GENFIT: Third quarter 2017 financial information (Unaudited financial information under IFRS)
Cash and cash equivalents of €113.8 million at September 30, 2017
Revenues for the first nine months of 2017 of €91 thousand
Lille (France), Cambridge (Massachusetts, United States), October 11th, 2017 - GENFIT (Euronext: GNFT - ISIN: FR0004163111), a biopharmaceutical company at the forefront of developing therapeutic and diagnostic solutions in metabolic and inflammatory diseases, that notably affect the liver or the gastrointestinal system, today announces its cash position at September 30, 2017 and its revenues for the first nine months of 2017.
Cash position
At September 30, 2017, the Company`s cash and cash equivalents amounted to €113.8 million compared with €84.9 million one year earlier.
At June 30, 2017, cash and cash equivalents totaled €126.3 million.
Revenues
Revenues for the first nine months of 2017 amounted to €91 thousand compared to €217 thousand for the same period in 2016.
Upcoming event: AASLD Annual Meeting ("The Liver Meeting®", Washington, DC, October 20-24, 2017)
The AASLD Liver Meeting® is one of the most important meetings organized by - and for - the scientific and medical hepatology community worldwide. It brings together more than 10,000 scientists, gastroenterologists and hepatologists.
Three abstracts submitted by GENFIT were approved by the AASLD Scientific Committee. GENFIT will present new preclinical results that show synergistic effects of nitazoxanide (drug candidate in the Company`s development pipeline) and statin combination therapy in liver fibrosis, along with advanced image analysis solutions to enable automated scoring of hepatic fibrosis in pre-clinical models:
"Identification of novel drug combinations with synergistic effects on hepatic fibrosis in vitro and in vivo", R. Walczak et al. (Abstract 390)
"Pattern recognition and quantification of hepatic fibrosis in NASH preclinical models using deep-learning based image analysis", E. Rexhepaj et al. (Abstract 620)
"Quantification of fibrosis staging and collagen proportionate area in NASH pre-clinical models using a fully automated deep-learning approach", E. Rexhepaj et al. (Abstract 621)
Elafibranor is GENFIT`s lead pipeline product. Elafibranor is an oral once-daily treatment, and a first-in-class drug acting via dual peroxisome proliferator-activated alpha/delta pathways developed to treat, in particular, nonalcoholic steatohepatitis (NASH). Elafibranor is believed to address multiple facets of NASH, including inflammation, insulin sensitivity, lipid/metabolic profile, and liver markers.
About NASH
"NASH", or nonalcoholic steatohepatitis, is a liver disease characterized by an accumulation of fat (lipid droplets), along with inflammation and degeneration of hepatocytes. The disease is associated with long term risk of progression to cirrhosis, a state where liver function is diminished, leading to liver insufficiency, and also progression to liver cancer.
About GENFIT
GENFIT is a biopharmaceutical company focused on the discovery and development of drug candidates in areas of high unmet medical needs corresponding to a lack of suitable treatment and an increasing number of patients worldwide. GENFIT`s R&D efforts are focused on bringing new medicines to market for patients with metabolic, inflammatory, autoimmune and fibrotic diseases, that affect the liver (such as NASH - Nonalcoholic steatohepatitis) and more generally the gastro-intestinal arena. GENFIT`s approach combines novel treatments and biomarkers. Its lead proprietary compound, elafibranor, is currently in a Phase 3 study. With facilities in Lille and Paris, France, and Cambridge, MA (USA), the Company has approximately 130 employees. GENFIT is a public company listed in compartment B of Euronext`s regulated market in Paris (Euronext: GNFT - ISIN: FR0004163111). www.genfit.com
Forward Looking Statement / Disclaimer
This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, including related to biomarkers, progression of, and results of clinical data from, the RESOLVE-IT trial and the trial of elafibranor in PBC, review and approvals by regulatory authorities, such as the FDA or the EMA, regarding in particular, elafibranor in NASH and PBC, as well as other drug candidates in other indications and biomarkers candidates, the success of any inlicensing strategies, the Company`s continued ability to raise capital to fund its development, as well as those discussed or identified in the Company`s public filings with the AMF, including those listed under Section 4 "Main Risks and Uncertainties" of the Company`s 2016 Registration Document registered with the French Autorité des marchés financiers on April 28, 2017 under n° R.17-034, which is available on GENFIT`s website (www.genfit.com) and on the website of the AMF (www.amf-france.org). Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements. This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in GENFIT in any country. This press release has been prepared in both French and English. In the event of any differences between the two texts, the French language version shall supersede.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: GENFIT via GlobeNewswire HUG#2141119
