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Business Wire
14-05-2025
- Business
- Business Wire
ADOCIA Reports First Quarter 2025 Financial Results and Provides a Business Update
LYON, France--(BUSINESS WIRE)--Regulatory News: Adocia (Euronext Paris: FR0011184241 – ADOC, the 'Company'), a clinical-stage biopharmaceutical company focused on the research and development of innovative therapeutic solutions for the treatment of diabetes and obesity, reports financial results for the first quarter of 2025 and provides a business update. ' Our strategic priority remains securing partnerships for BioChaperone ® CagriSema and M1Pram. Meanwhile, our teams are fully committed to advancing AdoShell ® Islets toward the clinic and encouraging new preclinical data is being presented at several high-profile scientific conferences, ' says Olivier Soula, CEO of Adocia. 'Thanks to the private placement successfully completed in February 2025, along with the upcoming $10 million milestone payment for BC Lispro, we have secured our cash runway until Q2 2026. This allows us to fully focus on creating value for our shareholders, particularly through the conclusion of strategic partnerships,' adds Mathieu-William Gilbert, CFO-COO. 'In addition, we are now looking ahead to the top-line results from the BC Lispro Phase 3 studies in China, which should pave the way for regulatory authorization – associated with an additional $20 million milestone payment - and subsequently, recurring revenues through royalties.' First quarter 2025 financial results Financial highlights for the quarter include the following: Detail of the revenue The revenue of €0.4 million is mainly related to the feasibility study on the AdOral ® technology, applied to a novel incretin for an undisclosed partner. Net Cash Position The Company's cash position stood at €12.2 million as of March 31, 2025, compared to €7.5 million as of December 31, 2024. This position includes €9.7 million received from the private placement completed in February 2025 (see first quarter 2025 highlights below). The cash burn related to activities in the first quarter of 2025 amounted to €6.6 million, compared to €5.8 million in the first quarter of 2024 (excluding financing). Net financial debt (excluding IFRS 16 impacts), consisting exclusively of state-guaranteed loans (PGE), amounted to €3.9 million as of March 31, 2025, down €0.7 million compared to December 31, 2024, following the repayments made during this quarter. The maturity of these loans remains at the end of August 2026. The cash position as of March 31, 2025, of €12.2 million allows the Company to fund its activities until the second quarter of 2026, taking into account the Tonghua Dongbao $10 million milestone to be received at the end of Q2 2025 and the receipt of the Research Tax Credit of €2.8 million, but without considering other potential revenues generated by existing or future partnerships. First Quarter 2025 Highlights End of the equity line (PACEO) entered into with Vester Finance The PACEO financing agreement signed with Vester Finance on March 21, 2024 1, has now been completed. This agreement has enabled Adocia to raise a total of €11.4 million, via the issuance of 1.65 million shares (corresponding to an average exercise price €6.9 per share). Successful completion of a €9.7 million Private Placement On March 28, 2025, Adocia announced the realization of a €9.7 million Private Placement 2, through the issuance of a total number of 2,125,000 new shares, each with one share warrant attached. Gross Proceeds included €0.5 million from Gerard Soula, chairman of the Board and cofounder of the Company, €0.9 million from Vester Finance, an historical investor, €7 million from Armistice Capital and €1.3 million from a limited number of investors. The Company intends to use 50% of the net proceeds of this Private Placement to step up development work on its AdoShell ® Islets project, including toxicology studies and the preparation of clinical batches for the launch of the clinical trial (FIH) and the balance to finance the Company's general corporate purposes and cash runway to Q2 2026. BioChaperone ® Lispro – partnered with Tonghua Dongbao Partner Tonghua Dongbao initiated two Phase 3 studies with Ultra-Rapid Insulin BioChaperone ® Lispro in 509 Type 1 and 978 Type 2 Diabetes people in 2022. The final dosing of the last Type 2 Diabetes patient was announced on December 12, 2024 3, triggering a $10 million payment to be received by Adocia at the end of Q2 2025. The last patient dosed in the Type 1 Diabetes study took place in January 2025, leading to the top-line results in mid-2025. Assuming successful Phase 3 results, Tonghua Dongbao plans on submitting Ultra-Rapid Insulin BioChaperone ® Lispro for Chinese regulatory review in 2025. The granting of Marketing Authorization would lead to an additional