SOPHIA ANTIPOLIS, FRANCE--(Marketwire - March 22, 2013) - Nicox 2012 Financial Results and
Business Update
..................................
Nicox S.A. (NYSE Euronext Paris: COX) today announced its financial results
for
the year ended December 31, 2012, and provided an overview of its
activities.
Michele Garufi, Chairman and CEO of Nicox, said: "In 2012, we made good
progress
in transforming Nicox into an international ophthalmic company driven by
our
world-leading proprietary research platform and our international network
of
collaborations with leading partners in the sector.
"The potential of our NO-donating research platform in the ophthalmic space
was
confirmed by the positive results obtained in a large phase 2b study
conducted
by our partner Bausch + Lomb with latanoprostene bunod, our glaucoma drug
candidate discovered in Nicox's Research Laboratories in Milan. These
results
led Bausch + Lomb to initiate a phase 3 program, which started in January
this
year.
"2012 also saw in October Nicox's first commercial launch managed by our
new
team in the US of AdenoPlus™, a rapid point-of-care diagnostic test for
the
differential diagnosis of acute conjunctivitis licensed from RPS® in
June 2012.
"The organization of the Company has been structured to prepare Nicox for
its
planned expansion as an integrated, international ophthalmic company with a
commercial presence in the US and in the five largest European markets. We
expect continued strong progress in 2013 with further licensing,
co-development
and commercialization agreements for innovative therapeutics and diagnostic
tools "
2012 Operational Summary
* Significant progress towards transforming Nicox into an international
late-stage development and commercial ophthalmic company
* Worldwide in-licensing agreement signed with RPS® for
innovative
diagnostic tests in the ocular field
* US commercial launch of AdenoPlus™, a rapid point-of-care
diagnostic
test for the differential diagnosis of acute conjunctivitis
* Strengthening of the Management Team and of the US business
operations
with appointments of senior executives specialized in the
pharmaceutical
and ophthalmic market
* Positive phase 2b results announced for glaucoma drug candidate
latanoprostene bunod, an NO-donating prostaglandin F2-alpha analog
licensed
by Nicox to Bausch + Lomb
* Milestone payment of $10 million received from Bausch + Lomb in April
2012,
following their decision to continue the development of latanoprostene
bunod
Post Reporting Period Events
* Pivotal phase 3 program for latanoprostene bunod initiated by Bausch +
Lomb
in January 2013; positive phase 2b results presented at the AGS
(American
Glaucoma Society) in San Francisco on March 2nd 2013
* Further strengthening of European and International Operations team
with key
industry hires announced on March 18th 2013
* Expansion of ophthalmic product pipeline with the signature of
exclusive
supply and distribution agreement announced on March 18th 2013 for a
range
of eye care products to be launched from late 2013 onwards
Eric Castaldi, Chief Financial Officer of Nicox, said: "In 2012, Nicox
delivered
a significant increase in revenues as a result of the $10 million milestone
payment received from Bausch + Lomb. As we invest resources to build a
specialized ophthalmic company, our operating expenses are moving from R&D
to
corporate development and commercial activities. As of December 31, 2012,
the
Company had cash and cash equivalents of more than EUR77 million, giving us
the
flexibility to continue our investment in strategic business development
opportunities."
2012 Financial Summary
Nicox's revenues totaled EUR7.6 million in 2012, compared to zero revenue
in 2011.
The revenues recognized in 2012 correspond mainly to the milestone payment
of
$10 million received from Bausch + Lomb in April 2012, following their
decision
to continue the development of latanoprostene bunod (previously known as
BOL-303259-X).
Research and development costs and administrative and selling costs
amounted to
EUR16.7 million in 2012 compared to EUR14.9 million in 2011. This increase
results
from the creation of our own commercial infrastructure and reflects the
ongoing
transformation of Nicox into a commercial ophthalmic company.
Nicox recorded a net loss of EUR10.2 million in 2012, compared to EUR16.6
million in
2011. This significant decrease in the net loss in 2012 is explained by the
increase in revenues recognized over the period as set out above.
On December 31, 2012, the Group's cash and cash equivalents were EUR77.5
million,
compared to EUR93.1 million on December 31, 2011.
