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

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