Paris (France), October 26, 2017 – 08:00 pm CEST– Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO –
ISIN FR0010095596), (“Onxeo” or the “Company”), a clinical-stage biotechnology company specializing in the development of innovative drugs in oncology, in particular to treat orphan or resistant cancers, today provided a strategy update and announced its consolidated revenues and cash position at September 30, 2017.
Judith Greciet, Chief Executive Officer of Onxeo, said: “Onxeo has reinforced its strategic positioning on some of the most innovative and high-value areas in oncology, including tumor DNA repair inhibition and epigenetics. Based on this strategy, we have a robust and promising development pipeline, despite the discontinuation of the Livatag® liver cancer program. In parallel, we recently divested our two non-core assets in oral pathologies and out-licensed Validive®, a phase III-ready supportive care product. Our core product candidates, notably AsiDNA™, are on track to enter the clinic, with a filing expected by year-end. In addition, we recently introduced platON™, a proprietary platform of decoy oligonucleotides that we intend to leverage to generate in 2018 new oncology compounds with unique mechanisms of action and expand our DNA-targeting focused pipeline.”
Recent corporate highlights (Q3 and post-close events)
The discontinuation of the Livatag® program resulted in the implementation of a cost savings program that includes a workforce reduction of approximately 20% in France. Onxeo is complying with French law, notably with respect to its legal obligation to duly inform and consult its employee representatives on the workforce reduction plan.
Onxeo has appealed this decision and summoned SpePharm and SpeBio B.V. before the First President of Paris Court of Appeal to suspend the provisional enforcement.
Q3 2017 financial information
The Company reported revenues of €5.7 million in Q3 2017, comprised of:
At September 30, 2017, the Company had a consolidated cash position of €27.5 million, excluding the potential impact of the litigation against SpeBio B.V./SpePharm.