DGAP-News

​​​​​​​PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER OF 2021 - Seite 3

Commercial activities
With the addition of GIAPREZA^(R) and XERAVA^(R) to its commercial portfolio, PAION has started to establish its own commercial structures in certain core countries in Western Europe including Germany, UK, Netherlands, Denmark with more to follow to market GIAPREZA^(R) and XERAVA^(R) together with Byfavo^(R). PAION plans to launch all three products in a staggered manner by country beginning in the second half of 2021 so that by the end of 2022, launches will have been conducted in all selected European markets.

Financing activities
In June 2019, PAION signed a financing agreement for a loan of up to EUR 20 million with the European Investment Bank (EIB). The first two tranches amounting to EUR 12.5 million in total were drawn down in February. The third tranche in the amount of EUR 7.5 million is available and will be drawn down shortly.

In April 2021, a rights issue was successfully completed with gross proceeds of EUR 7.8 million. The subscription rate was over 92%. Thereby, the share capital of PAION AG was increased to EUR 71,336,992.00 by using the Authorized Capital 2020 through the issuance of 5,095,499 new shares.

Results of operations, financial position and net assets

Revenues of EUR 3.2 million were recognized in the first quarter of 2021. Of this amount, EUR 2.6 million relate to milestone payments, and EUR 0.6 million relate to the sale of remimazolam API (active pharmaceutical ingredient) to licensees as well as royalties. Royalties from Japan for the first quarter of 2021 are not included in this amount since due to the amendment of the license agreement currently taking place, no corresponding calculation of royalties has been conducted yet by Mundipharma. The royalties from Japan for fiscal year 2020 in the amount of EUR 0.2 million, which are still to be recognized, are also not yet included in the revenues, as the contract amendment with Mundipharma was not yet signed as of the reporting date. In the prior-year period, revenues amounted to EUR 3.5 million and resulted entirely from milestone payments.