Two major industrial deals signed in 2007 in Europe and the US worth more than EUR 80M plus royalties
Paris, July 19, 2007 -- BioAlliance Pharma SA (Euronext Paris - Code Isin: FR0010095596 - BIO), an emerging specialty pharmaceutical company focused on the development of innovative therapeutics targeting drug resistance in cancer, HIV, and opportunistic infections, announced today its revenues for Q2 2007.
BioAlliance Pharma set up its new subsidiary, SpeBio, to sell its innovative Loramyc® product in Europe (except France), as part of its joint venture concluded in March 2007 with SpePharm. The deal with SpePharm will bring BioAlliance up to EUR 29.5 million.
As agreed, BioAlliance has already received EUR 8 million from SpePharm, made up of a EUR 3 million upfront payment accounted for as sales revenue over ten years, and EUR 5 million in the form of a capital increase on May 2 2007.
In June 2007, BioAlliance Pharma signed a fixed price convention agreement with the France’s Economic Committee for French Health Products (CEPS - Comité Economique des Produits de Santé Français) which set the French market price (MPBT) of a daily dose of Loramyc® to EUR 4. The company is making the final preparations for the launch in September 2007 of Loramyc® in France, with its dedicated team of scientific representatives.
Events occurring after the end of the quarter
On July 3 2007, BioAlliance Pharma announced it had signed an exclusive licensing agreement with PAR Pharmaceutical (NYSE:PRX) to sell Loramyc® in the US. The agreement will bring BioAlliance Pharma up to USD 65 million (about EUR 50M) in the form of an upfront payment and additional payments tied to the marketing approval in the US and sales performance. Under the terms of the agreement, BioAlliance received an upfront payment of USD 15 million (about EUR 11M).
This means that BioAlliance Pharma succeeded in totaling EUR 80 million in industrial deals in Europe and the US (EUR 29.5M from SpePharm and EUR 50M from PAR). Some EUR 19M will be paid in 2007. These two deals are in line with the company’s strategy for growth, established with Loramyc®, and confirm BioAlliance Pharma’s attractive position as a European specialty pharma.
Consolidated revenue details
In thousands of euros, excluding sales tax, IFRS compliant 2007 2006
Second quarter 199 73
Q2 sales figures are made up as follows:
• EUR 75 K from the joint venture agreement signed with SpePharm. Under IAS 18 standards, the sales revenue of the upfront payment of EUR 3M is accounted for over a period of 10 years. The sales revenue entered in the accounts on June 30, EUR 75K, take into account the prorata temporis for the year starting January 1, 2007 as well as the consolidation and proportional integration of SpeBio, that led to eliminating 50 per cent of the product;
• As in 2006, EUR 124 K represent the services BioAlliance Pharma provided to Eurofins-VIRalliance (EVI,Inc.).
About BioAlliance Pharma
BioAlliance Pharma SA (Euronext Paris: BIO) is an emerging specialty pharmaceutical company focused on the development of innovative therapeutics targeting drug resistance in cancer, HIV, and opportunistic infections.
The Company is developing three broad product ranges based on the Lauriad® mucoadhesive technology which allows an early and prolonged release of therapeutic agents at the site of the disease, the Transdrug® nanoparticle technology designed specifically for intracellular targeting, and a New Chemical Entities program focused on development of new drugs in oncology and HIV.
BioAlliance Pharma is currently carrying out three Phase III clinical trials:
- A pivotal Phase III clinical trial for Loramyc® in the US further to FDA approval for the treatment of oropharyngeal candidiasis in immunocompromised patients (HIV),
- An international pivotal Phase III clinical trial for acyclovir Lauriad® for the treatment of oral herpes,
- An international pivotal Phase II/III clinical trial for its primary liver cancer treatment doxorubicin Transdrug®. This product has been granted orphan drug status by the EMEA and the FDA.
For press release and other company information, visit www.bioalliancepharma.com.
This communication expressly or implicitly contains certain forward-looking statements concerning BioAlliance Pharma SA and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of BioAlliance Pharma SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. BioAlliance Pharma SA is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
For a discussion of risks and uncertainties which could cause actual results, financial condition, performance or achievements of BioAlliance Pharma SA to differ from those contained in the forward-looking statements please refer to the Risk Factors (Facteurs de Risque) section of the reference document approved by the AMF on 6 April 2007 under the number R. 07-031, which is available on the AMF website http://www.amf-france.org or BioAlliance Pharma S.A.'s website http://www.bioalliancepharma.com.
BioAlliance Pharma SA
President and CEO
Tel: +33 1 45 58 76 01
Chief Financial Officer
Tel: +33 1 45 58 71 00 email@example.com
Tel: +33 1 53 67 36 33
Andrew Lloyd & Associates
Andrew LLOYD Juliette DOS SANTOS
Tel: +33 1 56 54 07 00 Tel: +33 1 56 54 07 04
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