A record turnover for Q2 2010 reflecting the successful US FDA approval
BioAlliance Pharma SA (Euronext Paris – BIO), a company dedicated to the supportive care and treatment of cancer patients, today announced a turnover of €15.2 million for the second quarter of 2010 versus €1.5 million in Q2 2009.
Turnover and Cash
This dramatic increase is directly linked to the successful approval of Loramyc® in the US under the brand name Oravig™ in April 2010, and upon which BioAlliance has received a $20 million milestone payment from its commercial partner, Strativa Pharmaceuticals, fully recognized as revenue (€14.8 million).
“The US approval of OravigTM is a major step for BioAlliance Pharma that reflects the expertise of its teams”, declares Dominique Costantini, CEO of BioAlliance Pharma. “We are the only small and medium-sized innovative French Company to have a drug approved on the US market, the largest market worldwide. Our US partner, Strativa Pharmaceuticals, is actively preparing the launch of OravigTM after the summer. BioAlliance has now some advanced products capable to generate global revenues and long-lasting growth”.
Beside this significant achievement, income from licensing agreements totaled €0.3 million. This includes notably royalties from Therabel on Loramyc® sales in France and the first supply of OravigTM to the US partner, Strativa Pharmaceuticals.
BioAlliance Pharma cash reserves have been reinforced by the payments received from Therabel in March (for a total of €7.5 million) and from Strativa Pharmaceuticals in April (€14.8 million) and thus amount up to €28.9 million as of June 30, 2010. This total includes the reimbursement of the 2009 research tax credit of €1.8 million received in May. “This increase in our cash reserves, with non-dilutive revenues from our licensing agreements, demonstrates the relevance of our strategic options, and allows us to fund our growth based on our product portfolio”, underlines Nicolas Fellmann, Chief Financial Officer of BioAlliance Pharma.
During the second quarter, BioAlliance Pharma has carried on discussions with Health Authorities and is planning the European registration file submission of acyclovir Lauriad® in mid-2011, based on the final positive results of its pivotal phase III clinical trial including more than 700 patients. In addition, the Company is pursuing the clinical development of three promising products in the areas of supportive care and orphan cancers: clonidine Lauriad® in radio- and chemo-induced oral mucositis, fentanyl Lauriad® in cancer chronic pain and AMEP®, a biotherapy in metastatic melanoma.