Building an international ophthalmic company with a diversified portfolio
of
innovative products
Nicox's objective is to become a new international player in the ophthalmic
market by building a diversified ophthalmic portfolio of innovative
therapies
and diagnostic tools addressing the medical needs of eye care practitioners
and
patients around the world. The Company has defined a differentiated global
growth strategy centred around outstanding international collaborations and
the
establishment of its own marketing & sales structures in the US and in the
five
largest European markets. Nicox is seeking and evaluating M&A
opportunities,
product acquisitions and in-licensing of late-stage development and
marketed
products. The Company is currently in advanced discussions with potential
partners for this purpose.
In addition, the Company is pursuing its own research programmes to
leverage its
proprietary nitric-oxide (NO)-donating research platform in the ophthalmic
area.
Nicox is working in close contact with international Universities and
Research
Centers and is exploring alternative funding options to ensure the
development
of its non-core projects.
Nitric Oxide (NO)-donating research platform enabling advanced
clinical-stage
programs
* Latanoprostene bunod glaucoma drug candidate showed positive results in
phase 2b
* Oral presentation of phase 2b results by Dr. Weinreb at the AGS
(American
Glaucoma Society) in San Francisco on March 2nd 2013
* Latanoprostene bunod in phase 3 clinical program
In January 2012, Nicox and its partner Bausch + Lomb, a global eye health
company, announced positive top-line results from the phase 2b study
conducted
with latanoprostene bunod (previously known as BOL-303259-X and NCX 116) in
413
patients with elevated IOP due to glaucoma and ocular hypertension.
Latanoprostene bunod, a nitric oxide-donating prostaglandin F2-alpha
analog, was
licensed by Nicox to Bausch + Lomb in March 2010.This study showed that
latanoprostene bunod consistently lowered IOP in a dose-dependent manner.
All
four doses tested in the phase 2b trial showed greater IOP reduction
compared
with latanoprost 0.005%, with the differences for two of the four doses
reaching
more than 1mmHg (statistical significance: p <0.01). In light of the
positive
results of the phase 2b study, Bausch + Lomb made an additional $10 million
milestone payment in April 2012 following their decision to pursue further
development of latanoprostene bunod.
The phase 2b results for latanoprostene bunod were presented at the
American
Glaucoma Society 23rd Annual Meeting on March 2nd by Robert N. Weinreb,
MD, chairman & distinguished professor of Ophthalmology, University of
California San Diego and director, Shiley Eye Center and Hamilton Glaucoma
Center. The presentation showed that latanoprostene bunod is effective at
lowering IOP at multiple concentrations in a dose-dependent manner. It also
showed that latanoprostene bunod 0.024% QD statistically significantly
reduced
IOP greater than latanoprost with a similar side effect profile.
In January 2013, Bausch + Lomb initiated a phase 3 clinical program with
latanoprostene bunod. This pivotal phase 3 program includes two separate
randomized, multicentre, double-masked, parallel-group clinical studies,
APOLLO
and LUNAR, designed to compare the efficacy and safety of latanoprostene
bunod
administered once daily (QD) with timolol maleate 0.5% administered twice
daily
(BID) in lowering IOP in patients with open-angle glaucoma or ocular
hypertension. The primary endpoint of both studies, which will include a
combined total of approximately 800 patients, is the reduction in mean IOP
measured at specified time points during three months of treatment. The
phase 3
studies are pivotal for U.S. registration and will be conducted in North
America
and Europe.
Significant progress in the Company's partnership strategy in
ophthalmology:
* Worldwide licensing agreement with RPS® for ocular diagnostics
* Exclusive supply and distribution agreement with a European private
company
for a range of eye care products announced after the period end
In June 2012, Nicox and Rapid Pathogen Screening, Inc (RPS®) entered
into a
licensing agreement granting Nicox worldwide rights to unique point-of-care
tests in the ocular field. The first of these tests is AdenoPlus™, a
rapid
point-of-care diagnostic test for the differential diagnosis of acute
conjunctivitis. The worldwide licensing agreement also covers two
additional
diagnostic tests currently in development: RPS-AP for the combined
detection of
Adenoviral and allergic conjunctivitis and RPS-OH for the diagnosis of
ocular
herpes. In addition, the agreement grants Nicox an exclusive worldwide
option to
negotiate an agreement for an additional product, based on RPS®
meeting certain
milestones which include on-going external discussions. Under the
agreement,
Nicox paid RPS® a total of $4 million in license and option fees. The
financial
terms also include single-digit royalties and potential additional
milestone
payments of up to $2 million. Nicox will also pay half of the development
costs
for the two development-stage products, subject to an agreed budget.
