BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (FR0011799907 – GV), a molecular diagnostics company specializing in the development of diagnostic tests for genetic diseases and cancers based on molecular combing technology, today announces its revenue from sales and cash position at December 31, 2015.
Revenue for the 4th quarter and full year 2015
|In thousands of euros –IFRS||2015||2014||2015||2014|
|Revenue from R&D Quest Diagnostics||2,066||3,218||936||361|
|Total revenue from sales||2,359||3,455||987||435|
Over the 4th quarter of 2015, Genomic Vision recorded revenue from sales of €987 thousand. This revenue, almost 95% of which comes from the Company’s R&D collaboration with Quest Diagnostics, was thus up sharply (+127% compared with the 4th quarter of 2014) thanks to a number of milestones being reached over the period:
- delivery of an automatic DNA extractor, incorporated within the platform used for the development of the LDT (Laboratory Developed Test) version of the BRCA (breast cancer) test by Quest Diagnostics, which is in line with the start of the study jointly carried out by the two companies (see the January 14, 2016 press release),
- final validation of the HNPCC (Lynch syndrome) assay by Genomic Vision with a view to its development by Quest Diagnostics,
- enrolment by Rouen University Hospital of the first patients in the clinical trial on the infantile SMA (Spinal Muscular Atrophy) test developed by Genomic Vision and selected by Quest Diagnostics as one of the jointly developed tests.
Other revenue (€51 thousand) corresponds to product sales represented by:
- direct sales of the CombHelix FSHD test at the Timone hospital, Marseille;
- royalties paid by Quest Diagnostics, which distributes this test in the United States; and
- direct sales of consumables and instruments to research laboratories.
Over the 2015 financial year as a whole, the total revenue from sales of €2.4 million was in line with the Company’s expectations and includes the Quest Diagnostics payments for all the scheduled milestones over the year.
Cash and cash equivalents
At December 31, 2015, cash and cash equivalents totaled €15.6 million, vs. €22.8 million at December 31, 2014, thus illustrating the Company’s excellent management of its expenditure.
Erwan Martin, CFO of Genomic Vision, comments: “The revenue from sales recorded over the final quarter of 2015 reflects the reaching of major milestones in our strategic collaboration with Quest Diagnostics, in accordance with our commitments. Over the year as a whole, all the milestones planned in the context of this collaboration were thus successfully reached. The study of the BRCA test that we are currently launching together will be a major event in 2016, as it will contribute to strengthening its added value and its differentiation potential for Quest’s BRCA offering. Furthermore, the new automatic DNA extractor will make it possible to complete the platform installed at Quest, thus enabling it to begin the development of the LDT version of the test with a view to its launch in the United States in 2016. At the same time, we are continuing to make progress on the test jointly developed with Quest Diagnostics for detecting “healthy” carriers of infantile Spinal Muscular Atrophy.”
Upcoming financial publication
- 2015 annual results, April 30, 2016* (after trading)
* indicative date that may be subject to change
ABOUT GENOMIC VISION
Founded in 2004, Genomic Vision is a molecular diagnostics company that specializes in the development of diagnostic tests for genetic diseases and cancers based on molecular combing. Using this innovative technology that allows the direct visualization of individual DNA molecules, Genomic Vision detects quantitative and qualitative variations in the genome that are at the origin of numerous serious pathologies. The Company is developing a solid portfolio of tests that initially target breast and colon cancers. Since 2013, the Company has marketed the CombHelix FSHD test for identifying facioscapulohumeral dystrophy (FSHD), a myopathy that is difficult to detect. It is marketed in the United States through a strategic alliance with Quest Diagnostics, the American leader in diagnostic laboratory tests, and in France directly by the Company. Genomic Vision has been listed on Compartment C of Euronext Paris since April 2014.
ABOUT MOLECULAR COMBING
DNA molecular combing technology significantly improves the structural and functional analysis of DNA molecules. DNA fibers are stretched over glass slides, as if "combed", and uniformly aligned over the entire surface. It is then possible to identify genetic anomalies by locating specific genes or sequences in the patient's genome using genetic markers, a technique developed by Genomic Vision and patented under the name Genomic Morse Code. This exploration of the entire genome at high resolution via a simple analysis enables the direct visualization of genetic anomalies that are undetectable by other technologies.
For further information, please go to: www.genomicvision.com
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