DGAP-News

Formycon Publishes Half-Year Results for 2021 - Seite 2

The changes compared to the prior-year period are mainly due to investments in our own pipeline. Significant progress was made in the development of the pre-clinical biosimilar candidate FYB206 and the development of the innovative SARS-CoV-2 drug FYB207 was advanced at a fast pace. In collaboration with experienced European manufacturers, Formycon has accelerated the development of the production process for FYB207 and has already produced material at a pilot scale for pre-clinical in vivo studies and begun scale-up to a large GMP scale for clinical trial supply. At the same time, the entire infrastructure for conducting the pre-clinical in vivo studies and starting clinical development was established together with experienced contract companies. The key figures do not yet include income from the approved funding of up to Euro 12.7 million from the Free State of Bavaria as part of the Bavarian Therapy Strategy to combat the COVID 19 pandemic, as a first tranche of Euro 1.5 million was not disbursed until after the reporting date.

As in previous years, the Group's financial position appears to be solid: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled around Euro 33.6 million on the day of reporting. Including short-term receivables and other assets worth around Euro 9.6 million, the Formycon Group held liquid assets of around Euro 42.2 million in total (H1/2020: Euro 26.2 million).

Formycon AG, as the company's central development and operational unit, achieved a turnover of approx. Euro 12.4 million during the first half of 2021 (H1/2020: Euro 12.0 million). The result for this period was Euro -10.1 (H1/2020: Euro -1.3 million).

Dr. Nicolas Combé, CFO of Formycon AG, gave the following statement with regard to the half-year results: "The progress of our development activities, both in biosimilar candidates and in our innovative COVID-19 drug, is reflected in the half-year figures. The submission of the marketing authorization application for our Lucentis(R)¹ biosimilar candidate FYB201 to the FDA and EMA by our licensee also paved the way towards future commercialization revenues. At the same time, we have invested heavily in our own development projects to create sustainable value and thus generate further growth."