GeNeuro

Cash position at December 31, 2020, Business Update and Outlook for 2021

Regulatory News:

GeNeuro (Paris:GNRO) (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases, such as multiple sclerosis (MS), today announced its cash position at December 31, 2020, issued a business update and provided an outlook on its 2021 activities.

“Despite the numerous challenges posed by the COVID-19 pandemic in 2020, GeNeuro has continued to make significant progress in 2020,” said Jesús Martin-Garcia, CEO of GeNeuro. “Early in Q1 2020 we had decided to delay the launch of our new clinical trial of temelimab in MS with clinical researchers of the Karolinska Institutet and the Academic Specialist Center (ASC) in Stockholm, Sweden, to safeguard the wellbeing of MS patients and to prioritize treatment of COVID-19 patients. Thanks to the Karolinska Institutet, the trial resumed at the end of June 2020, as soon as the situation allowed. Despite the ongoing challenges of recruitment in a continuing pandemic, we expect to complete recruitment in February, with only a few weeks of delay, which is a major achievement in the circumstances.”

The trial is conducted at the Center for Neurology of ASC, the largest MS center in Sweden, which treats approximately 2,400 patients. The one-year trial will enroll initially 40 patients whose disability progresses without relapses and will document the safety and tolerability of temelimab following higher doses (up to 54mg/Kg/month), as well as efficacy based on the latest biomarkers associated with disease progression. Results are now expected in Q1 2022.

“In these difficult times, securing our runway is a priority and we have continued our cost containment efforts, largely by reducing our headcount by 30%. Our cash balance at year-end 2020 covers our needs into Q2 2022 providing sufficient financial visibility until the Phase 2 results, and we will continue our efforts to optimize our runway further,” said Miguel Payró, Chief Financial Officer at GeNeuro.

Cash position at December 31, 2020

At December 31, 2020, GeNeuro had €6.8 million in cash and cash equivalents and no debt. Based on its planned activities and operations, the Company estimates that its financial resources are sufficient to cover its upcoming deadlines, operational expenses and investments into Q2 2022 (including the completion of the Karolinska Institutet/ASC Phase 2 trial).