ADOCIA announces the strong growth of its turnover
LYON, France -- October 30, 2012
Adocia (NYSE Euronext Paris: FR0011184241 - ADOC)(Paris:ADOC), a biotechnology
company specialized in the development of ‘best-in-class’ medicines with
already approved therapeutic proteins, announces today revenues for the third
quarter of 2012 and revenues for the 9 month period to the end of September.
Details of revenues, for the third quarter and for the 9 first months of 2012
In K€ –IFRS 9 months 3 months
(not audited) 09/30/12 09/30/11 09/30/12 09/30/11
Licensing revenues 1,627 0 476 0
Research and collaborative 1,629 1,112 231 75
Revenues* 3,256 1,112 707 75
* Adocia is listed on NYSE Euronext Paris since February 20, 2012. The Company
was not providing quarterly accounts before.
At the end of September, Adocia reported revenues multiplied by almost three
compared to the first nine months of 2011, thanks to the licensing agreement
on the development of a new formulation of a fast acting insulin analog signed
at the end of December 2011. The up-front payment of USD 10 million made
pursuant to such agreement is booked in revenues on a linear basis throughout
the expected duration of the clinical development program as planned in the
contract, leading to revenue of USD 1.4 million at the end of September 2012.
In addition, revenues from this partnership as well as continuation of
collaborative agreement contracts on monoclonal antibodies lead to a 46%
increase in revenues compared to the same period in 2011.
Public funding for research expenditures, which comprises research tax credit,
is not included in the revenues but is part of the Company’s operating
revenues, released with first half and full year results.
Strong cash position
On September 30, 2012, Adocia had cash and cash equivalents totaling EUR 31.7
million versus EUR 5.9 million on 31 December 2011. The Company raised EUR
25.3 million (net of operation related expenses) with its Initial Public
Offering in February 2012.
“We are actively pursuing the development of our projects as set out in our
business plan. In particular, two significant steps stand out. One is the
launch of our first clinical study within the framework of the priority
project in partnership on the ultrafast-acting insulin analog. The other is
the submission of the regulatory filing with the Indian authorities for the
Phase III trial on diabetic foot ulcer,” said Gérard Soula, President & CEO of
“During the last months, we also intensified our Business Development
activities, especially in India and China. Thus, we saw clearly the interest
of those two emerging countries with regards to projects for the treatment of
diabetes and of diabetic foot ulcer. This reinforces the part of our dual
strategy focused on emerging countries.”
Next scheduled events
Adocia will attend the Biotech Showcase 2013 from January 7 to 9, 2013 in San
Francisco (USA) and the ODDO Forum Midcap in Lyon (France) on January 10 and
“Innovative medicine for everyone, everywhere”
Adocia is a biotech company specialized in the development of best-in-class
drugs from the innovative formulation of certain already-approved therapeutic
Adocia is specialized in insulin therapy and the treatment of the diabetic
foot, one of the main complications of diabetes. Worldwide, more than 366
million individuals are currently suffering from diabetes (with a forecast of
552 million individuals by 2030, i.e. a 51% increase, reaching 70% in emerging
countries). 15% of these patients will develop a foot ulcer during their
lifetime. The markets targeted by Adocia represent more than USD20 billion
(USD17 billion for insulin therapy and USD3 billion for diabetic foot ulcer
Through its BioChaperone® state-of-the-art technological platform, Adocia
intends to enhance the effectiveness and safety of therapeutic proteins and
their ease of use for patients, with the aim of making these medicines
accessible to the broadest public.
Adocia successfully completed two phases I and II studies on the formulation
of a fast-acting human insulin and obtained promising phase I/II results on a
diabetic foot ulcer-healing product. Adocia also confirmed the value of its
technology for the formulation of a fast-acting insulin analog by signing an
exclusive worldwide license agreement with a major pharmaceutical company.
Furthermore, Adocia is developing a unique combination of fast-acting insulin
and slow-acting insulin, for an optimal insulin therapy with one single
To be a global leader for the formulation of therapeutic proteins
Based on its experience and recognized know-how, Adocia has extended its
activities to the formulation of monoclonal antibodies, which are gold
standard molecules for the treatment of numerous chronic pathologies
(oncology, inflammation, etc.). In this field, Adocia is engaged in
collaborative programs with two major pharmaceutical companies.
Adocia’s therapeutic innovations aim at bringing solutions to a profoundly
changing global pharmaceutical and economic context, characterized in
particular by the increased prevalence and impact of the targeted pathologies,
population growth and ageing, the need to control public health expenditures
and increasing demand from emerging countries.
Adocia is listed on the regulated market of NYSE Euronext in Paris (ISIN:
FR0011184241, mnemo / Reuters / Bloomberg: ADOC, ADOC.PA, ADOC.FP) and its
share included in the Next Biotech index.
For more information: http://www.adocia.com
This press release contains certain forward-looking statements concerning
Adocia and its business. Such forward-looking statements are based on
assumptions that Adocia considers to be reasonable. However, there can be no
assurance that the estimates contained in such forward-looking statements will
be verified, which estimates are subject to numerous risks including the risks
set forth in the “Risk Factors” sections of the prospectus registered by the
Autorité des marchés financiers on January 25, 2012 under number 12-034 (a
copy of which is available on www.adocia.com) and to the development of
economic conditions, financial markets and the markets in which Adocia
operates. The forward-looking statements contained in this press release are
also subject to risks not yet known to Adocia or not currently considered
material by Adocia. The occurrence of all or part of such risks could cause
actual results, financial conditions, performance or achievements of Adocia to
be materially different from such forward-looking statements.
This press release and the information that it contains do not constitute an
offer to sell or subscribe for, or a solicitation of an offer to purchase or
subscribe for, Adocia shares in any country.
Chairman and CEO of Adocia
Tel.: +33 4 72 610 610
Andrew Lloyd & Associates
Juliette dos Santos
Tel.: +33 1 56 54 07 00
Financial communication & Investor Relations
Tel.: +33 1 44 71 94 94
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