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    SKIN   IT0005108359

CASSIOPEA S.P.A.

(SKIN)
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Cassiopea announces 2018 Results in line with expectations

02/08/2019 | 01:05am EDT

Cassiopea announces 2018 Results in line with expectations

Lainate, Italy - 8 February 2019 - Cassiopea SpA (SIX: SKIN), a clinical-stage specialty pharmaceutical company focused on developing and commercializing innovative and differentiated medical dermatology products, today announced its results for the year ended December 31, 2018.

Key Highlights:

  • The results of the two pivotal phase III clinical trials for the topical anti-androgen Clascoterone (Winlevi® cream 1%) in acne demonstrated highly statistically significant improvements for all primary and secondary clinical end points and that the drug is generally safe and well tolerated.
  • The top line results of the planned six-month interim analysis for the phase II dose ranging study for Clascoterone (Breezula®) solution in androgenic alopecia in men demonstrated statistically significant improvement for Target Area Hair Count (TAHC) and directional improvement for Hair Growth Assessment (HGA).
  • Positive top line results of the phase II proof of concept trial for CB-06-02, a novel integrin activator for the treatment of genital warts.
  • All operations were carried out within the budgeted framework. In 2018, Cassiopea spent EUR 14,130 thousand, predominantly in the advancement of our clinical programs. At end of 2018, cash amounted to EUR 4,609 thousand, which is in line with what had originally been planned.

Financial Highlights:

  • There were no operating revenues because all products are still in development and none were licensed out.
  • R&D expenses decreased by 6,3% to EUR 12,240 thousand. The main costs were the costs of the two phase III pivotal clinical trials for Winlevi® in acne and the phase II dose ranging trial for Breezula® in alopecia.
  • SG&A expenses increased by 27,4% to EUR 1,890 thousand, primarily because of Winlevi® pre-commercial activities.
  • A net tax credit of EUR 916 thousand on the R&D costs has been recognized according to the Italian tax law.
  • Operating losses increased by 23,2% to EUR 13,214 thousand.
  • A net financial income of EUR 558 thousand resulted from foreign exchange gain given that the majority of financial assets were held in US$.
  • At year-end, cash and cash equivalents amounted to EUR 4,609 thousand. In addition to this, the Company had an undrawn credit facility of EUR 10 million granted by its largest shareholder Cosmo Pharmaceuticals N.V. that has indicated the willingness to increase this to EUR 20 million.

Diana Harbort, CEO of Cassiopea SpA, commented: "2018 was very successful year. We made substantial progress in each of our programs. We met the desired clinical endpoints for all three ongoing trials: The Phase III data for Winlevi®, the interim six-month results for the Breezula® Dose Ranging Trial and the POC results for CB-06-02. 2019 will be a year of growth and change for Cassiopea, as we submit the NDA to the FDA and invest in the pre-commercial activities for Winlevi®, advance Breezula® into Phase III for androgenetic alopecia, and begin to build the infrastructure of the Company. Cosmo has provided a EUR 10 million term loan, but completion of the clinical trials and building the sales and marketing organization in the US will require substantial funds. We thus plan to access capital with the intention to give existing shareholders - as well as new US-based investors - the opportunity to invest in our Company. We are convinced that we have one of the most innovative pipelines in the dermatology industry and view the future with great optimism."

Key Financial Figures

In EUR thousands

(with the exception of the share data in €)

2018

2017

Revenues

-

-

Other income

916

3,820

Cost of sales

Research and development costs

(12,240)

(13,061)

Selling, general and administrative costs

(1,890)

(1,484)

Operating Result

(13,214)

(10,725)

Net financial income

558

(2,931)

Loss before taxes

(12,656)

(13,656)

Net loss

(12,656)

(13,656)

Loss per share

(1.266)

(1.366)

31.12.2018

31.12.2017

Cash and cash equivalents

4,609

17,598

Other assets

11,931

10,871

Equity

14,512

26,354

Total assets

16,540

28,469

The Annual Report 2018 is available on the Company's website at:

www.cassiopea.com/investor-relations/financial-reports/yr-2019.aspx

2018 results presentation and conference call at 15:00 CET on 8 February 2019:

Diana Harbort, CEO; Luigi Moro, CSO; Alessandro Mazzetti, CMO; Chris Tanner, CFO; and Marco Lecchi, Deputy CFO, will present the 2018 results and discuss the outlook for 2019 at a conference call to be held today at 15:00 CET.

The dial-in numbers:

Switzerland / Europe:

+41 (0) 58 310 50 00

United Kingdom:

+44 (0) 207 107 0613

United States:

+1 (1) 631 570 56 13

The presentation for this call is available on the Company's website via:

www.cassiopea.com/investor-relations/presentations/yr-2019.aspx




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Sales 2021 22,3 M 26,8 M 26,8 M
Net income 2021 -25,4 M -30,5 M -30,5 M
Net cash 2021 6,00 M 7,19 M 7,19 M
P/E ratio 2021 -15,4x
Yield 2021 -
Capitalization 485 M 582 M 581 M
EV / Sales 2021 21,5x
EV / Sales 2022 6,18x
Nbr of Employees 11
Free-Float 41,2%
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Average target price 59,09 €
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Managers and Directors
NameTitle
Diana Harbort Chief Executive Officer & Executive Director
Pierpaolo Guzzo Chief Financial Officer & Director
Jan Egbert de Vries Non-Executive Chairman
Luigi Moro Chief Scientific Officer
Alessandro Mazzetti Chief Medical Officer
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