GeNeuro Reports 2020 Full-Year Results and Provides Corporate Update

Regulatory News:

GeNeuro (Euronext Paris: CH0308403085 – GNRO), a clinical-stage biopharmaceutical company leveraging the biology of human endogenous retroviruses (HERVs) to develop new treatments to stop the progression of neurodegenerative and autoimmune diseases, reported today its full-year results for the year ended December 31, 2020 and provided a corporate update.

As announced last year, with the Karolinska/ASC clinical trial as its core ongoing project, the Company substantially reduced its cash burn in 2020. GeNeuro’s cash position at year-end 2020 provides good financial visibility until Q2-2022 based on its current activities.

“In Q1 2020 with the start of the pandemic, we had 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, but thanks to our combined efforts, we were able to launch the study in June and completed recruitment in February 2021, which put the trial back on track with much reduced delay,” said Jesús Martin-Garcia, CEO of GeNeuro. “2020 was also a year of significant discoveries in HERV biology, as there is a growing body of evidence that the HERV genes in our DNA interact with SARS-CoV-2 and that HERW-W Env may play a major role in the development of severe forms of COVID-19 and long-COVID neurological syndromes. This may open new short-term applications for GeNeuro’s temelimab.”

“The €17.5 million capital increase, which we completed shortly before the COVID-19 restrictions a year ago, provided GeNeuro with operating capital to Q2-2022, including the completion of the now fully-recruited one-year Karolinska study of higher doses of temelimab in MS patients whose disability is progressing without relapses. In these difficult times, securing our runway is a priority and we have continued our cost containment efforts during 2020, 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,” stated Miguel Payró, Chief Financial Officer at GeNeuro.