milestone payment of $20 million and double-digit royalties on sales to Adocia. BioChaperone ® GLP-1 – Amylin / BioChaperone ® CagriSema The preclinical development of BioChaperone ® CagriSema, which offers a stable combination of cagrilintide and semaglutide in the same delivery chamber, continues as planned. Data generated to date are promising regarding its commercial and manufacturing benefits over the combination of cagrilintide and semaglutide currently being developed by Novo Nordisk which requires each peptide to be in separate chambers, of a single-use pen device. BioChaperone ® CagriSema is expected to offer significant manufacturing advantages, such as enabling it to be included in existing multi-use pen platforms. M1Pram – Ongoing exclusive discussions with Sanofi M1Pram is a fixed combination of insulin and amylin analogs aimed at addressing the unmet medical need of obesity in insulin-dependent individuals. A Phase 2b clinical program in the United States, involving 140 patients with Type 1 Diabetes and a BMI 4 >30kg/m², is in preparation. Adocia has completed the manufacturing of clinical batches. The launch of the clinical trial is conditional on entering an agreement for its financing. Adocia granted Sanofi an exclusive right to negotiate a partnership on M1Pram for €10 million 5. This exclusive right remains in place with ongoing discussions for a global partnership. AdoShell ® Islets The AdoShell ® platform, an immunoprotective biomaterial for cell therapy, continues its preclinical development. Preparatory work to submit a clinical trial application to the regulator remains on track for 2025. The AdoShell ® Islets program has once again been selected to be featured at several conferences in 2025, including the EPITA Symposium, the H.C. Wainwright 3 rd Annual Cell Therapy Conference, the ATTD 2025 conference, the SFD 2025 congress, the ADA 85 th Scientific Sessions, the IPITA World Congress, EISG 2025, and the ISCT 2025 Annual Meeting. AdOral ® Adocia has developed an oral delivery technology for peptides, enabling the transition from injectable to oral forms, and has achieved promising preclinical results on semaglutide (GLP-1). Data on AdOral ® Sema was presented at the ATTD 2025 conference (18 th International Conference on Advanced Technologies & Treatments for Diabetes, 19-22 March, 2025, Amsterdam, The Netherlands). The only GLP-1 commercially available in oral form to date, Rybelsus ®, achieved $3.4 billion in global sales in 2024 6. Oral delivery is a key factor in increasing patient adherence for those with diabetes and/or obesity. Following an initial assessment phase, the AdOral ® technology is currently covered by an R&D collaboration agreement for an application to a novel incretin. All costs related to this agreement are covered by the partner and €0.6 million were recognized in revenue in the first quarter of 2025. AdoGel ® Designed to enable long-term peptide delivery, AdoGel ® is currently being studied on semaglutide (GLP-1). GLP-1, a market that generated over $53 billion in global revenue in 2024, is almost exclusively formulated for weekly injections 7. AdoGel ® 's unique technology could enable monthly or even quarterly injections. New preclinical results were selected for a poster presentation at the ATTD 2025 conference (18 th International Conference on Advanced Technologies & Treatments for Diabetes, 19-22 March, 2025, Amsterdam, The Netherlands) and for an oral presentation at the SFD 2025 congress (Congress of the Société Francophone du Diabète, April 1-4, 2025, Paris, France). About Adocia Adocia is a biotechnology company specializing in the discovery and development of therapeutic solutions in the field of metabolic diseases, primarily diabetes and obesity. The Company has a broad portfolio of drug candidates based on four proprietary technology platforms: 1) The BioChaperone ® technology for the development of new generation insulins and products combining different hormones; 2) AdOral ®, an oral peptide delivery technology; 3) AdoShell ®, an immunoprotective biomaterial for cell transplantation, with an initial application in pancreatic cells transplantation; and 4) AdoGel ®, a long-acting drug delivery platform. Adocia holds more than 25 patent families. Based in Lyon, the company has about 80 employees. Adocia is listed on the regulated market of Euronext ™ Paris (Euronext: ADOC; ISIN: FR0011184241). Disclaimer This press release contains certain forward-looking statements concerning Adocia and its business. Such forward-looking statements are based on assumptions that Adocia considers as being reasonable. However, there can be no guarantee that the estimates contained in such forward-looking statements will be achieved, as such estimates are subject to numerous risks including those set forth in the 'Risk Factors' section of the universal registration