Corporate Banner
Satellite Banner
ADME Tox
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Adocia Announces Revenues of EUR 4.7 M for the Third Quarter of 2013

Published: Thursday, October 24, 2013
Last Updated: Thursday, October 24, 2013
Bookmark and Share
The company maintained available cash at EUR 22.7 M.

Adocia has announced its revenues for the third quarter and revenues for the nine month period to the end of September.

In the first nine months of 2013, Adocia reported EUR 5.6 million revenue compared to EUR 3.3 million for the same period last year.

The increase relates to the amortization of the EUR 7.6 million up-front payment received under contract with Eli Lilly to cover the development of a new formulation of an ultra-fast acting insulin analog.

Since the signature of this agreement in December 2011, the up-front payment was recognized in revenues on a linear basis throughout the expected duration of the clinical development program, as set out in the contract in December 2011.

The termination of this contract announced on July 25, 2013 leads to the recognition in this quarter of the remaining non-amortized part, i.e EUR 4.7 million.

In the third quarter of 2013, Adocia reported revenues of EUR 4.7 million (without any cash impact). In the same period in 2012, revenues amounted to EUR 0.7 million, of which EUR 0.2 million were recognized for the activities performed within partnerships.

Given the development of these projects over the third quarter of 2013, no revenues related to research and collaborative development contracts have been accounted for.

Cash position as of the end of September 2013:
The cash position was EUR 22.7 million at the end of September 2013 versus EUR 31.7 million at the end of September 2012.

The payment of EUR 3.1 million granted under the French research and development tax credit (Credit d’Impot Recherche) in respect of expenditure generated in 2012, associated with the control of the spending, has kept the level of cash at the end of September at the same level as at the end of June 2013.

"We are still awaiting the approval of the Indian drug agency (DCGI) to launch our Phase III study on diabetic foot ulcers. This has been delayed by the legal reorganizations going on in India,” said Gerard Soula, CEO of Adocia.

Soula continued, “Meanwhile, we are actively pursuing our strategy in the field of insulin which is to develop three innovative projects: a combination of a long-acting insulin and a fast acting insulin, an ultra-fast insulin analog formulation and a human insulin formulation. Clinical outcomes, which should be available in the first months of 2014, should allow us to pass a key step in the creation value for our entire diabetes franchise".

"In the context of high activity, particularly related to the preparation of these three clinical studies, we maintain rigorous cash management by keeping the control of our spending as a priority” said Valerie Danaguezian, chief financial director. “This policy and our cash position at the end of September of EUR 22.7 million will allow us to continue our strong clinical program with full confidence."

Next scheduled events
Adocia will participate in:
• November 4 - 6, 2013: Bio Europe, Vienna, Austria
• January 9 and 10, 2014: ODDO Midcap Forum, Lyon, France
• January, 13 -15, 2014 JP Morgan, San Francisco, USA


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,000+ scientific posters on ePosters
  • More than 4,400+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Adocia Confirms Positive Clinical Results for its BioChaperone® Combo
BioChaperone Combo is the first combination based on insulin glargine to show a fast and long action in type I diabetic patients.
Friday, March 21, 2014
Adocia Launches Phase IIa Clinical Trial for its Ultra-fast Acting Formulation of Analog Insulin
The aim is to confirm on type I diabetic patients the positive results obtained during phase I.
Tuesday, January 07, 2014
Adocia Announces Initiation of a Clinical Trial on its Combination of Glargine and Lispro
This phase I/II clinical trial on Type I diabetics seeks to compare the performance of this Combo based on insulin Glargine with HumalogMix®.
Monday, November 18, 2013
Adocia Reports Positive Phase I Clinical Results on HinsBet®, a Fast-Acting Human Insulin
Study on healthy volunteers of a formulation using Adocia’s BioChaperone® platform showed fast onset of action, excellent local tolerance, absence of pain and low inter-patient variability.
Wednesday, March 16, 2011
Scientific News
Cell Transplant Treats Parkinson’s in Mice
A University of Wisconsin—Madison neuroscientist has inserted a genetic switch into nerve cells so a patient can alter their activity by taking designer drugs that would not affect any other cell.
Understanding Female HIV Transmission
Glowing virus maps points of entry through entire female reproductive tract for first time.
Experimental Drug Cancels Effect from Key Intellectual Disability Gene
A University of Wisconsin—Madison researcher who studies the most common genetic intellectual disability has used an experimental drug to reverse — in mice — damage from the mutation that causes the syndrome.
Common Class of Cancer Drugs May Not Lead to Cognitive Decline
UCLA study refutes 2015 research suggesting anthracyclines could cause memory loss, other impairments.
Designing Better Drugs
A rational drug engineering approach could breathe new life into drug development.
Genetic Approach May Lead to New Treatments for Digestive Diseases
Researchers at UMass Medical School have identified a new molecular pathway critical for maintaining the smooth muscle tone that allows the passage of materials through the digestive system.
Potential Target for Revolutionary Antibiotics
An international team of including the Lomonosov Moscow State University researchers discovered which enzyme enables Escherichia coli bacterium (E. coli) to breathe.
Unique Model for Studying ALS
Unique mouse model will allow researchers to better study the genetic origins and potential treatments of ALS.
Factors Influencing Influenza Vaccine Effectiveness Uncovered
The long-held approach to predicting seasonal influenza vaccine effectiveness may need to be revisited, new research suggests.
New Model to Enhance Zika Virus Research
The model will allow researchers to better understand how the virus causes disease and aid in the development of antiviral compounds and vaccines.
SELECTBIO

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,000+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,400+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!