GeNeuro Financial Information and Business Update for the Second Quarter 2021
GeNeuro (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases, such as multiple sclerosis (MS), today reported on its 2021 second quarter cash position and issued a business update.
2021 Second-quarter financial information
At June 30, 2021, GeNeuro had €9.2 million in cash, taking into account the net proceeds from the successful capital increase completed on July 13, 2021. The total available cash resources provide GeNeuro with visibility until the end of 2022 in terms of financing all its current and planned activities.
The cash consumption related to GeNeuro’s operating and investing activities in Q2 2021 was
€1.8 million, compared to €2.1 million for the first quarter of 2021. The Q2 2021 cash consumption was slightly above the Company’s expectations due primarily to expenses related to its COVID-19 project and to the delay in the collection of French 2020 Research Tax Credit, now expected for Q3 2021. Taking into account the COVID-19 project expenses and the expenses related to the preparation of a Phase 3 in MS, full-year cash consumption is now estimated at approximately €6.3 million, compared to €5.2 million announced in April 2021 and €7.2 million spent in 2020.
“The capital increase completed on July 13, 2021, is notably intended to offset the increase in expenses linked to GeNeuro’s new COVID-19 project and to extend the company's cash flow until the end of 2022, in order to give the Company the time to conduct strategic discussions following the upcoming results of the Phase 2 clinical trial evaluating temelimab in MS at the Karolinska Institutet/ASC in Stockholm, Sweden, which are expected in the first quarter of 2022," said Miguel Payró, CFO of GeNeuro. "It will also support further preclinical research of temelimab's potential in Post-COVID patients with neuropsychiatric disorders, including through the partnerships announced on July 5 with CIRI (International Center for Infectiology Research, France) and the FondaMental Foundation, which aim to accelerate the development of diagnostic and therapeutic solutions."