document that was filed with the French Autorité des marchés financiers on April 29, 2025, available at Those risks include uncertainties inherent in Adocia's short- or medium-term working capital requirements, in research and development, future clinical data, analyses and the evolution of economic conditions, the financial markets and the markets in which Adocia operates, which could impact the Company's short-term financing requirements and its ability to raise additional funds. The forward-looking statements contained in this press release are also subject to risks not yet known to Adocia or not considered as material by Adocia at this time. The occurrence of all or part of such risks could cause the actual results, financial conditions, performances, or achievements of Adocia be materially different from those mentioned in the forward-looking statements. _________________________________ 1 Press Release, March 21,2024, ADOCIA Announces a €2 Million Fundraising from its two Main Shareholders and a Member of its Management, and the Signature of an Equity Financing Line with Vester Finance 2 For more details on the characteristics of this Private Placement, please refer to the Press Releases, February 26, 2025, ADOCIA Announces the Successful Completion of a €9.7 Million Private Placement, Extending its Cash Runway to Q2 2026; and February 28, 2025, ADOCIA Announces the Settlement-Delivery of its €9.7Million Private Placement 3 Press Release, Dec. 12, 2024, ADOCIA and Tonghua Dongbao Announce the Final Dosing in a Phase 3 Clinical Study of BioChaperone® Lispro, Milestone Associated with a $10 Million Payment 4 BMI stands for Body Mass Index, calculated as the mass of a person in Kg, divided by the square of its height in meters 5 Press Release, July 5, 2023, ADOCIA Grants Sanofi an Exclusive Right to Negotiate a Partnership on M1Pram for 10 Million Euros and Obtains Commitment from Investors to Provide 10 Million Euros in Financing
Yahoo
06-03-2025
- Business
- Yahoo
Nicox Extends Cash Runway into Q4 2025
Press Release Nicox Extends Cash Runway into Q4 2025Flexible equity financing line with Vester Finance of up to 10,000,000 shares over 24 months Immediate upfront payment from Vester Finance of €0.5 million extends the cash runway into Q4 2025, enabling focus on future growth Ongoing discussions and business development outreach underway for NCX 470 U.S. partnership Two NCX 470 clinical readouts in 2025 – Whistler Mechanism of Action in Q2 2025 and Denali confirmatory Phase 3 in Q3 2025 March 6, 2025 – release at 7:30 am CETSophia Antipolis, FranceNicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today announced the extension of its cash runway into Q4 2025 with an initial €0.5 million upfront payment as part of a flexible equity line of financing entered into with Vester Finance. This financing is in the form of a PACEO1 limited to a maximum of 10,000,000 shares (a maximum of 14.5% of the currently issued share capital2 and 9.4% on a full-diluted basis3) over a period of 24 months. '2024 was a period of consolidation for the company and 2025 is about writing the future. Pending the availability of the upcoming Denali data in Q3, partnering discussions for NCX 470 are already underway along with outreach to multiple potential partners, and activities to support a New Drug Application are on track for a U.S. submission in H1 2026 and a potential commercial launch in H1 2027.' said . 'Together with the VYZULTA royalty sale and investment by Soleus Capital in October 2024, this flexible financing with Vester Finance allows us to immediately extend the cash runway into Q4 2025. It enables a focus on the strategic options which could facilitate the development and commercialization of NCX 470 and the future growth of the Company.' Cash runway extended into at least Q4 2025Based on the current cash position, the initial payment from this financing and expected milestone income from existing agreements, the Company estimates that it is financed into Q4 2025, beyond the topline results from the Denali trial. This cash runway could be further extended depending on the performance of the line of financing. If any of the assumptions around estimated income or costs change, this may impact the cash runway of the Company. Terms of the flexible equity line financingUnder the terms of the agreement signed on March 5, 2025, Vester Finance agreed to subscribe for a maximum of 10,000,000 shares in the Company, representing up to 14.5% of the share capital, and 9.4% on a fully-diluted basis3, at its own initiative, over a maximum period of 24 months, subject to certain customary contractual conditions. The shares will be issued based on the average stock market price preceding each issuance4, less a maximum discount of 6.5%, in compliance with the pricing policy and the cap set by the Annual General Meeting5. The net