatory bowel disease). GENFIT implements mutually beneficial approaches that combine novel treatments and biomarkers; its research programs have resulted in the creation of a rich and diversified pipeline of drug candidates, including GENFIT's lead proprietary compound, GFT505, that is completing a Phase 2b study in NASH.
With facilities in Lille, France, and Boston, MA (USA), the Company has approximately 80 employees. GENFIT is a public company listed in compartment B of Euronext's regulated market in Paris (Euronext: GNFT; ISIN: FR0004163111). www.genfit.com
Disclaimer:
This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the Listing Prospectus upon the admission of Company's shares for trading on the regulated market Euronext of Euronext Paris filed with the AMF, which is available on the AMF website (www.amf-france.org) or on GENFIT's website (www.genfit.com). This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in GENFIT in any country.
Contacts
GENFIT | Jean-François Mouney - CEO & Chairman of the Management Board | Ph. +333 2016 4000
MILESTONES - Relation Presse | Bruno Arabian | Ph. +331 8362 3484 / +336 8788 4726 - barabian@milestones.fr
Help employers find you! Check out all the jobs and post your resume.