Quantum Genomics (Alternext - FR0011648971 - ALQGC), a biopharmaceutical company with the mission of developing new therapies for unmet medical needs in the field of cardiovascular diseases, announces its financial results for the first half of the year, ended 30 June 2015. The half-year report is available on the Quantum Genomics website, under the heading Investors > Financial documents. The financial statements as at 30 June 2015, approved by the Board of Directors on 15 October 2015, were reviewed on a limited basis by the statutory auditors.
Key figures in first-half 2015
The first half of 2015 saw costs continue to be tightly controlled and the structure of the balance sheet strengthened following the capital increase with public offering of February 2015.
Operating income was negative €1.9 million (versus negative €1.4 million in the same period the previous year), in line with the acceleration of the Company's R&D programs.
Net loss was €1.8 million (versus €1.3 million for first-half 2014), after taking into account €242K research tax credit.
Cash and cash equivalents at 30 June 2015 amounted to €10.2 million, versus €3.3 million at year-end 2014 (of which €3.0 million bonds converted to equity by offsetting receivables on the occasion of the capital increase of February 2015).
Shareholders' equity at 30 June 2015 was €11.1 million and the Company has no financial debt.
Highlights in first-half 2015
A number of particularly positive events impacted the period:
- In February, a capital increase with public offering, totalling €12.9 million;
- In March, the first patients enrolled at the four clinical trial centres for the start of the Phase IIa trial of drug candidate QGC001 for high blood pressure;
- Still in March, the announcement of the creation of a joint Inserm-Quantum Genomics laboratory at Collège de France with the financial support of the French National Research Agency (ANR), to deepen research into the therapeutic platform for Brain Aminopeptidase A Inhibitors (BAPAIs);
- In late June, publication of the positive results obtained within the planned timescales for the heart failure trial in dogs, conducted in collaboration with a major laboratory in the field of animal health.
Events after the reporting period and recent news
Further significant advances took place since July:
- Research collaboration agreement with the University of Ottawa Heart Institute to speed development in the field of heart failure
On the strength of the promising results obtained from the trial in dogs, Quantum Genomics announced its intention to accelerate its research work on QGC101, the drug candidate for the prevention and treatment of heart failure. Accordingly, it signed a research collaboration agreement with the University of Ottawa Heart Institute to further demonstrate the therapeutic potential of brain aminopeptidase A inhibitors (BAPAIs) in the prevention and treatment of heart failure.
- Preparation of Phase IIa clinical trials for heart failure in humans which will start by June 2016
In parallel, the Company stated its intention to launch a Phase IIa clinical trial in humans for QGC101 by mid-2016. With this in mind, Quantum Genomics recruited Prof Faiez Zannad as lead expert for the preparation of these clinical trials. He will work with Dr Olivier Madonna, Medical Director of Quantum Genomics, to determine the patient typology for this first trial, draft the protocol, select the international hospitals that will be involved and define the objectives.
- Enrolment, four months ahead of schedule, of more than 50% of the patients for the Phase IIa trial for high blood pressure, and the positive assessment by the Monitoring Board for the trial protocol to continue as planned
Four months earlier than initially scheduled, Quantum Genomics announced in early September that it had recruited more than half the patients for the Phase IIa trial for high blood pressure, and that one third of the patients had completely finished the trial. In late September, at the close of its first trial review meeting, the Monitoring Board issued a positive opinion to continue the protocol as planned, given the high patient tolerance for the drug candidate QGC001.
- 22 October 2015: Emerging Leaders in European Healthcare Conference in New York.
- 2 December 2015: A presentation meeting for private shareholders, organized with the French Federation of Private Shareholders and Investment Clubs (F2IC).
- 9 & 10 December 2015: European Midcap Event in Geneva.
ABOUT QUANTUM GENOMICS
Quantum Genomics is a biopharmaceutical company with the mission of developing new therapies for unmet medical needs in the field of cardiovascular diseases, especially high blood pressure and heart failure.
Quantum Genomics is developing a new therapeutic approach based on BAPAI (Brain Aminopeptidase A Inhibition). This is the result of more than 20 years of academic research in the laboratories of the Collège de France, INSERM, CNRS and the University of Paris Descartes.
Quantum Genomics is listed on the Alternext market in Paris (ISIN code FR0011648971, Ticker ALQGC).
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