March 26, 2020 / 5:12 PM / 14 days ago

BRIEF-Poxel FY Net Result Turns To Loss Of 25.8 Million Euros

March 26 (Reuters) - Poxel SA:

* POXEL REPORTS FINANCIAL RESULTS FOR FULL YEAR 2019 AND PROVIDES CORPORATE UPDATE

* SUCCESSFUL COMPLETION OF IMEGLIMIN PHASE 3 TIMES PROGRAM IN JAPAN FOR TREATMENT OF TYPE 2 DIABETES IN OVER 1,100 PATIENTS

* COMPANY IS PROACTIVELY MONITORING AND MANAGING POTENTIAL IMPACTS CAUSED BY CORONAVIRUS (COVID-19) PANDEMIC

* SECURED BOND LOAN FINANCING FOR UP TO EUR 30 MILLION WITH IPF PARTNERS

* AS OF DECEMBER 31, 2019, TOTAL CASH AND CASH EQUIVALENTS WERE EUR 37.2 MILLION (USD 41.8 MILLION), AS COMPARED TO EUR 66.7 MILLION (USD 76.4 MILLION) AS OF DECEMBER 31, 2018

* SUCCESSFUL COMPLETION OF IMEGLIMIN METAVANT TRIAL IN TYPE 2 DIABETES PATIENTS WITH CHRONIC KIDNEY DISEASE (CKD) STAGES 3B/4; ONGOING DISCUSSIONS WITH U.S. FOOD AND DRUG ADMINISTRATION (FDA) FOR PHASE 3 PROGRAM CONTINUE

* SUCCESSFUL COMPLETION OF PXL065 PHASE 1A/1B TRIALS WITH A SINGLE, COMPREHENSIVE PHASE 2 STUDY FOR TREATMENT OF NASH EXPECTED TO INITIATE IN Q2 2020

* ADVANCED PXL770 IN A PHASE 2A STUDY AND SEPARATE PHARMACOKINETIC (PK)/PHARMACODYNAMIC (PD) TRIAL FOR TREATMENT OF NASH; PATIENT ENROLLMENT FOR BOTH TRIALS COMPLETED IN Q1 2020

* JAPANESE NEW DRUG APPLICATION (JNDA) SUBMISSION ON TRACK AND EXPECTED IN Q3 2020 WITH TARGET LAUNCH ANTICIPATED IN 2021

* SECURED BOND LOAN FINANCING FOR UP TO EUR 30 MILLION WITH IPF PARTNERS; CONTINGENT ON ACHIEVING IMEGLIMIN-RELATED MILESTONES AND INCLUDING DEBT COVENANTS

* COMPANY IS PROACTIVELY MONITORING AND MANAGING POTENTIAL IMPACTS CAUSED BY CORONAVIRUS (COVID-19) PANDEMIC

* NET RESULT FOR FINANCIAL PERIOD ENDING DEC 31, 2019 WAS NET LOSS OF EUR 25.8 MILLION, VERSUS ADJUSTED NET INCOME OF EUR 1.3 MILLION IN 2018

* AS OF THIS DATE COMPANY HAS NOT IDENTIFIED OCCURRENCE OF MATERIAL NEGATIVE EFFECT ON BUSINESS DUE TO COVID-19 PANDEMIC

* END-DEC OPERATING LOSS FROM CONDENSED INCOME STATEMENT EUR 24.7 MILLION VERSUS PROFIT OF EUR 0.3 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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