BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (FR0011799907 – GV) (Paris:GV), a company specializing in the development of diagnostic tests for the early detection of cancers and hereditary diseases, and applications for life sciences research, today reports on its commercial development and financial situation at the end of June 2018.
Despite a dynamic 29% increase in product sales and services over the first three months of the current year, and despite commercial contacts that were expected to result in platform sales, Genomic Vision announces that it did not sell platforms in the second quarter of 2018 contrary to expectations.
This delay in activity related to platform sale will affect all the Company's operating results for the first half of 2018, as well as its cash position.
In this context, the Company considers that there are uncertainties regarding its financial visibility until the end of the third quarter of 2018. The company is currently taking active steps with industrial and financial partners to obtain additional financing. In the meantime, the Company has the opportunity to use its flexible financing line by OCABSA with the possibility of a 9th tranche of OCABSA in the amount of €1,000,000 under terms and conditions as detailed in the Company's prospectus approved by the AMF on March 28, 2017 under number 17-114 and available on the Company's website www.genomicvision.com, and in the press release dated December 19, 2017.
The company will communicate as soon as possible on the progress of this financing. The results for the first half of 2018 will be published on Wednesday July 25, 2018 before market open.
ABOUT GENOMIC VISION
GENOMIC VISION is a company specialized in the development of diagnostic solutions for the early detection of cancers and serious genetic diseases and tools for life sciences research. Through the DNA Molecular Combing, a strong proprietary technology allowing to identify genetic abnormalities, GENOMIC VISION stimulates the R&D productivity of the pharmaceutical companies, the leaders of the diagnostic industry and the research labs.
The Company develops a robust portfolio of diagnostic tests (breast, ovarian and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based near Paris, in Bagneux, the Company has approximately 50 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.
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 28, 2017, 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.