In March 2013, the Company entered into an exclusive supply and
distribution
agreement for a range of eye care products with an undisclosed private
European
pharmaceutical company specializing in ophthalmics. Nicox expects to launch
this
family of products directly and through partners from late 2013 onwards.
These
products have been developed for a major therapeutic class with a
differentiated
formulation. Under the terms of the agreement, Nicox will have exclusive
rights
to market, sell and distribute these products in Europe, Middle East and
Africa.
Nicox will not make any upfront payments.
Commercial-stage company with the launch of AdenoPlus™
In October 2012, Nicox announced the United States (US) launch of
AdenoPlus™,
the first and only FDA-cleared, CLIA-waived(1), rapid point-of-care
diagnostic
test that aids in the differential diagnosis of acute conjunctivitis.
AdenoPlus™ was in-licensed from Rapid Pathogen Screening, Inc
(RPS®) in June
2012. The worldwide licensing agreement grants Nicox exclusive rights to
commercialize AdenoPlus™ to eyecare professionals in the US, as well as
full
exclusive rights to market AdenoPlus™ in the rest of the world.
RPS®
maintains rights to commercialize these ocular tests to primary and urgent
care
professionals in the US.
AdenoPlus™ is CE-marked and is available for sale by Nicox or its
distributors in Europe and other countries. Nicox is focused on obtaining
reimbursement for AdenoPlus™ throughout Europe.
Strengthening of Nicox's management team
Nicox's expanded management team has a successful track record in product
development and commercial launches in the ophthalmic market. In the first
half
of 2012, Jerry St. Peter was appointed Executive Vice President and General
Manager of Nicox Inc., the U.S. subsidiary of Nicox, and Philippe Masquida
was
named Executive Vice President, Managing Director of European and
International
Operations of Nicox Pharma, the new European subsidiary created in August
2012.
Both Jerry St. Peter and Philippe Masquida have extensive senior-level
international experience, notably gained in specialty pharmaceutical and
ophthalmology companies.
Following these appointments, the Company has further strengthened its US
and
international operations with the appointment of specialized senior
commercial
executives. In the US, Jason Menzo has been appointed Director of
Marketing,
Mark Puwal National Director of Sales and Jason Werner Director of
Commercial
Development & Strategic Alliances. In the European and International team,
David
Trevor has joined the Company as Vice President, Managing Director UK and
Head
of the European Sales Force Effectiveness, Davide Buffoni has been
appointed
Managing Director, Spain, and François Ducret has joined as Director
of
International Operations. The strengthening of this operational
infrastructure
gives Nicox an important asset as it seeks to expand its international
business
in the target ophthalmic markets.
Pascal Pfister, former Chief Scientific Officer and Head of R&D, left the
Company in December 2012.
Proprietary research focused on NO-donating compounds in treatment of
ocular
disorders
In line with Nicox's strategic positioning in the ophthalmic space, Nicox
Srl in
Milan is working as a research hub focused on new NO-donating steroids
(including NCX 434 and NCX 422) and on a broad program of next generation
NO-donating compounds. The specialist team at Nicox's Research Center is
working in
close collaboration with Universities and other Research Institutions. The
Company may choose to develop these programs in-house or with a partner.
In the first half of 2012, the Company decided to discontinue any programs
deemed non-core in view of the expansion in the ophthalmic space. As a
result,
Nicox is no longer pursuing the development of NCX 6560, a new molecular
entity
for cardiovascular indications, or research programs targeting neuropathic
pain
(including NCX 1236) and pulmonary arterial hypertension (including NCX
226).
Publications of preclinical results in peer-reviewed journals
In 2012, Nicox presented preclinical results in a number of peer-reviewed
journals:
* In the ophthalmology field, preclinical results obtained with NCX
434(2) were published in the British Journal of Ophthalmology. Preclinical
results
of NCX 250(3),a new sulfonamide carbonic anhydrase inhibitor
incorporating
NO-donating moieties, were published in the Journal of Enzyme
Inhibition and
Medicinal Chemistry.
* In other non-ophthalmology fields, preclinical results for NCX 6560(4),
NCX 429(5) et NCX 466(6) were published in international journals.
