TxCell: Financial Information for the First Quarter of 2015
News May 14, 2015
TxCell has reported its revenues for 1Q 2015 and its cash position as of March 31, 2015.
In the first three months of 2015, the company generated revenues of EUR 195 thousand, compared with revenues of EUR 81 thousand during the same period in 2014.
The revenue for 1Q 2015 corresponds to:
• EUR 81 thousand relating to amortization until December 31, 2016 of the payment received upon signature in 2013 of the partnership with Trizell/Ferring concerning Ovasave®
• EUR 114 thousand for income related to the financing by Trizell of the process and manufacturing development of Ovasave® for TxCell’s future phase III clinical study and commercialization.
Cash and cash equivalents:
TxCell has received a milestone payment of EUR 1 million from Trizell/Ferring in 1Q 2015, following the enrolment of the first patient in the Ovasave phase IIb clinical trial. This milestone payment was recognized as revenue in 2014.
Cash and cash equivalents amounted to EUR 11.3 million as of March 31, 2015, compared with EUR 13.9 million as of December 31, 2014.
Highlights since the beginning of the year:
• Grant of a key US patent that protects Ovasave until 2030 minimum
• Amendment to the collaboration agreement with Trizell to accelerate the development of Ovasave
• Agreement with the Cell Therapy Catapult for the process and manufacturing development of TxCell’s ASTrIA product platform
• Appointment of Dr. David Horn Solomon as independent member of the board and Chairman of the remuneration and nomination sub-committee
• Appointment of Stéphane Boissel as Chief Executive Officer and promotion of Miguel Forte as Chief Operating Officer.
• 18 Annual International Society for Cellular Therapy (ISCT) Meeting, May 27-30, 2015
• The European Society of Ophthalmology (SOE) 2015 Congress, June 6-9, 2015
Next financial release:
• Second quarter 2015 revenues on Tuesday August 4, 2015 (after market close)