Adocia Announces Third Quarter 2019 Financial Results - Seite 3

Moreover, in September 2019, Adocia and Lilly together agreed to file a consent judgment to conclude the civil litigation initiated by Lilly at the Court of the Southern District of Indiana in October 2018. This litigation related to inventorship declarations related to two of Lilly’s US patents for ultra-rapid insulin formulations. The consent judgment was entered by the Court of the Southern District of Indiana on October 6, 2019. Each party will bear its own legal fees and associated costs, without any further financial consequence.

On the financial front, Adocia announced having obtained additional financial resources to accelerate its growth in October 2019 with the establishment of a debt financing plan with IPF Partners, for a maximum amount of EUR 15 million, structured in two tranches of equal amounts. The first tranche of EUR 7.5 million was subscribed immediately upon signing.

Finally, in terms of organization, Adocia announces the departure of Dr Rémi Soula, Director of Business Development and Legal, as of October 18, 2019. Co-founder of Adocia with Gérard and Olivier, Rémi Soula contributed talent and energy to develop the Company during his 14 years tenure. He now wishes to pursue other professional endeavors. The recruitment process for a new Director of Business Development and Legal is ongoing. Gérard Soula will act as interim Director for those activities during the transition period.

About Adocia

Adocia is a clinical-stage biotechnology company that specializes in the development of innovative formulations of therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases. In the diabetes field, Adocia’s portfolio of injectable treatments is among the largest and most differentiated of the industry, featuring five clinical-stage products. Adocia aims to expand its portfolio towards the treatment of other metabolic diseases and their comorbidities.

The proprietary BioChaperone technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use. Adocia customizes BioChaperone to each protein for a given application. Adocia’s clinical pipeline includes four novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analog lispro (BioChaperone Lispro U100 and U200), a combination of basal insulin glargine and rapid-acting insulin lispro (BioChaperone Combo) and a combination of a prandial insulin with amylin analog pramlintide (M1 pram - ADO09). It also includes an aqueous formulation of human glucagon (BioChaperone Glucagon) for the treatment of hypoglycemia. Adocia preclinical pipeline includes combinations of insulin glargine with GLP-1 receptor agonists (BioChaperone Glargine GLP-1) for the treatment of diabetes and a ready-to-use combination of glucagon and a GLP-1 receptor agonist (BioChaperone Glucagon GLP1) for the treatment of obesity. Adocia is also exploring in preclinic the potential of its M1 Pram combination to treat people with type 2 diabetes suffering from neurological comorbidities, including Alzheimer’s disease.