ABIVAX First-Half 2019 Financial Results and Operations Update
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FIRST HALF 2019 FINANCIAL HIGHLIGHTS (Graphic: Business Wire)
Abivax (Paris:ABVX) (Euronext Paris: FR0012333284 – ABVX), an innovative biotechnology company harnessing the immune system to develop treatments for inflammatory diseases, autoimmune diseases, cancer and a functional cure for HIV, today announced its 2019 half-year financial results, as of June 30, 2019, and provided an update on its product pipeline progress. The financial statements for the first half of 2019, approved by the Company’s Board of Directors on Sept. 17, 2019, have been audited and the certification report is being prepared by the Company’s external auditors.
“Abivax has made excellent progress in the first half of 2019, continuing to advance our products through clinical trials, combined with the successfully capital raise with Sofinnova Partners in July 2019, which extends our cash runway until the end of Q2 2020 and provides important validation of our science and strategy by a highly-respected life sciences investor,” said Prof. Dr. Hartmut J. Ehrlich, Chief Executive Officer of Abivax. “We are accelerating development of ABX464, a highly differentiated oral, first-in-class therapeutic candidate, in a Phase 2b trial in ulcerative colitis. We have initiated a Phase 2a trial in rheumatoid arthritis, where ABX464’s rapid and potent anti-inflammatory effects suggest it may have significant potential and are studying ABX196 in hepatocellular carcinoma in a Phase 1/2 study. Now with secured funding in place, we are very much looking forward to moving these promising and highly differentiated drug candidates through clinical development for the benefit of patients with these debilitating diseases.”
Didier Blondel, Chief Financial Officer of Abivax, added: “Our strong cash position of €11.6m, together with Sofinnova’s €12m investment, ensures sufficient funding to cover our working capital needs until the end of Q2 2020. With this backing, we are funding the important clinical trials with ABX464 and ABX196 through notable value inflection points, which will add further impetus to the company’s development. In addition, the company is focusing on converting these successive positive scientific milestones into a major partnering for ABX464, allowing value creation for shareholders.”