Poxel Provides Corporate Update and Reports Cash and Revenue for the Third Quarter and Nine Months 2023 - Seite 2
Based on:
- this cash position on September 30, 2023,
- the full drawdown of the tranches available under the equity-linked financing with IRIS,
- the current research and development plan, excluding the initiation of Phase 2 clinical POC biomarker studies for PXL065 and PXL770 in AMN, and
- a strict control of its operating expenses,
Poxel expects that its resources will be sufficient to fund its operations and capital expenditure requirements through Q2 2025.
The full drawdown of the IRIS equity linked facility can be made subject to certain conditions described in the Company’s Universal Registration Document. At the date of this press release and only based on the tranches already drawn3 or fully available4, the Company expects that its resources will be sufficient to fund its operations and capital expenditure requirements until January 2024.
Nine Months 2023 Revenue
Poxel reported revenues of EUR 1,619 thousand for the nine months ended September 30, 2023, as compared to EUR 286 thousand during the corresponding period in 2022.
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Revenue for the first nine months of 2023 mostly reflects the JPY 253 million (EUR 1,619 thousand) of royalty revenue from Sumitomo Pharma which represents 8% of TWYMEEG net sales in Japan. Based on the current forecast, Poxel expects to receive 8% royalties on TWYMEEG net sales in Japan through the Sumitomo Pharma fiscal year 2023 (April 2023 to March 2024). As part of the Merck Serono licensing agreement, Poxel will pay Merck Serono a fixed 8% royalty based on the net sales of Imeglimin, independent of the level of sales.
EUR (in thousands) |
Sept. 2023 9 months |
Q3 2023 3 months |
H1 2023 6 months |
Sept. 2022 9 months |
Q3 2022 3 months |
H1 2022 6 months |
Sumitomo Pharma Agreement |
1,619 |
664 |
955 |
286 |
203 |
83 |
Other |
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