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Theradiag Release: 2013 Half-Year Results and Milestones
10/2/2013 9:23:58 AM
Croissy-Beaubourg, October 2nd, 2013 - THERADIAG (ISIN : FR0004197747, Ticker : ALTER), a company specializing in theranostic and in vitro diagnostic (IVD), today reports its half-year results for 2013 as approved by the Board of Directors on October 1, 2013.
"The half-year results that we present today are in line with expectations. Theradiag is moving forward with its growth strategy based on innovative proprietary assays and notably theranostics, while gradually transitioning out of the distribution of low-value diagnostics products. The strong increase in sales of our Lisa-Tracker portfolio is leading this momentum. The several CE marks obtained and partnerships signed show that we are delivering on our commitment to grow our theranostics portfolio and innovative IVDs" commented Michel Finance, CEO of Theradiag.
THERADIAG generated HY2013 sales of €3.5 million, linked to the anticipated decrease in distribution sales of low-value IVD products, partially offset by the increase in distribution sales of innovative products and in house product sales.
The Company is further advancing its strategic repositioning, focusing on distribution of innovative diagnostics products (e.g. 92% increase in sales of the molecular biology Amplide X tests) and sales of proprietary IVD and theranostics assays.
Sales of in house proprietary tests make up 49% of HY2013 total sales compared to 37% in HY2012, driven by the theranostics portfolio Lisa-Tracker. Sales of Lisa-Tracker grew 142% compared to the same period last year. The theranostics range is now used routinely in 30 European hospitals and 14 international promotion and distribution agreements have been put in place.
The half-year gross margin reflects this favorable shift, increasing by 7 points to 64% over the first half 2013 from 57% over the same period last year.
Exports totaled €1.1 million, making up for 30% of sales - the same level as in HY2012.
- Managing the cost structure while growing new markets for products and theranostics
Operating costs decreased 11% to €4.7 million, compared to €5.2 million at June 30, 2012.
The Company continues its investment efforts in R&D, amounting to €0.2 million in for the first half of 2013 and totaling €0.5 million when including Prestizia (a 100% non-consolidated subsidiary of Theradiag)
After taking into account €0.1 million in research tax credit (Crédit d'Impôt Recherche, CIR), the net loss for the period was €0.7 million compared to €0.1 million in the first half of 2012.
- Solid cash position of €5.4 million
On January 4 2013, the Company decided on a partial exercise of the overallotment option part of its IPO on NYSE Alternext in Paris. The €8.6 million raised provides Theradiag with the financial means to implement its development strategy in France and internationally.
In accordance with the terms of the acquisition contract with Prestizia, Theradiag proceeded with a second payment of €0.5 million in June 2013.
The Company's financial position is sound at June 30, 2013, with a solid available cash balance of €5.4 million.
HY 2013 highlights: theranostics gain momentum
Theradiag further implemented its R&D strategy focused on its innovative and proprietary assays.
Pr. Gérard Tobelem, Chairman of the Board of Theradiag comments: "I am thrilled with the progress made by our research teams. Theradiag is positioning itself as a true leader of theranostics, taking active part in the evolution of our society towards personalized medicine offering individualized monitoring and treatment to every patient. Theranostics are a major improvement in the treatment of auto-immune diseases and cancer, two innovation and value-driving therapeutic fields with growing patient population and unmet medical needs. "
The following milestones were achieved during the first half of 2013:
- CE mark for two new biotherapy monitoring kits further expanding the Lisa Tracker range.
Theradiag now offers a range of seven blood test kits providing comprehensive multi-parameter diagnosis solutions to monitor patients with autoimmune and inflammatory diseases.
- Financial support by Oséo, the French Agency for Innovation for the miRNA project with Splicos. As part of the project, Theradiag will receive €1.2 million for developing and implementing 4 new microRNA-based diagnostics kits. Three assays will be dedicated to HIV /AIDS and one to the monitoring of obesity and associated metabolic disorders treatments.
- Partnership agreement with the Regional Cancer Institute of Montpellier (ICM) to develop microRNA-based theranostics tools for the screening and monitoring of colorectal cancer. As part of the project, Theradiag will identify relevant biomarkers and develop related theranostic assays.
- Opening of a new laboratory dedicated to applied research for the development of microRNA-based assays. Theradiag recruited an miRNA expert as laboratory director and a technician. Both will strengthen the existing teams of Prestizia and work in close collaboration with the team of the French National Scientific Research Council (CNRS) assisting Theradiag in its research.
- CE mark for the proprietary anti-CCP in vitro diagnostic (IVD) kit in rheumatoid arthritis. This test further expands the Fidis portfolio of diagnostic tests for auto-immunes diseases.
Major events since June 30, 2013 close:
- In line with the strategic organization of the company in two divisions, Theradiag appointed two industry experts as Vice Presidents for its business units. Philippe Lestage and Valery Labonne, M.D., respectively head the « In Vitro Diagnostics » and « Theranostics » business units of the Company.
- Final payment (in shares) for Prestizia, in accordance with the terms of the 2012 acquisition contract. Prestizia and its innovative miRNA platform make Theradiag a pionner of miRNA-based theranostics.
- Strengthening of the management team of Prestizia with the appointment of Odile Prigneau, previously head of marketing for Theradiag, as General Manager.
Distribution of two new multiplexed molecular diagnostic assays that simultaneously test for multiple causes of respiratory viruses and infectious gastroenteritis. These new tests strengthen Theradiag's positioning in the expanding molecular diagnostic market.
Backed by its expertise in the distribution, development and manufacturing of in vitro diagnostic tests, Theradiag innovates and develops theranostic tests (combining treatment and diagnosis) that measure the efficiency of biotherapies in the treatment of autoimmune diseases, cancer and AIDS. Theradiag is thus participating in the development of "customized treatment", which favors the individualization of treatments, the evaluation of their efficiency and the prevention of drug resistance. Theradiag markets the Lisa-Tracker range (CE marked), which is a comprehensive multiparameter diagnosis solution for patients with autoimmune diseases treated with biotherapies. Theradiag is also developing new diagnostic markers thanks to its microRNA platform, which will allow specific biomarkers to be identified in order to guide therapy and will be first and foremost applied to the treatment of AIDS. The Company is based in Marne-la-Vallée, near Paris, and in Montpellier, and has some 50 employees.
For more information about Theradiag, please visit our website: www.theradiag.com
Tél: 01 64 62 10 12
and investor relations
Valentine Brouchot /
Tél. : 01 44 71 94 94
Tél. : 06 64 18 99 59
Tél. : 1 70 22 53 86
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