proceeds of the share issue will be paid out as after deduction of a fee of 2.5%.At the current share price6, the total gross proceeds of this financing would potentially be €3 million. This amount is dependent on market conditions. Nicox has committed to use up to 50% of the PACEO line, after which the Company has the right to terminate the agreement at any full use of this equity line, a shareholder holding 1.00% of Nicox's capital before the transaction would see a reduction in his stake to 0.87% of the capital. This transaction was authorized by the Chief Executive Officer using a delegation granted by the meeting of the Board of Directors of March 5, 2025, who themselves used the delegation granted by the General Meeting of the shareholders of the Company on May 6, 2024 under the 8th resolution7. There is no requirement for a prospectus to be submitted to the Autorité des marchés financiers (AMF).This equity line financing was structured and underwritten by Vester Finance, a European company which regularly invests in small-cap growth companies, particularly in the healthcare and biotech sectors. Vester Finance, acting here as an investor with no intention of remaining a shareholder, may sell the shares over a short or long period time. Risk FactorsRisks factors which are likely to have a material effect on Nicox's business are presented in section 3 of the 'Rapport Annuel 2023' and in section 4 of the 'Rapport semestriel financier et d'activité 2024' which are available on Nicox's website ( sale of the shares is likely to have an impact on the volatility and liquidity of the stock, as well as on the Company's share price. The number of shares issued under this transaction and admitted to trading will be announced on the Company's website. About Nicox Nicox SA is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox's lead program in clinical development is NCX 470 (bimatoprost grenod), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Nicox also has a preclinical research program on NCX 1728, a nitric oxide-donating phosphodiesterase-5 inhibitor, with Glaukos. Nicox's first product, VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, is available commercially in the U.S. and over 15 other territories. Nicox generates revenue from ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Harrow, Inc. in the U.S., and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets. Nicox, headquartered in Sophia Antipolis, France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX) and is part of the CAC Healthcare index. For more information Analyst coverage H.C. Wainwright & Co Yi Chen New York, views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports. Contacts NicoxGavin SpencerChief Executive OfficerT +33 (0)4 97 24 53 00communications@ Disclaimer This press release and the information contained therein do not constitute an offer to sell or an offer to subscribe, or a solicitation to purchase or to subscribe Nicox's shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The distribution of this press release may be restricted in certain jurisdictions by local law. Persons coming into possession of this press release are required to comply with all local regulations applicable to this press information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking factors which are likely to have a material effect on Nicox's business are presented in section 3 of the 'Rapport Annuel 2023' and in section 4 of the 'Rapport semestriel financier et d'activité 2024' which are available on Nicox's website ( this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail. Nicox Sophia Antipolis, Bâtiment C, Emerald Square, Rue Evariste Galois, 06410 Biot, FranceT +33 (0)4 97 24 53 00 1 Programme d'Augmentation de Capital par Exercice d'Options (Capital increase program through exercise of warrants)2 Non-diluted share capital as of 5 March 2025 3 Taking into account the issue of 37,129,720 new shares issuable at the date of this press release on the exercise of stock options (1,187,205 shares), the vesting of restricted stock (4,078,177 shares), the exercise of warrants (18,664,338 shares) and the conversion of bonds convertible into equity (13,200,000 shares). 4 The lowest volume-weighted average daily share price, calculated over the 2 consecutive trading sessions preceding each issue.5 The issue price of the shares must be, within the framework of this resolution, "at least equal to the average of the average volume-weighted prices of the last 3 trading days preceding the setting of the issue price, possibly reduced by a maximum discount of 30%".6 Share price of €0.30 on March 5, 20257 Delegation of a capital increase with cancellation of shareholders' preferential subscription rights to a category of persons with specific characteristics Attachment EN_FinancingMarch 2025_PR_FINALSign in to access your portfolio
