Geneva - GeNeuro (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing novel treatments for neurodegenerative and autoimmune diseases such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe consequences of COVID19, (PASC, post-COVID or Long-COVID), reports today its full-year results for the year ended December 31, 2022, and provided a corporate update.
With the implementation in March 2023 of the EIB EUR 25 million credit line, backed by InvestEU program, GeNeuro's cash position at year-end 2022 provides good financial visibility into 3Q 2024 based on its current activities.
'2022 was a momentous year for GeNeuro, with the completion of the ProTEct-MS trial, and the launch of our new GNC-501 Phase 2 trial in Long-COVID during the second half. In our main indication, multiple sclerosis, ProTEct-MS has met our key objective of showing that temelimab could bring additional benefits on key markers of neurodegeneration in a population of MS patients already treated with a highly effective anti-inflammatory drug. We are continuing discussions with potential partners to define the best development path combining temelimab and anti-inflammatory treatments to treat relapses and disability progression, the key unmet medical need in MS', said Jesus Martin-Garcia, CEO of GeNeuro. 'In addition, GeNeuro has launched the first personalized medicine clinical trial against neuropsychiatric syndromes affecting Long-COVID patients. We have received an important financial backing from the Swiss and European authorities who seek credible potential therapeutic solutions to address a major public health problem which affects millions of patients. We thank the Swiss Federal Office for Public Health and the European Investment Bank for their support.' 'With the 7 million euros drawn down from the first Tranche of the EIB loan complementing our existing cash balance, GeNeuro has operating capital into 3Q 2024,' stated Miguel Payro, Chief Financial Officer at GeNeuro.
About GeNeuro
GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. It has rights to 17 patent families protecting its technology.
Contact:
Jesus Martin-Garcia
Tel: +33 1 44 71 98 52
Email: investors@geneuro.com
Disclaimer
This press release contains certain forward - looking statements and estimates concerning GeNeuro's financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words, such as 'anticipate,' 'believe,' 'can,' 'could,' 'estimate,' 'expect,' 'intend,' 'is designed to,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'objective,' 'should,' or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management's current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company's control. Consequently, the actual results, financial condition, performances and/or achievements of GeNeuro or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and GeNeuro undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
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