Naproxcinod status: Meeting with the FDA on April 3, 2012
Nicox met with the US Food and Drug Administration (FDA) on April 3, 2012,
to
discuss the proposed use of naproxcinod 375 mg twice daily (bid) for the
treatment of signs and symptoms of osteoarthritis (OA) of the knee, under a
proposed new NDA (New Drug Application) that would require additional
clinical
data prior to any such NDA submission.
Having assessed the requirements for further clinical data discussed with
the
FDA and its impact on the overall development program of naproxcinod, Nicox
has
initiated the process of seeking a partner to fund and manage any further
development and potential commercialization of naproxcinod.
Nicox had previously submitted an NDA for naproxcinod 375 mg bid and 750 mg
bid
for the treatment of signs and symptoms of OA not limited to the knee.
NicOx
received a Complete Response Letter in July 2010 stating that the FDA did
not
approve that naproxcinod NDA. Nicox initiated a Formal Dispute Resolution
process in July 2011 regarding that decision involving the previously
submitted
NDA. These were not the topic of the April 3, 2012 meeting.
Subject to Nicox finding a potential partner to pursue the development of
naproxcinod 375 mg bid in knee OA, if the Company moves forward with this
new
NDA, the Company anticipates that the Formal Dispute Resolution process
initiated in July 2011 under the previously submitted NDA would be closed.
Review of the consolidated financial results as of December 31, 2012 and
2011
The 2012 consolidated financial statements, as approved by the
Board of
Directors on March 21, 2013, have been certified by the statutory auditors.
On March 21, 2012, Nicox acquired 11.8% of the shares of Altacor, a
privately-held ophthalmology company based in the United Kingdom, and,
further, entered
into an exclusive option agreement to acquire the remaining shares of
Altacor.
On May 31, 2012, Nicox decided not to exercise the option to acquire the
remaining 88.2 % of equity of Altacor. As at December 31, 2012, the Group
considers that it no longer exercises a significant influence over Altacor
since
its participation in the share capital of Altacor is below 20% and because
Nicox
no longer sits on the Board of Directors of Altacor. Consequently, as of
December 31, 2012, Altacor's financial results are no longer consolidated
by
Nicox.
Consolidated statement of comprehensive income
Revenues
Nicox's revenues totaled EUR7.6 million in 2012, compared to zero revenue
in 2011.
The revenues recognized in 2012 correspond mainly to the milestone payment
of
$10 million received from Bausch + Lomb in April 2012, following their
decision
to continue the development of latanoprostene bunod (previously known as
BOL-303259-X). This amount has been immediately recognized as revenue
because the
Company will not have continuing involvement in the future development of
this
compound under the collaboration agreement signed in 2010.
The 2012 revenues also include initial sales of AdenoPlus™ (EUR0.06
million)
following the signature of the licensing agreement with RPS® in June
2012.
Between July 1st, 2012, and September 30, 2012, the sales of AdenoPlus™
were
made by RPS® on behalf of Nicox. Nicox initiated its own marketing
activities
for AdenoPlus™ in October 2012 and is in the process of building up a
sales
network to support the product.
Cost of goods sold
Cost of goods sold amounted to EUR0.01 million in 2012. This item
corresponds to
the cost of goods sold in relation to the above mentioned sales of
AdenoPlus™
and includes all the direct costs related to the manufacturing of the
products
sold.
Research and development costs, administrative and selling costs
Research and development costs and administrative and selling costs
amounted to
EUR16.7 million in 2012 compared to EUR14.9 million in 2011. In 2012, 39%
of these
costs were related to research and development expenses, 45% to
administrative
expenses (including the corporate development expenses previously reported
as
selling expenses) and 16% to selling expenses. This compared to 60% related
to
research and development expenses and 40% to administrative expenses
(including
the corporate development expenses previously reported as selling expenses)
in
2011. The change reflects the ongoing transformation of Nicox into a
commercial
ophthalmic company.
In 2012, research and development expenses were EUR6.5million, compared to
EUR9.0 million in 2011. In 2012, research and development expenses were
principally related to activities at the research center and ongoing
regulatory
activities for naproxcinod. On December 31, 2012, the Group employed 15
people
in research and development, compared to 36 people at the same date in
2011.
