Genomic Vision: Financial Information for the First Half of 2019
July 26 2019 - 12:00AM
Business Wire
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 - GV), a company
specialized in the development of in-vitro diagnostic (IVD) tests
for the early detection of cancers and genetic diseases and
applications for life sciences research (LSR), today announced its
revenue and cash position1 at June 30, 2019.
Revenue for the first half and second quarter of 2019
1st half
2nd quarter
In € thousands – IFRS
2019
2018
2019
2018
Revenue from R&D
collaboration with Quest Diagnostics
150
150
75
75
Sales of products and
services
631
461
211
289
of which: life
sciences research (LSR)
502
319
182
191
of which: in-vitro
diagnostics (IVD)
129
143
29
99
Total revenue from
sales
781
611
286
364
Other revenue
354
872
136
492
Total revenue from
activity
1,135
1,484
422
857
Sales of products and services increased by +37% to €631
thousand in the first half of 2019, notably thanks to the sale of a
FiberVision® platform to the laboratories of University of Oxford
in the first quarter of the year.
By market, the sales analysis is as follows:
- on the LSR segment: +57% to €502 thousand thanks to the sale of
the FiberVision® platform to the University of Oxford;
- on the IVD segment: -10% to €129 thousand, due to the temporary
slowdown of the FSHD test at Quest Diagnostic, despite a
substantial increase in sales in China via the Company’s partner
AmCare.
Total revenue from sales for the first half of 2019 was
€781 thousand (+28%), including €75 thousand from Quest Diagnostics
corresponding to the distribution throughout the year of license
payments.
1 Unaudited data
Total revenue from activity for the first half of 2019
was €1,135 thousand, once other revenue of €354 thousand
corresponding to tax credits (research tax credit, innovation tax
credit) and the end of the R&D subsidy relating to the H2020
BeyondSeq program are taken into account, down 24% compared with
the first half of 2018.
Financial structure at June 30, 2019
Genomic Vision had cash and cash equivalents of €0.6 million at
June 30, 2019 compared with €3.2 million at December 31, 2018. This
figure takes into account:
- the reimbursement of the interest-free loan from Quest
Diagnostics in the fall of 2018 for €0.3 million;
- a €1.5 million bridging loan granted by Winance, repaid via a
capital increase through the offsetting of loans subscribed to by
Winance within the framework of the drawdown of the first €1.5
million tranche of the reserved ABSA (shares with equity warrants
attached) issue in April 2019.
Cash burn over the half year was €3.8 million, including the
social restructuring costs provisioned at December 31, 2018 for
€0.4 million.
On July 9, 2019, Genomic Vision carried out a €1 million capital
increase via the issuance of 10,000,000 new shares at the nominal
price of €0.10 within the framework of the second tranche of ABSA
warrants. The Company has a remaining balance of €2.5 million on
this equity financing line that can be exercised in accordance with
the characteristics indicated in the Prospectus granted visa number
19-122 by the AMF French stock market authority on March 29, 2019,
and notably under the contractual and legal conditions whose
schedule and share price conditions are described in paragraph 4.1
of the Prospectus.
Genomic Vision is studying various options to secure additional
means of financing in order to extend its financial visibility over
the next 12 months.
The Company is postponing the publication of its full first-half
results until the end of September 2019, once the accounts have
been approved by the Management Board and reviewed by the
Supervisory Board.
***
ABOUT GENOMIC VISION
GENOMIC VISION is a company specialized in the development of
diagnostic solutions for the early detection of cancers and serious
genetic diseases and tools for life sciences research. Through the
DNA Molecular Combing, a strong proprietary technology allowing to
identify genetic abnormalities, GENOMIC VISION stimulates the
R&D productivity of the pharmaceutical companies, the leaders
of the diagnostic industry and the research labs. The Company
develops a robust portfolio of diagnostic tests (breast, ovarian
and colorectal cancers, myopathies) and analysis tools (DNA
replication, biomarkers discovery, gene editing quality control).
Based near Paris, in Bagneux, the Company has approximately 30
employees. GENOMIC VISION is a public listed company listed in
compartment C of Euronext’s regulated market in Paris (Euronext: GV
- ISIN: FR0011799907). For further information, please visit
www.genomicvision.com
Membre des indices CAC® Mid & Small et CAC®
All-Tradable
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain
forward-looking statements concerning Genomic Vision and its
business. Such forward-looking statements are based on assumptions
that Genomic Vision considers to be reasonable. However, there can
be no assurance that such forward-looking statements will be
verified, which statements are subject to numerous risks, including
the risks set forth in the “Risk Factors” section of the reference
document dated March 28, 2017, available on the web site of Genomic
Vision (www.genomicvision.com) and to the development of economic
conditions, financial markets and the markets in which Genomic
Vision operates. The forward-looking statements contained in this
press release are also subject to risks not yet known to Genomic
Vision or not currently considered material by Genomic Vision. The
occurrence of all or part of such risks could cause actual results,
financial conditions, performance or achievements of Genomic Vision
to be materially different from such forward-looking
statements.
This press release and the information contained herein do not
constitute and should not be construed as an offer or an invitation
to sell or subscribe, or the solicitation of any order or
invitation to purchase or subscribe for Genomic Vision shares in
any country. The distribution of this press release in certain
countries may be a breach of applicable laws. The persons in
possession of this press release must inquire about any local
restrictions and comply with these restrictions.
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Genomic Vision Aaron Bensimon Co-founder, Chairman &
CEO Tel.: +33 1 49 08 07 50 investisseurs@genomicvision.com
Ulysse Communication Press Relations Bruno Arabian
Tel.: +33 1 42 68 29 70 barabian@ulysse-communication.com
NewCap Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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