Adocia Announces Third Quarter 2019 Financial Results

Regulatory News:

Adocia (Paris:ADOC) (Euronext Paris: FR0011184241 – ADOC), a clinical stage biopharmaceutical company focused on diabetes treatment and other metabolic diseases with innovative formulations of proteins and peptides, announced today third quarter revenue and net cash position as of September 30, 2019.

• Revenue detail for the third quarter of 2019

In K€ - IFRS rules

3 months

9 months

(unaudited) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Licensing revenue

134

11 096

1 844

43 896

Research and collaboration contracts

-

-

-

-

Other revenue

42

41

126

128

 

 

 

 

Revenue

176

11 137

1 970

44 024

Revenue of EUR 2 million is primarily due to the licensing agreements signed with Tonghua Dongbao (THDB) at the end of April 2018, to develop, manufacture, and commercialize BioChaperone Lispro and BioChaperone Combo in China and other territories in Asia and the Middle East. In 2018, the non-refundable upfront payment from Tonghua Dongbao provided for in the contract, in the amount of USD 50 million, or EUR 41.1 million, had been partially recognized as revenue (EUR 37.1 million).

In the first nine months of 2019, revenue has been recognized upon provision of research and development services performed by Adocia and related to the transfer and development of the products.

Last year, revenue for the first nine months of 2018 was impacted by the recognition of the rights to use the patents granted to Tonghua Dongbao, for EUR 33.6 million, in addition to a contractual milestone payment from Lilly for which Adocia obtained a favorable arbitration judgement in August 2018, for USD 11.6 million or EUR 10.3 million.