June 4, 2020 / 4:16 PM / a month ago

BRIEF-Medincell FY Operating Loss Widens To 19.3 Million Euros

June 4 (Reuters) - Medincell SA:

* MEDINCELL ANNOUNCES FISCAL YEAR CONSOLIDATED RESULTS

* AT MARCH 31 EUR 12.4 MILLION IN CASH AND CASH EQUIVALENTS

* 3.6 MEUR OF RISK-FREE FINANCIAL ASSETS (0.4 MEUR CURRENT + 3.3 MEUR NON-CURRENT)

* AT MARCH 31 EUR 10.9 MILLION OF ADDITIONAL NON-DILUTIVE FINANCING (PGE) -POST-CLOSING

* IN VITRO VALIDATION OF PROTECTIVE EFFECT OF IVERMECTIN ON COVID-19 CELL STRAINS. RESULTS EXPECTED FOR 2020

* EUR 3.1 MILLION OF CIR COLLECTED IN MAY 2020 - POST CLOSING

* EUR 5.0 MILLION TO BE RECEIVED FROM EIB UNDER CONDITIONS

* OBJECTIVE IS TO BE ABLE TO CARRY OUT A PHASE 3 IN 2021 IN EVENT OF A REBOUND OF EPIDEMIC

* AS OF MARCH 31, 2020, PORTFOLIO CONSISTED OF 3 PRODUCTS IN CLINICAL DEVELOPMENT AND 8 PRODUCT CANDIDATES IN FORMULATION OR PRECLINICAL PHASE

* IN VITRO AND IN VIVO DEVELOPMENT AND VALIDATION OF 1-MONTH AND 3-MONTH FORMULATIONS OF IVERMECTIN. FIRST CANDIDATE FORMULATIONS COULD BE READY IN EARLY 2021 FOR REGULATORY DEVELOPMENT

* LAUNCH OF A RESEARCH PROGRAM FOR COVID-19 PREVENTION (PROPHYLAXIS)

* FY REVENUE EUR 2.9 MILLION VERSUS EUR 1.4 MILLION YEAR AGO

* FY OPERATING LOSS EUR 19.3 MILLION VERSUS LOSS OF EUR 15.5 MILLION YEAR AGO

* FY NET LOSS EUR 23.9 MILLION VERSUS LOSS OF EUR 19.7 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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