- Cash and cash equivalent of €26.5 million1 as of 31 December 2019
PARIS, France – 17 February 2020 – Lysogene (FR0013233475 – LYS), a pioneering Phase 3 biopharmaceutical company specializing in gene therapy targeting central nervous system (CNS) diseases, today reports its cash position as of 31 December 2019.
As of 31 December 2019, cash and cash equivalents amounted to €26.5 million1 (compared to €29.1 million as of 30 September 2019). This amount includes the payments made by Sarepta Therapeutics, Inc to Lysogene in 2019 related to the milestone payment and development cost reimbursement triggered by dosage of the first patient in AAVance, the Phase 2/3 clinical trial of LYS-SAF302 in MPS IIIA.
« Our cash position at the end of 2019 is in line with our expectations, and allows us to serenely advance our development programs, with notably the treatment of the 16th patient in our Phase 2/3 clinical trial of LYS-SAF302 in MPS IIIA » said Karen Aiach, Founder and Chief Executive Officer of Lysogene.
The license and collaboration agreement with Sarepta Therapeutics, Inc also generated in 2019 revenues of €12.0 million1 in application of standard IFRS 15 “Revenues from contracts with customers” and recognized revenues under the percentage-of-completion method.
Lysogene is a gene therapy company focused on the treatment of orphan diseases of the central nervous system (CNS). The company has built a unique capability to enable a safe and effective delivery of gene therapies to the CNS to treat lysosomal diseases and other genetic disorders of the CNS. A phase 2 – 3 clinical trial in MPS IIIA in partnership with Sarepta Therapeutics, Inc. is ongoing and a phase 1-2 clinical trial in GM1 gangliosidosis is in preparation. In accordance with the agreements signed between Lysogene and Sarepta Therapeutics, Inc., Sarepta Therapeutics, Inc. will hold exclusive commercial rights to LYS-SAF302 in the United States and markets outside Europe; and Lysogene will maintain commercial exclusivity of LYS-SAF302 in Europe. Lysogene is also collaborating with an academic partner to define the strategy of development for the treatment of Fragile X syndrome, a genetic disease related to autism. www.lysogene.com.
Forward Looking Statement
1 Unaudited and subject to approval by the board of directors. Eur/USD exchange rate of 1.1234. Eur/GBP exchange rate of 0.8508
This press release may contain certain forward-looking statements, especially on the Company’s progress of its phase 2-3 clinical trial and cash runway. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice, (ii) factors beyond the Company’s control, (iii) clinical trial results,
(iv) increased manufacturing costs and (v) potential claims on its products. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “objective”, “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. A further list and description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers, including in the 2018 registration document (Document de référence), registered with the French Markets Authorities on April 29, 2019, under number R. 19-016, and future filings and reports by the Company. Furthermore, these forward-looking statements are only as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. If the Company updates one or more forward-looking statements, no inference should be drawn that it will or will not make additional updates with respect to those or other forward-looking statements.
This press release has been prepared in both French and English. In the event of any differences between the two texts, the French language version shall supersede.
Stéphane Durant des Aulnois Chief Financial Officer
+ 33 1 41 43 03 99