105 0 Kommentare Poxel Provides a Financial Update for the First Quarter 2024 and Announces the Postponement of its 2023 Full-Year Results Release

Regulatory News:

POXEL SA (Euronext: POXEL - FR0012432516) (Paris:POXEL), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, today reported its cash position, provided a financial and business update for the first quarter ended March 31, 2024, and announced the postponement of its 2023 full-year results release, in view of the expected closing of a transaction.

Thomas Kuhn, Chief Executive Officer of Poxel, stated: “The increase in TWYMEEG gross sales recorded by our partner Sumitomo Pharma in its fiscal year 2023, has further confirmed the unique value of our asset, paving the way to a strong increase for FY 2024, which could lead to two sales-based payment and double-digit royalties in this next fiscal year. This strong momentum fully supports our efforts to secure a non-dilutive financing option, based on the monetization of royalties from TWYMEEG sales in Japan. We are particularly confident that this agreement will enable us to open the next chapter in Poxel's history, focused on the development of innovative treatments for rare metabolic diseases.”

TWYMEEG (Imeglimin)

Commercial Update

For the quarter ended March 2024, TWYMEEG gross sales in Japan increased significantly over the prior quarter sales. As a result, TWYMEEG gross sales should exceed its FY 2023 guidance of JPY 4.2 billion (EUR 25.7 million)³ driven by a favourable sales trend in Japan. Sumitomo Pharma will report full year results on May 14^th, 2024.
Poxel expects TWYMEEG’s FY 2024 forecast to increase by more than 150% over the prior year sales, which would lead to annual gross sales over JPY 10 billion (EUR 61.2 million)³. Sumitomo Pharma will report FY2024 guidance for TWYMEEG in Japan on May 14^th, 2024.
During Sumitomo Pharma FY 2024 (ending March 31, 2025), Poxel expects TWYMEEG net sales in Japan to reach at least JPY 5 billion (EUR 30.6 million)³ entitling Poxel to receive 10% royalties on all TWYMEEG net sales and a sales-based payment of JPY 500 million (EUR 3.1 million)³. Based on this FY 2024 forecast, Poxel expects that TWYMEEG net sales can also reach JPY 10 billion (EUR 61.2 million)³ which would lead Poxel to receive 12% royalties on all TWYMEEG net sales and a second sales-based payment of JPY 1 billion (EUR 6.1 million)³. Beyond 2024, Poxel expects to receive escalating double-digit royalties as well as additional sales-based payments upon achievement of contractually based sales thresholds.
As part of the Merck Serono licensing agreement, Poxel will pay Merck Serono a fixed 8% royalty based on the net sales of TWYMEEG, independent of the level of sales.
For territories not covered by its agreement with Sumitomo Pharma, Poxel is in ongoing discussions with potential partners for Imeglimin. At the date of this press release, no agreement has been established, and Poxel continues to be committed to asserting its rights in connection with its assets.