BioAlliance Pharma SA (Euronext Paris – BIO), a company dedicated to the treatment and supportive care of cancer and AIDS patients, today announced that it had generated a consolidated turnover of €1.5 million during the second quarter of 2009.
Quarterly sales of Loramyc® in France continued to grow strongly, to €0.5 million – multiplied by almost 2.5 in comparison with Q2 2008 and up 15% on Q1 2009. Product sales for the first half of the year amounted to €0.9 million, which is already close to the value recorded for 2008 as a whole (€1 million).
“These figures testify to our dynamic sales & marketing efforts in France, which are underpinned by international expert guidelines and a growing group of hospital-based prescribers”, commented Dominique Costantini, BioAlliance Pharma’s President and CEO. “Since Loramyc®’s launch at the end of 2007, over 33,000 patients have been treated with the product. It is now clear that Loramyc® (which was specifically developed for oropharyngeal candidiasis) is an optimal response to patient needs. These results confirm the value of other programs currently under development – notably as part of our supportive care range for cancer patients”.
The turnover generated by collaborations and licensing amounted to €1 million for the second quarter 2009, compared with €1.5 million for the equivalent period in 2008. The difference is due to the fact that non-recurrent payments received are spread out in the accounts.
Cash and cash equivalents
Available cash and cash equivalents amounted to €22.1 million as of June 30, 2009. This sum takes into account the reimbursement of R&D tax credits for the period 2004-2008 (€4.6 million).
BioAlliance Pharma’s cash position will be further boosted by the $21.5 million in milestone payments already scheduled for 2010 under the terms of existing Loramyc® licensing agreements in the United States and Asia.
The company will also be able to limit its overall expenditure from the second semester 2009 onwards thanks to the receipt of grants-in-aid and a co-promotion agreement:
- receipt of the first tranche of a €6.4 million grant-in-aid from OSEO/ISI (the French state innovation agency) awarded in Q1 2009 for the promising AMEPTM and Zyxine programs in the invasive tumor field.
- co-promotion in France of Seroplex® (escitalopram, Lundbeck’s blockbuster antidepressant), which has just been initiated with hospital-based specialists. “We are delighted to have signed an agreement with such a top-ranking company; this constitutes an acknowledgement of our know-how in oncological supportive care in a hospital environment. Co-promotion of Seroplex® will help optimize our sales & marketing resources”, emphasized Dominique Costantini.
The company has a solid cash position and is actively working towards the signature of further sales & marketing agreements in Europe. Loramyc®, Setofilm™ (ondansetron RapidFilm™) and two other products which leverage the company’s patented muco-adhesive technology make for an attractive product range in supportive care and should thus generate additional short- and mid-term revenues.
State of development of the product portfolio in the second half of 2009
In June, BioAlliance Pharma filed for an NDA for Loramyc® in the United States.
The company obtained Europe-wide approval for imprinting the Loramyc® adhesive tablet and extension of the product’s shelf life to 36 months.
At the April 2009 meeting of the American Association for Cancer Research in Denver, the company presented convincing results on tumor growth inhibition by its novel biotherapy, AMEP™; this paves the way to first-in-human clinical trials of the product for the treatment of metastatic melanoma. At the same meeting, BioAlliance Pharma also presented an oral formulation of irinotecan (developed using the company’s proprietary nanotechnologies); this innovation is designed to improve the drug’s safety, efficacy and ease-of-use in the treatment of colon cancer.