- Expansion of orphan oncology pipeline through acquisition of DNA Therapeutics and lead compound AsiDNATM
- Important development milestones on existing assets:
- Board reinforced with high-profile pharma business and scientific experts and establishment of US subsidiary in New York City
- €19.6M cash-on-hand as of June 30, 2016
Paris (France), Copenhagen (Denmark) – Onxeo S.A. (Euronext Paris, Nasdaq Copenhagen: ONXEO), a biopharmaceutical company specializing in the development of innovative drugs for the treatment of orphan diseases, in particular in oncology, today reported its consolidated half-year financials as of June 30, 2016 and provided an update on the key operational and clinical milestones reached during the first six months of the year.
“The first half of 2016 was an exciting and productive period for Onxeo, with the acquisition of DNA Therapeutics and its cutting-edge siDNA technology platform and several milestones in our Livatag® and Beleodaq® development programs. We have reinforced our Board of Directors with three high-profile executives who bring key international Pharma, Biotech, and R&D expertise to the company especially in oncology and, additionally, we have reinforced our presence in the US with the establishment of a subsidiary, based in New York City. We believe these steps strengthen our position as an emerging international leader in the orphan oncology space. We will continue to execute on this progress in the second half of 2016 in achieving our targeted operational and clinical development goals.” said Judith Greciet, CEO of Onxeo.
Key first-half 2016 operational and corporate highlights
Strengthened product portfolio through the acquisition of DNA Therapeutics and lead compound, AsiDNATM, based on signal-interfering technology
Livatag®: Continued progression of “ReLive” Phase III trial
Beleodaq®: New steps in both product development and commercialization, international expansion
Creation of a US subsidiary
H1 2016 Consolidated Income Statement
Revenues for the first half of 2016 totaled €1.8 million, compared with €1.5 million in the first half of 2015:
Operating expenses remained stable at €13.0 million for H1 2016 compared to €13.5 million in 2015:
The variation of financial income was primarily due to significant positive exchange rate variances booked in 2015.
As of June 30, 2016, consolidated cash position amounts to €19.6 million and provides extended visibility until Q4 2017 compared to previous assumptions.
The complete half-year financial report (regulated information) is available on www.onxeo.com in the sections “Financial information” and “Regulated information” of the “Investors” webpage. The 2016 half-year financial results were subject to a review by the Company’s statutory auditors.