March 16, 2017 / 6:40 AM / 5 months ago

BRIEF-Paion FY net loss shrinks to 20.1 million euros

March 16 (Reuters) - Paion AG:

* Cash position of 30.1 million euros ($32.32 million) as of Dec. 31, 2016

* FY revenues amounted to 4.3 million euros in reporting period, an increase of 4.2 million euros compared to previous year

* FY research and development costs amounted to 23.4 million euros, a decrease of 6.0 million euros compared to prior year

* Net loss of 20.1 million euros was below range of 24.5 million euros to 27.5 million euros projected for fiscal year 2016 (2015: 28.2 million euros)

* Positive remimazolam data in pivotal U.S. Phase III study for procedural sedation during colonoscopy

* To conduct a phase III program in EU, paion currently expects funding needs of approximately 20 million to 25 million euros up until filing, subject to further discussions with regulatory authorities

* In 2017, Paion expects revenues of approximately 5.8 million euros

* Expects research and development expenses to be between approximately 18 million and 20 million euros for 2017, depending on progress of development Source text for Eikon: Further company coverage: ($1 = 0.9313 euros) (Gdynia Newsroom)

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