PARIS--(BUSINESS WIRE)--Regulatory News:
Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), a clinical-stage biotechnology company specializing in the development of innovative drugs for the treatment of orphan diseases, in particular in oncology, today released its consolidated results for 2016 and its outlook for 2017.
“2016 was a landmark year for Onxeo in several ways. From a clinical standpoint, we continued enrolment for our ReLive trial in the treatment of primary liver cancer with Livatag®, our first drug candidate. This has now been completed on schedule to meet our target of announcing the results of this major study during summer 2017. With Beleodaq® already approved for use in the United States as a second line therapy for peripheral T-Cell lymphoma (PTCL), we continued our efforts to extend its use to other indications and commenced work on developing an oral formulation. From a strategic standpoint, the highlight of the year was the acquisition of the DBait technology and its lead compound AsiDNATM that establishes Onxeo as a pioneer in the high-potential therapeutic area of inhibiting the repair of tumor cells’ DNA. To support the ramp-up in our strategic programs, we have enhanced the performance of our preclinical and clinical operations. All these developments were achieved without compromising on our rigorous cost control, which has ensured that we have the required financial resources to support our future growth,” commented Judith Greciet, Chief Executive Officer of Onxeo.
2016 FINANCIAL HIGHLIGHTS
Recurring revenues grew by 26% compared with 2015. They totaled €3.5 million thanks to the commercialization of Beleodaq® in the United States by our partner Spectrum Pharmaceuticals.
Operating expenses came to €27.6 million, with 57% accounted for by R&D, as ReLive, the international clinical trial of Livatag®, progressed on schedule and AsiDNATM entered the pipeline. General and administrative expenses remained under control thanks to Onxeo’s strict cost control policy.
The research tax credit for 2016, payment for which will be requested in 2017, amounted to €4 million in France and Denmark and was deducted from operating costs in accordance with IFRS.
Onxeo held €29.2 million in consolidated cash at December 31, 2016, demonstrating its healthy financial position that provides visibility until the beginning of 2018. This cash balance includes €12.5 million in net proceeds from the capital increase resulting from the late September 2016 private placement.
Cash consumption amounted to €20.5 million of cash in line with program developments during the year.
Onxeo’s financial statements for the 2016 financial year have been reviewed by its Statutory Auditors and were approved by the Board of Directors on March 7, 2017.