Administrative expenses were EUR7.6 million in 2012, compared to EUR5.9
million in
2011, and include personnel expenses in administrative and financial
functions,
as well as the remuneration of corporate officers, and since 2012,
communication
and business development expenses which were previously reported in selling
expenses. The significant increase in administrative expenses results
mainly
from the business development activities related to the evaluation of
companies
and products to acquire or in-license, and in 2012 include EUR0.7 million
of costs
incurred over the period in relation to the acquisition of 11.8% of
Altacor. On
December 31, 2012, the Group employed 16 people in its administrative
department, compared to 18 people at the same date in 2011.
In 2012, selling expenses totaled EUR2.6 million compared to zero selling
expenses
in 2011. Selling expenses correspond to the costs of building Nicox's
commercial
organization in the US and in Europe following the recent in-licensing and
commercial launch of AdenoPlus™. On December 31, 2012, the Group
employed 12
people in its selling department (no employee on December 31, 2011).
Other income
In 2012, other income was EUR0.8 million compared to EUR0.9 million in
2011. In
2012, other income includes EUR0.5 million of operational subsidies from
the
research tax credit in France and EUR0.3 million of unrealized foreign
exchange
gains.
Other expense
Other expense, which refers principally to restructuring costs, amounted to
EUR0.4
million in 2012, compared to EUR3.6 million in 2011. On December 31, 2012,
the
Group accrued an amount of EUR0.4 million with respect to an undertaking
vis-à-vis
employees of the Italian subsidiary following the restructuring of its
organization late 2012.
Operating loss
The Group generated an operating loss of EUR8.7 million in 2012, compared
to
EUR17.6 million in 2011.
Other results
In 2012, the Group recorded a net financial loss of EUR1.4 million
(including the
share of Altacor's results) compared to a net financial income of EUR1
million in
2011. On December 31, 2012, finance expenses include (i) EUR0.8 million
corresponding to the depreciation of the non-refundable part of the option
fee
paid to RPS® in June 2012 to negotiate an agreement for an additional
product.
This depreciation has been booked due to the fact that the product is still
under development; (ii) EUR0.8 million corresponding to the depreciation of
the
shares held by the Group in Altacor to reflect the fair value of this
participation calculated by Nicox on the basis of the information available
at
the end of the year.
On December 31, 2012, share of loss of associates amounts to EUR0.2 million
and
corresponds to the share of Altacor's loss for 2012 in proportion to the
Group's
holding of Altacor share capital.
The income tax expense incurred by Nicox on December 31, 2012, relates to
tax
from its Italian subsidiary and totaled EUR0.06 million, compared to
EUR0.05 million
in 2011.
Total net loss for the period
Nicox recorded a net loss of EUR10.2 million in 2012, compared to EUR16.6
million in
2011. The significant decrease in the net loss in 2012 is explained by the
strong increase in revenues recognized over the period as set out above.
Consolidated statement of financial position
Intangible assets totaled EUR1.8 million at the end of 2012 and included
EUR1.6
million corresponding to the license fee paid to RPS® for the
worldwide
licensing agreement signed in June 2012.
On December 31, 2012, financial assets amounted to EUR2.5 million,
including EUR0.8
million corresponding to the re-fundable part of the option fee paid to
RPS® in
June 2012, EUR1.4 million representing the fair value of the shares held by
Nicox
in Altacor on December 31, 2012 and EUR0.3 million of security deposits.
The indebtedness incurred by Nicox is mainly short-term operating debt. On
December 31, 2012, the Group's current liabilities totaled EUR4.9 million,
including EUR1.9 million in accounts payable to suppliers and external
collaborators, EUR1.1 million in taxes payable, EUR1 million in accrued
compensation
for employees, EUR0.7 million in other contingencies and liabilities with
respect
to the restructuring cost accrued, and EUR0.2 million in other liabilities.
On December 31, 2012, the Group's cash and cash equivalents were EUR77.5
million,
compared to EUR93.1 million on December 31, 2011.
Nicox S.A.
Drakkar 2 | Bât D | 2405 route des Dolines | CS 10313 | Sophia
Antipolis |
06560 Valbonne | France
T: +33 (0)4 97 24 53 00 | F: +33 (0)4 97 24 53 99
www.nicox.com
...................................
(1) The Clinical Laboratory Improvement Amendments (CLIA) establishes
quality standards for all laboratory testing to ensure the accuracy,
reliability
and timeliness of patient test results regardless of where the test was
performed. A waiver signifies that the test has been classified as a low
complexity device, which allows medical office personnel of CLIA-waived
offices
(not only physicians) to perform it.
