105 0 Kommentare Poxel Reports Cash and Revenue for the Full Year 2023 and Provides Corporate Update

Regulatory News:

POXEL SA (Euronext: POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, today announced its cash position and revenue and provided a corporate update for the twelve months ended December 31, 2023.

Thomas Kuhn, Chief Executive Officer of Poxel, stated: “We remain focused and continue to concentrate all our efforts at securing financing options, prioritizing non-dilutive solution, and partnerships. In particular, our relentless work as well as TWYMEEG’s robust performance in Japan had led to the ongoing exclusive advanced discussions with a leading investor for monetizing royalties on TWYMEEG sales in Japan. We’ve also progressed our advanced discussions – in some cases on an exclusive basis – with several potential partners for each of our three proprietary products. Our goal is still to finalize one or more of these financing options and/or partnerships by the end of the first quarter of 2024 to start as soon as possible the next chapter of Poxel in rare metabolic diseases.”

Commercial Update

TWYMEEG (Imeglimin)

For the quarter ended December 2023, TWYMEEG sales in Japan were of JPY 851 million (EUR 5.5 million)¹ as reported by Sumitomo Pharma.
For its FY 2023, Sumitomo Pharma announced a forecast for TWYMEEG of JPY 4.2 billion³ (EUR 26.9 million)¹, which would represent a 90% increase over FY 2022 TWYMEEG gross sales. Based on this conservative assumption, Poxel expects to receive 8% royalties on TWYMEEG net sales. As part of the Merck Serono licensing agreement, Poxel will pay Merck Serono a fixed 8% royalty based on the net sales of TWYMEEG, independent of the level of sales.
During Sumitomo Pharma’s FY 2024 (ending March 31, 2025), Poxel expects TWYMEEG net sales in Japan to reach JPY 5 billion (EUR 35.6 million)¹ entitling Poxel to receive 10% royalties on all TWYMEEG net sales and a sales-based payment of JPY 500 million (EUR 3.6 million)¹. Beyond Sumitomo Pharma’s FY 2024, Poxel expects to receive escalating double-digit royalties as well as additional sales-based payments upon achievement of contractually based sales thresholds.
For territories not covered by its agreement with Sumitomo Pharma, Poxel is still in advanced ongoing discussions with various potential partners for Imeglimin.