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Adocia: 2011 annual financial results

22 May 2012

  • version française

Adocia, a biotechnology company specialized in the development of best-in-class medicines with already approved therapeutic proteins, announced on 2nd April 2012 its annual financial results for 2011.

The consolidated financial statements were approved by the Board of Directors of the Company on 30th March 2012.

A strong cash position to accelerate its development

Adocia has recognized EUR 1.6 million of revenues in 2011, compared to EUR 0.1 million in 2010. The completion of clinical studies lead to an increase in the burn rate at EUR 6.1 million in 2011, compared to EUR 4.5 million in 2010.

Company's cash was EUR 5.9 million as of December 31, 2011 and is currently EUR 36.5 million as a result of:

  • the up-front payment received in January 2012 under the fast-acting insulin analog agreement and
  • the funds raised with the Company's IPO in February 2012.

A strategic agreement with a major pharmaceutical group

Adocia has confirmed the value of its technology BioChaperone® by signing at the end of 2011 a license and collaborative agreement with a major pharmaceutical group for the development and commercialization of a new formulation of fast-acting insulin analog.

Under the said agreement, Adocia has already received an up-front payment in the amount of USD 10 million. Additional milestone payments up to USD 156 million are also set depending on the achievement of predefined milestones.

Moreover, Adocia is entitled to receive incremental royalties on net sales of the product.

Promising clinical results for the development of its products

In 2011 Adocia has successfully completed two phases I and IIa clinical studies for diabetes treatment with its fast-acting human insulin, HinsBet®. Clinical development will be pursued with an optimized formulation of HinsBet®, which should be tested in a new phase IIa study during the fourth quarter of 2012.

Adocia has also completed a phase I/II clinical study on its BioChaperone® PDGF-BB spray for the healing of diabetic foot ulcer. This study intends to demonstrate the "non-inferiority" of the BioChaperone® PDGF-BB spray compared to Regranex®, gold standard treatment for this pathology.

Statements by Adocia

Gérard Soula, Chairman and CEO of Adocia, makes the following statement: "I am very proud of the key achievements of Adocia in 2011. Adocia today has sufficient resources to implement its strategy: strengthen clinical results already obtained, ensure the success of its first licence agreement and negotiate new partnerships on its products".

Valérie Danaguezian, Chief administration and financial officer of Adocia, further states: "With EUR 36.5 million, Adocia has now a very strong cash position, which enables to consolidate its organization and accelerate its growth while keeping its burn rate under control".

Key financial information

2011 operating revenues are increasing by more than 75% compared to 2010. This increase mainly results from research and collaboration agreements with major pharmaceutical companies, in particular for the formulation of monoclonal antibodies.

Moreover, the up-front payment of USD 10 M (EUR 7.6 M), which is amortized over the anticipated duration of the clinical development program, has been partly recognized in 2011.

Operating expenses amounted to EUR 9.7 M in 2011 versus EUR 6.7 M in 2010. More than 85% of these expenses are research and development expenses and reflect increasing efforts on the various projects of the portfolio.

The 2011 net income is a loss of EUR 6.4 M.

Recent events

  • In March 2012, Oséo agreed to grant Adocia a new reimbursable loan of EUR 800,000 to support the development of HinsBet®.
  • In February 2012, Adocia reported Phase IIa clinical results on its fast–acting human insulin, HinsBet®. These results on diabetic patients confirm phase I results.
  • On 20th February 2012, Adocia IPO was successfully completed on the regulated market of NYSE Euronext in Paris (compartment C); Adocia being the first company listed this year in Paris. The company raised a total of EUR 27.4 M, which will permit in particular to finance new clinical studies.

Perspectives

Over the next few months, Adocia intends to pursue its innovation efforts and to accelerate its development, with the completion of new clinical studies aimed at validating the proof of concept of innovative formulations developed by the Company, based on its BioChaperone® technological platform:

  • launch of a phase III study in Q3 2012 in India for the treatment of the diabetic foot ulcer with the PDGF-BB growth factor,
  • launch of a phase I study in Q3 2012 for the treatment of diabetes with fast-acting and slow-acting combo insulins,
  • launch of a second phase IIa study in Q4 2012 for the treatment of diabetes with a fastacting human insulin.

Find out more

Adocia is a biotechnology company specialized in the development of best-in-class medicines with already approved therapeutic proteins. Adocia is based in Lyon (France) and is a member of Lyonbiopôle competitiveness cluster.

Adocia is specialized in insulin therapy and the treatment of the diabetic foot ulcer, one of the main complications of diabetes.

Based on its experience and recognised know-how, Adocia has extended its activities to the formulation of monoclonal antibodies, which are gold standard molecules for the treatment of numerous chronic pathologies (oncology, inflammation, etc.). In this field, Adocia is engaged in collaborative programs with two major pharmaceutical companies.

Adocia's therapeutic innovations aim at bringing solutions to a profoundly changing global pharmaceutical and economic context, characterised in particular by the increased prevalence and impact of the targeted pathologies, population growth and ageing, the need to control public health expenditures and increasing demand from emerging countries.