Regulatory News:

Genomic Vision (FR0011799907 – GV) (Paris:GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today announced its 9-month revenue and cash position at September 30, 20201.

Revenue for the third quarter and first 9 months of 2020

 

 

9 months

 

3rd quarter

In thousands of euros – IFRS

 

2020

2019

∆

 

2020

2019

∆

Revenue from Quest Diagnostics R&D

 

0

225

-100%

 

0

75

-100%

Sales of products and services

 

795

1,060

-25%

 

176

429

-59%

of which: life science research (LSR) market

 

695

911

-24%

 

145

409

-65%

of which: in-vitro diagnostics (IVD)

 

100

149

-33%

 

31

20

+55%

Total revenue from sales

 

795

1,285

-38%

 

176

504

-65%

Other revenue

 

206

449

-54%

 

75

95

-21%

Total revenue from activity

 

1,001

1, 734

-42%

 

251

599

-58%

Total revenue from activity came to €1,001 thousand over the 9 months to September 30, 2020, down 42% compared with September 30, 2019. This decrease was a result of the following factors:

  • revenue from sales for the first 9 months of the year (€795 thousand) was down 38% compared with September 30, 2019, notably due to the non-renewal of the license granted to Quest Diagnostics, which had generated revenue of €225 thousand a year earlier, and to the substantial slowdown in sales activity in the third quarter because of the Covid-19 crisis. To recall, the company had sold a platform to the National Institute of Health (NIH) in the United States in the third quarter of 2019.
  • other revenue, which totaled €206 thousand over the 9 months to September 30, 2020, corresponds to Research Tax Credit whose decrease was a direct result of the restructuring plan in the first half of 2019 that led to a reduction in the R&D headcount and of the decrease in R&D activity associated with the public health crisis.

Financial structure at September 30, 2020

Genomic Vision had cash and cash equivalents of €0.6 million at September 30, 2020. The main developments that have taken place since September 30, 2020 are as follows:

  • the Company’s cash position was strengthened, in October 2020, by the exercise of the warrants associated with the fourth tranche (for €0.66 million) of the ABSA (shares with equity warrants attached) equity financing program set up with Winance in March 2019,
  • this cash position was also supplemented, in October 2020, by the exercise of the warrants associated with the twelfth and thirteenth tranches (for €0.75 million) of the ABSA (shares with equity warrants attached) equity financing program set up with Bracknor/Negma in 2016,
  • the Company announced, on June 15, the signing of a new financing contract with Winance in the form of convertible notes with warrants (OCABSA) for a maximum of €12 million. The implementation of this equity financing line was approved by the Extraordinary General Meeting of October 30, 2020, and will require the drawing up of a prospectus requiring a visa from the AMF stock market authority should the likely resulting number of shares, added to other rights issues that may have been undertaken by the Company, exceed 20% of the total share capital over twelve months.

Given its current resources and the approval of the financing contract with Winance by the Extraordinary General Meeting of October 30, 2020, Genomic Vision has the necessary resources to continue its development through to the fourth quarter of 2021.

***

ABOUT GENOMIC VISION
GENOMIC VISION is a biotechnology company developing products and services dedicated to the analysis (structural and functional) of genome modifications as well as to the quality and safety control of these modifications, in particular in genome editing technologies and biomanufacturing processes. Genomic Vision proprietary tools, based on DNA combing technology and artificial intelligence, provide robust quantitative measurements needed to high confidence characterization of DNA alteration in the genome. These tools are mainly used for monitoring DNA replication in cancerous cell, for early cancer detection and the diagnosis of genetic diseases. Based near Paris, in Bagneux, the Company has approximately 30 employees. GENOMIC VISION is a public listed company listed in compartment C of Euronext’s regulated market in Paris (Euronext: GV – ISIN: FR0011799907).

For further information, please visit www.genomicvision.com

Member of the CAC® Mid & Small and CAC® All-Tradable indexes

FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain forward-looking statements concerning Genomic Vision and its business. Such forward-looking statements are based on assumptions that Genomic Vision considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the “Risk Factors” section of the reference document dated March 29, 2019 filed with the AMF under reference number R19-004, available on the web site of Genomic Vision (www.genomicvision.com) and to the development of economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Genomic Vision to be materially different from such forward-looking statements.

This press release and the information contained herein do not constitute and should not be construed as an offer or an invitation to sell or subscribe, or the solicitation of any order or invitation to purchase or subscribe for Genomic Vision shares in any country. The distribution of this press release in certain countries may be a breach of applicable laws. The persons in possession of this press release must inquire about any local restrictions and comply with these restrictions.

1 Unaudited data