(2) Impagnatiello F, Giambene B, Lanzi C, Pini A, Somma T, Bastia E, Ongini
E,
Galassi F, Masini E. The nitric oxide donating triamcinolone acetonide NCX
434
does not increase intraocular pressure and reduces endothelin-1 induced
biochemical and functional changes in the rabbit eye, Br J Ophthalmol. 2012
May;
96(5):757-61.
(3) Fabrizi F, Mincione F, Somma T, Scozzafava G, Galassi F, Masini E,
Impagnatiello F, Supuran CT, A new approach to antiglaucoma drugs: carbonic
anhydrase inhibitors with or without NO donating moieties. Mechanism of
action
and preliminary pharmacology, J Enzyme Inhib Med Chem. 2012 Feb;
27(1):138-47.
(4) Momi S, Monopoli A, Alberti PF, Falcinelli E, Corazzi T, Conti V,
Miglietta D, Ongini E, Minuz P, Gresele P. Nitric oxide enhances the
anti-inflammatory and anti-atherogenic activity of atorvastatin in a mouse
model of
accelerated atherosclerosis, Cardiovasc Res. 2012 Jun 1; 94(3):428-38.
D'Antona G, Mascaro A, Monopoli A, Miglietta D, Ongini E, Bottinelli R.
Nitric
oxide prevents atorvastatin-induced skeletal muscle dysfunction and
alterations
in mice, Muscle Nerve. 2013 Jan; 47(1):72-80. Epub 2012 Oct 5.
(5) Blackler R, Syer S, Bolla M, Ongini E, Wallace JL.
Gastrointestinal-sparing effects of novel NSAIDs in rats with compromised
mucosal defence, PLoS
One 2012; 7(4):e35196.
(6) Pini A, Viappiani S, Bolla M, Masini E, Bani D. Prevention of
bleomycin-induced lung fibrosis in mice by a novel approach of parallel
inhibition of
cyclooxygenase and nitric-oxide donation using NCX 466, a prototype
cyclooxygenase inhibitor and nitric-oxide donor, J Pharmacol Exp Ther. 2012
May;
341(2):493-9.
...................................
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 in
the forward-looking statements.
Risks factors which are likely to have a material effect on Nicox's
business are
presented in the 4th chapter of the « Document de référence,
rapport financier
annuel et rapport de gestion 2011 » filed with the French
Autorité des Marchés
Financiers (AMF) on February 29, 2012 and available on Nicox's website
(www.nicox.com) and on the AMF's website (www.amf-france.org).
...................................
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - DECEMBER 31, 2012
---------------------------------
As of December 31,
2012 2011
---------------------------------
(in thousands of EUR except for
per share data)
---------------------------------
Revenues ...................... 7,614 -
Cost of sales..................... (13) -
Research and development (6,471) (8,998)
expenses.............
Administrative expenses................ (7,621) (5 929)
Selling expenses.................... (2,630) -
Other income...................... 751 866
Other expense..................... (377) (3,569)
Operating loss ...................... (8,747) (17,630)
Finance income ..................... 401 1,055
(6)
Finance expense.................... (1,621)
-
Share of Profit (loss) of
associates............. (217)
Loss before income tax (10,184) (16,581)
Income tax expense.................... (63) (54)
---------------------------------
Net loss........................ (10,247) (16,635)
---------------------------------
Exchange differences on translation of 58 (25)
foreign operations...
Other comprehensive income (loss) for 58 (25)
the period, net of tax
---------------------------------
Total comprehensive income (loss) for
the period, net of tax (10,189) (16,660)
---------------------------------
Attributable to:
- Equity holders of the parent (10,189) (16,660)
- Non-controlling interests - -
=================================
Basic and diluted loss per share
attributable to equity holders of the
parent..................... (0.14) (0.23)
=================================
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - DECEMBER 31, 2012
----------------
As of December
31,
----------------
2012 2011
----------------
(in thousands
of EUR)
----------------
ASSETS
Non-current assets
Property, plant & equipment.............. 791 843
Intangible assets........................ 1,801 117
Financial assets.......................... 2,550 263
Deferred income tax assets ..................... 54 65
----------------
Total non-current assets..................... 5,196 1,288
----------------
Current assets
Inventories.............................. 26 -
Trade receivables.......................... 7 -
Government subsidies receivable.................. 531 866
Current assets ....................... 757 367
Prepaid expenses......................... 154 172
Cash and cash equivalents