Switzerland - GeNeuro (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company focused on stopping causal factors driving the progression of neurodegenerative and autoimmune diseases such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and Post-Acute Sequelae of COVID-19 (PASC, long-COVID or post-COVID), today reported on its 2022 third quarter cash position and issued a business update.
2022 Third-quarter financial information
At September 30, 2022, GeNeuro had EUR9.6 million in cash. As announced in the interim financial report for the six months ended June 30, 2022, the available cash resources provide GeNeuro with financial visibility until end of 2023, covering all planned activities.
The cash consumption related to GeNeuro's operating and investing activities in Q3 2022 was EUR1.4 million, slightly up from the average of EUR1.25 million for the first two quarters as a result of the ramp-up of the long-COVID Phase 2 clinical trial which has started recruiting patients. During this third quarter, as already mentioned in the interim half-year report, the Company received the second installment of EUR2 million from the Swiss Federal Office for Public Health (FOPH) subsidy for the longCOVID Phase 2 clinical trial. This Q3 2022 cash consumption was in line with the Company's expectations; full-year cash consumption remains estimated at approximately EUR6 million on a net basis, i.e. after taking into account the FOPH subsidy for the long-COVID Phase 2 clinical trial.
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:
Arthur Rouille
Tel: +33 1 44 71 94 98
Email: geneuro@newcap.eu
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.
GENEURO SA 
