March 26, 2020 / 6:41 AM / 5 days ago

BRIEF-Paion FY Revenues At EUR 8.0 Mln

March 26 (Reuters) - PAION AG:

* FY REVENUES RECOGNIZED IN REPORTING PERIOD AMOUNTED TO EUR 8.0 MILLION

* CLOSES FISCAL YEAR 2019 WITH A NET LOSS OF EUR 7.0 MILLION COMPARED TO A NET LOSS OF EUR 9.9 MILLION IN PREVIOUS YEAR

* PAION EXPECTS REVENUES OF ABOUT EUR 20 MILLION IN 2020, THEREOF EUR 15 MILLION FROM COSMO FOR MARKET APPROVAL OF REMIMAZOLAM IN U.S.

* 2020 RESEARCH AND DEVELOPMENT EXPENSES ARE EXPECTED TO BE BETWEEN APPROX. EUR 10 MILLION AND APPROX. EUR 12 MILLION

* 2020 INCOME FROM TAX CREDITS ON PARTS OF RESEARCH AND DEVELOPMENT EXPENSES FROM BRITISH TAX AUTHORITIES IS NOT EXPECTED OR ONLY EXPECTED IN A SMALL AMOUNT OF UP TO EUR 0.5 MILLION

* IN CASE OF DELAYS, ESSENTIAL COST BLOCKS AND/OR REVENUES WOULD SHIFT INTO 2021 OR SUBSEQUENT PERIODS

* POTENTIAL EFFECTS OF CORONAVIRUS PANDEMIC ON OUR BUSINESS AND BUSINESS OF OUR PARTNERS COULD LEAD TO DELAYS AND A SHIFT OF REVENUES AND/OR COSTS

* CASH AND CASH EQUIVALENTS AT HAND AND EXPECTED PAYMENTS FROM MILESTONES AND ROYALTIES SECURE A LIQUIDITY RUNWAY INTO SECOND HALF OF 2021

* ADDITIONAL FUNDS COULD BE REQUIRED FOR A POTENTIAL OWN COMMERCIALIZATION OF REMIMAZOLAM IN SELECTED EUROPEAN MARKETS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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