LYON, France--(BUSINESS WIRE)-- Regulatory News:
POXEL (Paris:POXEL) (Euronext - FR0012432516), an independent French biopharmaceutical company focused on the development of antidiabetic drugs, today announces its revenue for the financial year to December 31, 2014.
As mentioned during its IPO, the Company does not have any sales and dedicates most of its resources to Research and Development activities. In 2014, the Company recorded operating revenue of €1,978k from its activity. This figure includes €1,977k in operating income, essentially corresponding to Research & Development Tax Credit (“CIR”).
These results are in line with the Company’s expectations, with its strategy remaining fully focused on the development of its two most-advanced drug candidates: Imeglimin, whose excellent Phase 2b results were published in December, and PXL770 which will enter clinical development in 2015.
Cash and cash equivalents
The Company had cash and cash equivalents of €10.3m on December 31, 2014. It should be noted that this figure does not include the gross proceeds of the €26.8m raised by POXEL in February 2015 via its IPO on compartment C of the Euronext regulated market in Paris.
Poxel uses its unique development expertise in metabolism to advance a pipeline of truly novel products currently focused on type 2 diabetes. Our first-in-class lead product, Imeglimin, targeting mitochondrial dysfunction, has successfully completed Phase 2 development in the US and EU and has entered clinical development in Japan. We are advancing our second program, PXL770, a direct AMPK activator, through clinical proof-of-concept. We will generate further growth through strategic partnerships and pipeline development. (Euronext: POXEL, www.poxel.com)
Investor / Media Relations - France
Florent Alba/Nicolas Merigeau
+33 1 44 71 98 55
Investor / Media Relations – EU /US
MacDougall Biomedical Communications
Gretchen Schweitzer or Anca Alexandru
+49 89 2424 3494
Released March 16, 2015