- Cash position of €2.9 million as of June 30, 2020
- Non-binding term sheet signed and extension of 2 months of the procedure for judicial reorganization (PJR) requested
Regulatory News:
ASIT biotech (ASIT BE0974289218) (BSE:ASIT) (Paris:ASIT), a biopharmaceutical company focused on the research, development and future commercialization of breakthrough allergy immunotherapy products, today announces its 2020 half-year results1, and provides a business update.
- The Company continues to minimize its expenses.
- As of June 30, 2020, the Company had a cash position of €2.9 million.
- The Company continues its efforts to valorize its assets.
Significant events after June 30, 2020
- On September 20, 2020, the Company announced that it has signed a non-binding term sheet with a partner in the allergy field and requested an extension of 2 months of the PJR.
The 2020 half-year financial report can be downloaded on the website of the Company under the section Investors Documentation Financial reports
FINANCIAL RESULTS AS OF JUNE 30, 2020
In thousands of euros IFRS | 30.06.2020 | 30.06.2019 |
Revenue | ||
Other Operating Income | 16 | 859 |
Research Development Expenses | -413 | -6,885 |
General Administrative Expenses | -711 | -1,783 |
Operating profit loss | -1,108 | -7,809 |
Financial income expense | -213 | -15 |
Tax | 3 | |
Net profit loss | -1,218 | -7,824 |
The Company has significantly reduced its expenses immediately after the below efficacy threshold results of the Phase III study in grass pollen. The operating loss as of June 30, 2020 amounted to €1.1 million, compared to €7.8 million the previous year.
FINANCIAL STRUCTURE
On June 30, 2020, the Company had a cash position of 2.9 million and had 11,1 million outstanding liabilities.
OUTLOOK
The Company has important milestones to materialize in the second half of 2020:
- To obtain a second extension of its PJR;
- To obtain the approval of its creditors on a plan for reimbursement of its deferred debt under the PJR;
- To close the transaction with the partner so the new group can develop a new generation of allergy products;
- To refinance the new group based on the new equity story;
About ASIT biotech
ASIT biotech is a Belgian biopharmaceutical company focused on the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies.
Further information can be found at www.asitbiotech.com.
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Legal notice
This announcement is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for the Company's shares in any jurisdiction. This announcement does not constitute a prospectus. Any purchase of, subscription for or application for, Shares to be issued in connection with the intended offering should only be made on the basis of information contained in the prospectus and any supplements thereto, as the case may be.
Forward-looking statements
This release may contain forward-looking statements. Such forward-looking statements are not guaranteeing future results. These forward-looking statements speak only as of the date of publication of this document. The Company expressly disclaims any obligation to update any forward-looking statements in this document, unless specifically required by law or regulation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200930005381/en/
Contacts:
Company
Michel Baijot, CEO
ASIT biotech
Tel.: +32 2 264 03 90
investors@asitbiotech.com
