ABIONYX Pharma Provides an Update on Its Business and Cash Position for the First Half of 2023
- Cash of ¬1.9 million (excluding Research Tax Credit) as of June 30, 2023
Regulatory News:
ABIONYX Pharma, (FR0012616852 - ABNX - PEA PME eligible), a new generation biotech company dedicated to the discovery and development of innovative therapies based on the world's only natural recombinant ApoA-I, today provided an update on its business and cash position for the 1st half to June 30, 2023.
The company recorded consolidated half-year sales of ¬2.1 million, after elimination of intra-group transactions. IRIS Pharma recorded half-year sales of ¬2.4 million.
At June 30, 2023, ABIONYX Pharma's cash position stood at ¬1.9 million, before receipt of the Research Tax Credit of ABIONYX Pharma and IRIS Pharma.
Since the beginning of the year, the company has successfully completed its first two batches of GMP (Good Manufacturing Practice) industrial biomanufacturing of CER-001 using an innovative and robust method. ABIONYX thus confirms its ability to produce batches using the new production chain linked to an innovative and efficient approach based on recombinant ApoA-I protein.
To support this strategic biomanufacturing opportunity, the company has chosen to set up an equity-linked financing facility to secure a maximum investment of 12 million euros over the next two years. Under the terms of the agreement, IRIS has committed to finance the Company up to a maximum amount of ¬12,000,000 for a period of 24 months by subscribing to a maximum of 4,800 bonds redeemable in shares to be issued with a par value of ¬2,500 each, in twenty (20) tranches of ¬600,000, (i.e. ¬570,000 Net) each represented by 240 bonds. A second tranche of ¬600,000 was subscribed early August via the exercise of 240 warrants to issue bonds redeemable in new shares.
ABIONYX Pharma is developing two innovative technological platforms: apotherapy only based on the apoA-I and biovectorization using apoA-I complexes as a vector to deliver several active ingredients. These two platforms have multiple possible applications in ophthalmology.
ABIONYX Pharma has chosen to focus its apotherapy approach initially on the ultra-rare LCAT disease, known as Norum's disease, and on uveitis. ABIONYX Pharma's drug candidates for LCAT and uveitis, CER-001 and ABNX-100, respectively, are intended to be administered as systemic intravenous injections to target patients with corneal opacity or ocular inflammation in the setting of uveitis to achieve significant functional 2/3 visual improvement. Last July, the company was granted Compassionate Access Authorization (CAA) in Europe for a fourth patient suffering from LCAT deficiency, known as Norum's disease.
Next financial release: 2023 Half-year results, September 28, 2023
About ABIONYX Pharma
ABIONYX Pharma is a new generation biotech company that aims to contribute to health through innovative therapies in indications where there is no effective or existing treatment, even the rarest ones. Thanks to its partners in research, medicine, biopharmaceuticals and shareholding, the company innovates on a daily basis to propose drugs for the treatment of renal and ophthalmological diseases, or new HDL vectors used for targeted drug delivery.
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Louis-Victor Delouvrier
Nicolas Fossiez
abionyx@newcap.eu
+33 (0)1 44 71 98 53
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Media relations
Arthur Rouillé
abionyx@newcap.eu
+33 (0)1 44 71 94 98
