GENEVA--(BUSINESS WIRE)--Regulatory News:
GeNeuro (Paris:GNRO) (Euronext Paris: CH0308403085 - GNRO), a biopharmaceutical company developing new treatments for neurological and autoimmune diseases, such as multiple sclerosis (MS) and type-1 diabetes, reported today on its 2019 third quarter cash position and issued a business update.
2019 Third-quarter financial information
As of September 30, 2019, GeNeuro had €8 million in cash. As announced in the interim financial report for the six months ended June 30, 2019, the available cash resources provide GeNeuro with financial visibility into Q4 2020, covering all planned activities.
These activities include continued constructive discussions on partnering its lead product, temelimab, aimed at tackling the key unmet medical need of disease progression in MS, as a single agent and/or combined with existing anti-inflammatory MS drugs.
Continuing the favorable trend observed in the past 12 months, GeNeuro’s operating and investing activities consumed €2.2 million of cash in the third quarter 2019, down 31% from the second quarter, owing to much reduced expenses in the Company’s clinical and pre-clinical programs.
The company recognized no revenues in the third quarter 2019.
Results of the ANGEL-MS study presented at the ECTRIMS 2019 congress
Data from ANGEL-MS, an extension of the temelimab Phase 2 CHANGE-MS trial in relapsing-remitting MS (RRMS), were presented at the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS 2019) Congress in Stockholm, Sweden. These results showed that the neuroprotective effects of temelimab in MS patients extend to 96 weeks and that it is safe to use and well tolerated for a prolonged period of time. The data also showed that, after two years of treatment, patients originally randomized to temelimab (18 mg/kg) in CHANGE-MS show evidence in ANGEL-MS for continued relative improvements in MRI-based neurodegenerative outcomes, such as brain volumes, magnetization transfer ratio (MTR) and black holes up to 96 weeks compared to all other groups. In the combined CHANGE-MS and ANGEL-MS treatment periods (total of 96 weeks), the reduction in the atrophy rate of the cerebral cortex between patients treated with the 18mg/kg dose over the entire period versus the control group was 42% (dose effect1 p=0.058) and the reduction in the atrophy rate of the thalamus was of 43% (dose effect1 p=0.038). Temelimab also had a marked effect on myelin integrity, as measured by Magnetization Transfer Ratio (MTR), with an increase in MTR values of >1.5% over the period, both in cortical (p<0.03 in all bands) and normal appearing white matter (p<0.02 in all bands). Importantly, these effects were not driven by an anti-inflammatory effect.
Upcoming scientific and investor conferences:
3rd HERVs & Disease International Workshop on Human Endogenous Retroviruses and Diseases,
November 5-6, 2019, Lyon, France
Bryan Garnier Healthcare Conference
November 13, 2019, Paris, France
GeNeuro‘s mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. It has 24 employees and rights to 17 patent families protecting its technology.
For more information, visit: www.geneuro.com
This press release contains certain forward - looking statements and estimates concerning GeNeuro’s financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words, such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management’s current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company’s control. Consequently, the actual results, financial condition, performances and/or achievements of GeNeuro or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and GeNeuro undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
1 Dose-effect analyzed by linear regression on all groups