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Home>Lysogene Announces First Half 2017 Financial Results and Business Update

Lysogene Announces First Half 2017 Financial Results and Business Update

Lysogene Announces First Half 2017 Financial Results and Business Update

09/19/2017

Lysogene Announces First Half 2017 Financial Results and Business Update

  • Stepping up the strategic development of the two gene-therapy drug candidates
  • Strengthening the medical and operational management team

Regulatory News:

Lysogene (Paris:LYS) (FR0013233475 – LYS), a leading clinical-stage biopharmaceutical company specializing in gene therapy technology applied to central nervous system diseases, is today reporting its results for the first half of 2017, as approved by the Board of Directors on September 15, 2017, and providing an update on activities.

Karen Aiach, Lysogene’s CEO, made the following comments: “The successful IPO in February has helped accelerating progress in terms of both our clinical operations and our management team. We achieved a number of important strategic milestones during the first half of 2017, including setting-up a unique international observational natural history study in Sanfilippo syndrome A (MPS IIIA), and signing a manufacturing agreement with a first-class contract manufacturing organization based in the US to produce our gene therapy candidate for GM1 gangliosidosis (GM1). This faster development has been supported by the expertise and enthusiasm of our team, which has been strengthened by the arrivals of Mr Philippe Mendels-Flandre, Chief Operating Officer, and Dr Sophie Olivier, Chief Medical Officer. Lysogene will continue this trajectory in the second half of 2017, as we execute the preparation for the phase II/III trial in MPS IIIA”.

Selected financial information for the six months ended June 30, 2017 (IFRS consolidated financial statements)

In thousands of euros   First half 2017   First half 2016
Revenues   -   -
Other income   1,039   616
Research and development expenses   (6,828)   (2,542)
Selling and administrative expenses   (2,242)   (1,107)
         
Operating loss   (8,031)   (3,034)
         
Net loss   (8,251)   (3,233)
Net loss per share (€)   (0.73)   (0.39)
Net cash flow related to operating activities   (7,717)   (4,167)
Net cash flow related to financing activities   22,651   (4)
Change in cash position (excl. forex differences)   14,803   (4,185)
Cash and cash equivalents at the end of the period   21,025   9,079

N.B. Limited review procedures on the statutory and consolidated financial statements as of June 30, 2017, have been performed in accordance with professional standards applicable in France.

Other income amounted to €1.04 million in the first half of 2017, mainly consisting of the R&D Tax Credit (RTC). RTC amount was higher in June 30, 2017 than in June 30, 2016, due to the increase in R&D expenses in the first half of 2017 to €6.8 million as opposed to €2.5 million in the first half of 2016. The increase reflected the Company’s faster development, with a doubling in staff numbers between the first half 2016 and first half 2017, along with activities such as pre-clinical studies on LYS-SAF302 and the manufacturing process development campaign of LYS-GM101, which began in the second quarter of 2017.

Selling and administrative expenses doubled from €1.1 million in the first half of 2016 to €2.2 million in the first half of 2017, mainly because of IFRS 2 impact (share based payment) & IPO-related expenses. Except these impacts, the selling and administrative expenses remain stable.

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