GeNeuro Reports 2022 Half-Year Results and Provides Corporate Update
GeNeuro (Euronext Paris: CH0308403085 – GNRO), a biopharmaceutical company focused on stopping causal factors driving the progression of neurodegenerative and autoimmune diseases such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and Post-Acute Sequelae of COVID-19 (PASC, long-COVID or post-COVID), today reported its half-year financial results for the period ending June 30, 2022 and provided a corporate update.
On September 29, 2022, the Board of Directors of GeNeuro reviewed and approved the financial statements for the six-month period ended June 30, 2022. The auditors have conducted a review of the condensed consolidated interim financial statements. The half-year financial report is available in the Investors section on www.geneuro.com.
“In March 2022, we presented the successful ProTEct-MS Phase II top-line results, which has met our key objective of showing that temelimab could bring additional benefits on key markers of neurodegeneration in a population of MS patients already treated with a highly effective anti-inflammatory drug. GeNeuro has resumed discussions with regulatory authorities and with potential partners to define the best development path combining temelimab and anti-inflammatory treatments to treat relapses and disability progression, the key unmet medical need in MS," said Jesús Martin-Garcia, CEO of GeNeuro. "The successful completion of the May 2022 capital increase provides GeNeuro with the means to complete its post-COVID program with temelimab. This trial, which has now started, will be the first personalized therapeutic approach in this indication, as the study will only enroll patients who are positive to the pathogenic W-ENV protein."
“Thanks to the capital increase of May 2022 and a cash balance of €11 million at the end of the semester, our financial visibility extends into Q4 2023 taking into account all costs related to the Long-COVID trial,” said Miguel Payró, Chief Financial Officer at GeNeuro. “The financial results for the first half of 2022, which are largely in line with our expectations, reflect the increase in activity in connection with our long-COVID trial. Indeed, during the first half of 2022 our gross R&D expenses increased by 75% compared to the same period of 2021, primarily due to the launch of a new production of temelimab, our lead drug candidate, in order to meet the needs of the new GNC-501 Phase 2 clinical trial treating long-COVID patients with severe neurological and psychiatric symptoms with temelimab. At the same time, the amount of subsidies and grants more than doubled over the period, to €1.2 million. As for our general and administrative expenses, thanks to our continuing cost containment efforts, these have increased by only 4%, largely thanks to a decrease of 12% in our administrative payroll expense. Overall, due to the increase in our clinical activities, the operating loss has increased from €3.5m to €4.9m in 1H 2022. This loss is in line with our expectations.”