DAIX, France--(BUSINESS WIRE)--Regulatory News:
Inventiva (Paris:IVA), a biopharmaceutical company developing innovative therapies, particularly to treat fibrosis, published today its cash position and first-quarter 2017 revenues.
Inventiva’s revenues for the first three months of 2017 reached €1.5 million compared to €1.0 million in the first quarter of 2016. This 50% growth is mainly due to revenues generated by the partnership with Boehringer Ingelheim signed in May 2016, in addition to some service revenues.
As of March 31, 2017, Inventiva’s cash and cash equivalents stood at €68 million, up from €24.8 million as of December 31, 2016. Inventiva’s cash position was greatly reinforced by the €48.5 million raised during the IPO on the regulated market of Euronext Paris on February 15, 2017.
Net cash consumption from operations amounted to €2.6 million for the first quarter, compared to €5.7 million for the first quarter of 2016. The €3.1 million decrease is due to the cash generated from revenues, in particular the third milestone payment received from AbbVie1 and the contribution from the partnership with Boehringer Ingelheim, together with rigorous cash management.
During the first quarter, Inventiva was awarded a patent in the United States protecting the use of IVA336 in the treatment of MPS VI. With the patent granted also in 30 European countries, Inventiva’s exclusive use of IVA336 in all of its key markets is now secured until October 2034. Inventiva recently announced a key milestone in the development of IVA337 in systemic sclerosis with the enrollment of the 100th patient in its Phase IIb FASST trial.
Strategy for 2017 remains predominantly focused on the clinical development of its drug candidates. IVA337 is currently in phase IIb clinical trials for the treatment of NASH and systemic sclerosis, and a phase I/II trial with IVA336 for the treatment of MPS VI is under preparation. In addition, Inventiva continues to develop its pre-clinical portfolio, especially the Yap-Tead program.
Key newsflow and expected milestones
- Completion of recruitment for the IVA337 Phase IIb trial in NASH
- Completion of the recruitment for the IVA337 Phase IIb trial in systemic sclerosis
- Recruitment of the first patient for the IVA336 Phase I/II trial in MPS VI
- Milestone payment from the partnership with AbbVie
- Milestone payment from the partnership with Boehringer Ingelheim
- Results of IVA337 Phase IIb trial in NASH
- Results of IVA337 Phase IIb trial in systemic sclerosis
- Results of IVA336 Phase I/II trial in MPS VI
Next investor conferences:
- Euronext Tech 40 Forum, Frankfurt, April 27
- BioEquity Europe, Paris, May 22-23
- Jefferies 2017 Healthcare Conference, New-York, June 6-9
- Société Générale Field Trip Healthcare and Bio, Paris, September 26
- KBC Biotech and Healthcare Conference, New-York, September 28
About Inventiva: www.inventivapharma.com
Inventiva is a biopharmaceutical company specialized in the development of drugs interacting with nuclear receptors, transcription factors and epigenetic modulators. Inventiva’s research engine opens up novel breakthrough therapies against fibrotic diseases, cancers and orphan diseases with substantial unmet medical needs.
IVA337, its lead product, is an anti-fibrotic treatment with a strong action mechanism permitting the activation of all three alpha, gamma and delta PPARs (peroxisome proliferator-activated receptors), which play key roles in controlling the fibrotic process. Its anti-fibrotic action targets two initial indications with substantial unmet medical need: NASH, a severe and increasingly prevalent liver disease already affecting over 30 million people in the United States, and systemic sclerosis, a disease with a very high mortality rate and for which there is no approved treatment to date.
Inventiva is also developing in parallel, a second clinical product, IVA336, which is a treatment for three different forms of mucopolysaccharidosis: MPS I or Hurler-Scheie syndrome, MPS II or Hunter syndrome and MPS VI also known as Maroteaux-Lamy syndrome. Inventiva has a preclinical stage oncology portfolio.
Inventiva benefits from partnerships with world-leading research entities such as the Institut Curie. Two strategic commercial partnerships, one of which is at clinical stage, have also been developed with AbbVie and Boehringer Ingelheim, making Inventiva eligible for preclinical, clinical, regulatory and commercial milestone payments, in addition to royalties on the products resulting from the partnerships.
Inventiva employs over 100 highly qualified employees and owns state-of-the-art R&D facilities near Dijon, acquired from the international pharmaceutical group Abbott. The Company owns, a proprietary chemical library of over 240,000 molecules as well as integrated biology, chemistry, ADME and pharmacology platforms.
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the « Document de Base » filed with the Autorité des Marchés Financiers on July 8, 2016 under n° l.16-066, and its update submitted on January 12, 2017 under n° D.16-0535-A01 for additional information in relation to such factors, risks and uncertainties.
Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently Inventiva accepts no liability for any consequences arising from the use of any of the above statements.
1 Recorded in revenue for the fiscal year ended December 31, 2016 and received on February 10, 2017