February 7, 2019 / 6:47 AM / 8 months ago

Idorsia 'cuts Actelion umbilical cord', says cash pile suffices

FILE PHOTO: Jean-Paul Clozel, CEO of Swiss pharmaceutical company Idorsia, attends an interview with Reuters at the company's headquarters in Allschwil near Basel, Switzerland May 15, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Idorsia founder and CEO Jean-Paul Clozel said his biotech group has the resources to assess trial data and decide what to do with assets, as spending on projects led to a 386 million Swiss franc ($385 million) loss in 2018.

The Swiss company still has total liquidity of 1.22 billion francs, down from 1.35 billion francs on Sept. 30.

Clozel, who spun Idorsia out of Actelion after that drugmaker’s $30 billion sale in 2017 to Johnson & Johnson, last year initiated four late-stage trials of medicines, including against insomnia, brain bleeding, resistant hypertension and rare Fabry Disease.

Clozel, who said Idorsia “cut the umbilical cord” from Actelion over the course of 2018, sees operating expenses of around 570 million francs in the current year, up from 432 million last year, as trials on these and other molecules advance.

“The level of financing required for a diversified drug pipeline can pose certain challenges for a young company,” Clozel said in a statement. “The 505 million francs raised in July 2018 should give us the necessary leeway to assess the clinical data for our late-stage pipeline and then make the appropriate strategic decisions regarding commercialization.”

Reporting by John Miller; Editing by Michael Shields

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