EVRY, France--(BUSINESS WIRE)--IntegraGen, a leading player in genomic services and the development of molecular diagnostic tests for autism and oncology, today announced its financial results for the fiscal year ending December 31, 2102. The accounts were examined during the meeting of the Board of Directors held on April 11, 2013.
Bernard Courtieu, Chief Executive Officer, declared “2012 was a key year in our development strategy with IntegraGen having met its objectives of an operational launch of the first genetic risk evaluation test for autism in the United States. In the field of Oncology, our expertise has also grown with replication results achieved on the biomarkers relative to colorectal cancer. Eventually, our genomic services business continues to benefit from a very strong demand. We’re satisfied with our progress and, thanks to our solid financial situation, we’re confident for 2013 and focused on further developing the Company: Development of a CE marked kit in the field of metastatic colorectal cancer for commercialization in 2014, launch of a new autism risk assessment test for children with no familial history of the disorder. IntegraGen has now achieved business maturity by converting promising projects into market realities.”
(in thousands of euros)
|Total operating revenues||4,806||4,839||-1%|
|Total operating costs||7,173||7,241||-1%|
|Operating result (loss)||-2,368||-2,402||n/a|
|Net result (loss)||-1,726||-2,040||n/a|
|Dec. 31, 2012||Dec. 31, 2011|
With +2% growth in its activity at 4.7M€ as of December 31, 2012, IntegraGen once again confirms its position as the French leader in genomic services and high-speed sequencing.
Operating costs were 7.2M€, a slight decrease compared to 2011. Spending on the implementation of US operations with a licensed laboratory, and the commercialization of the ARISK Test were offset by significant savings in consumables and administrative costs.
Operating loss of -2.4M€ remains stable compared to 2011.
The financial result is a profit of 83K€ while the outstanding result is a loss of 29K€.
For fiscal year 2012, efforts in research and development allow IntegraGen to declare a Research Tax Credit of 586K€.
The company’s net result represents a loss of 1.7M€ compared with the loss of 2.0M€ in 2011.
In July of 2012, the company underwent a 2M€ increase in capital.
At the end of 2012, net cash is 4.9M€ vs 4.6M€ at the end of 2011.
At the end of 2011, the total repayable advances recorded in the results are 1.2M€.
The company has no financial debt.
Following exceptional growth in 2011 (+45% compared to 2010 results), sales increased by 2% in 2012. The order book/backlog demonstrates more sustained growth with 2012 orders showing a 15% increase over 2011.
The sequencing services enjoyed the most significant increase, despite the decline in the genotyping market. In response to demand, IntegraGen increased its sequencing capacities through the acquisition of a new Illumina sequencer via a long-term rental contract.
Diagnostic Test for Autism
The ARISK Autism Risk Assessment Test for familial autism based on 65 biomarkers was launched in the United States in 2012. The test evaluates the risk of autism for children from families already affected.
Sales remain marginal at the end of 2012 but they witness the initiation of a dynamic collaboration with pediatricians, child psychiatrists, and pediatric neurologists on one front and parent associations on another. The sales also validated the strategy of partnering with a CLIA certified laboratory (Clinical Laboratory Improvements Amendments) which performs testing, and genetic counseling which ensures communication with prescribing physicians.
Screening and early, intensive intervention are essential in order for the children to make significant improvement in the cognitive, emotional and social domains. A study published in the “Journal of Pediatrics” that was carried out in 2012 using 162 families with at least one affected child revealed that the period of time between the first moments of parental concern and a diagnosis is 36 months on average, which limits the efficacy of subsequent care.
Since 2011, IntegraGen has been working with Inserm units U674 and U775 to identify new biomarkers in oncology. The objective is to develop personalized medicine genomic tools for patients with liver and colon cancer.
In metastatic colorectal cancer, replication studies relative to the biomarker that evaluates effects of anti-EGFR treatment were successfully completed. These results were presented at the ESMO meeting (European Society for Medical Oncology) in October 2012.
Additionally, two patent applications for the molecular classification and the prognosis of hepatocellular carcinomas were submitted in 2012.
In the United States, IntegraGen has assembled a network of experts allowing the company to identify partnership opportunities and position its biomarkers toward thought leaders.
Outlook for 2013
The genomic services activity remains driven by sustained demand for sequencing services.
In the area of autism, IntegraGen will implement marketing activities to further grow awareness for the ARISK Test and sales for the familial version of the test. The company will develop a non-familial version of the test in order to identify the risk of autism for children less than 36 months of age demonstrating developmental delays.
In oncology, the Company plans to leverage the patent application submitted in 2011 with its academic partners for a biomarker enabling prediction of the response of a patient suffering from metastatic colorectal cancer to an anti-EGFR treatment. In February 2013, IntegraGen finalized an agreement with the British company LAB21 to develop a CE marked which is forecasted to be marketed as early as 2014.
Lastly, IntegraGen will perform replication studies on large patient populations and carry over this research to other cancers and/ or new biomarkers.
In terms of finance, IntegraGen expects an increase in revenues linked to the development of genomic services and sales of the ARISK Test. The need for cash should be slightly higher to that of 2012, considering the costs of development in oncology and autism.
Save the date : IntegraGen will present its results and operational advances next May 16th at 10h00 at Palais Brongniart at the occasion of a meeting to the SFAF (French Association of Financial Analysts)
IntegraGen develops and markets molecular diagnostic tests in the fields of autism and oncology. Wholly subscribing to the universe of personalized medicine, IntegraGen’s is dedicated to providing clinicians with personalized diagnostic tools enabling the identification and qualification of anomalies and dysfunctions in the organism in order to prescribe “the right treatment for the right patient”. IntegraGen uses its recognized industry knowledge to support its Genomic Services Business division possessing the first private genomic platform in France. The commercialization of genome decoding services to prestigious academic institutions and pharmaceutical companies has resulted in IntegraGen generating revenues of 4.8M€ during 2012.
As of December 31, 2012, IntegraGen had 31 employees. Its headquarters are located at Génopole d’Evry. The Company also has offices in the United States through its affiliate IntegraGen Inc., based in Cambridge, MA.
IntegraGen is listed on the Alternext of the NYSE Euronext in Paris (Isin: FR0010908723 - Mnémo : ALINT).
More information is available on the web site: www.integragen.com
Accounts Closed on December 31, 2012
|Simplified income statement – IntegraGen SA|
|(in thousands of euros)||2012||2011||Var. %|
|Operating grants and other revenues||65||190||ns|
|Simplified Balance Sheet – IntegraGen SA|
|(in thousands of euros)||31/12/2012||31/12/2011|
|(in thousands of euros)||31/12/2012||31/12/2011|
Provisions for risks and charges