DGAP-News

​​​​​​​PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER OF 2022 - Seite 4

Cost of sales in the first quarter of 2022 amounted to EUR 0.7 million.

Research and development expenses in the first quarter of 2022 amounted to EUR 1.1 million (prior-year period: EUR 1.3 million).

Compared to the prior-year period, general administrative and selling expenses increased by EUR 1.2 million to EUR 5.1 million in the first quarter of 2022. General and administrative expenses amounted to EUR 1.4 million and were unchanged compared to the prior-year period, and selling expenses increased by EUR 1.2 million to EUR 3.7 million. Selling expenses increased as planned, particularly due to commercialization and supply chain activities for remimazolam, angiotensin II and eravacycline in Europe.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter of 2022 amounted to EUR 15.0 million and increased by EUR 17.2 million compared to the prior-year period (EBITDA in the prior-year period: EUR -2.2 million).

Cash and cash equivalents increased by EUR 9.5 million in the first quarter of 2022. PAION had cash and cash equivalents of EUR 15.9 million as of 31 March 2022. As of that date, EUR 16 million related to the agreement with Humanwell had been received, with the remaining EUR 4.5 million due in June 2022. The remimazolam license agreement for Latin America with Cristália was signed in April 2022, and so the related EUR 3.5 million upfront payment was not reflected in the cash position as of 31 March 2022.

Risks and opportunities
The main risks and opportunities of future development are presented in detail in the Group management report for fiscal year 2021. In the first quarter of 2022, the risks and opportunities did not change significantly.

Outlook 2022
PAION confirms its outlook for the current fiscal year given in March 2022 with the publication of the 2021 consolidated financial statements and group management report. PAION's focus in 2022 will be on the commercialization of its approved products - remimazolam, angiotensin II and eravacycline - and the further build-up of a sales infrastructure in select European countries. Launches are expected in these countries by the end of 2022/early 2023. In addition, PAION expects a decision from the EMA on the extension application to the marketing authorization of remimazolam for general anesthesia in the first quarter of 2023.