Lyon, 8 July 2021 – Theranexus, a biopharmaceutical company innovating in the treatment of neurological diseases and pioneer in the development of drug candidates modulating the interaction between neurons and glial cells, today announces its cash position as at 30 June 2021.
Total available funds on 30 June 2021 stood at €13.5 M, compared with €11.2 M on 31 December 2020. Halfway through 2021 the Company's cash position is relatively stable and provides financial visibility for the next 18 months in accordance with its set targets.
The eight out of twelve drawdown releases completed during the first year half (for total funds of €5.6 M) on the equity line implemented with IRIS generally covered operational cash outflow, linked mainly to R&D platform and BBDF-101 program developments.
During the second half of 2021, the Company should also benefit from the 2020 Research Tax Credit (CIR) for a sum of €1.0 M, and from Bpifrance funding for an amount of €1.0 M in connection with the Neurolead project.
Thierry Lambert, Chief Financial Officer of Theranexus, made the following comment: "The company's cash funds of €13.5 M at 30 June 2021 are in line with our objective to secure our cash position over the coming 18 months and provide us with financial flexibility to support the development plans scheduled for our different programs."
Progress on the main clinical programs
The Company is actively pursuing the development of its main programs, currently focused primarily on THN102 and BBDF-101.
THN102 program (excessive daytime sleepiness in Parkinson's disease)
Discussions with several potential industrial partners have not yet yielded an agreement as at 30 June and are still continuing. The aim is to conclude an industrial agreement governing the usage format, geographical areas concerned and clinical development pathway.
BBDF-101 program (Batten disease)
The regulatory preclinical phase for BBDF-101 was successfully completed and the Company is finalizing its clinical trial authorization application to the FDA, with a view to beginning clinical trials in the United States by the end of the year as planned. As a reminder, the clinical trial, which includes cohorts of 6 adolescent/adult patients and 30 pediatric patients, is targeting direct product approval if successful, owing to its U.S. Orphan Drug Designation and U.S. Rare Pediatric Disease Designation.
Franck Mouthon, Chairman, CEO and co-founder of Theranexus, made the following comments: " For our drug candidate BBDF-101, we successfully completed preclinical trials which will enable us to begin clinical trials in the United States once Food and Drug Administration (FDA) approval has been granted. Moreover, our team is fully committed to advancing our drug candidate THN102."
Next financial publication:
Thursday 30 September 2021: First half 2021 financial results
|ABOUT THERANEXUS |
Theranexus is a clinical-stage biopharmaceutical company that emerged from the French Alternative Energies and Atomic Energy Commission (CEA) in 2013. It develops drug candidates for the treatment of nervous system diseases.
Thanks to its knowledge of neuron and glial cell interactions, THERANEXUS is a pioneer in the design and combination of approved substances and has a solid and diversified portfolio of drug candidates in clinical-phase testing. The company's combined drug repurposing strategy based on a solid commercial footing and a capability to rapidly demonstrate its clinical worth, enables it to produce different high-value-added proprietary drug candidates, significantly reduce development time and costs, and considerably increase the chance of its drugs reaching the market.
Accordingly, THERANEXUS is well-positioned in several indications, including for Parkinson's and Batten disease, for which there is currently no treatment available.
Theranexus is listed on the Euronext Growth market in Paris (FR0013286259- ALTHX).
More information at: www.theranexus.com
Financial and Administrative Director
ACTUS finance & communication
Guillaume LE FLOCH
+33 (0)1 53 67 36 70
+ 33 (0)6 07 76 82 83