GENEVA, Switzerland--(BUSINESS WIRE)--Regulatory News:
GeNeuro (Euronext Paris: CH0308403085 - GNRO) (Paris:GNRO), a biopharmaceutical company developing treatments for neurodegenerative and autoimmune diseases, such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe neuropsychiatric consequences of COVID-19 (post-COVID or Long-COVID), today reported on its 2023 first quarter cash position.
2023 First-quarter financial information
At March 31, 2023, GeNeuro had €9.5 million in cash. This includes the first tranche of €7.0 million from the European Investment Bank financing for its Long-COVID program. The available cash resources provide GeNeuro with good visibility into Q3-2024.
The cash consumption related to GeNeuro’s operating and investing activities in Q1 2023 was €3 million, compared to €2.5 million for the same period of 2022. The increase is due to expenses related to the start-up costs in Italy and Spain of the Phase 2 clinical trial in Long-COVID. The Company expects its quarterly cash consumption to decrease slightly during 2023 as the post-COVID clinical trial advances.
Next financial report:
Second-quarter 2023 cash position: July 17, 2023.
Forthcoming investor and industry events:
May 3-4, 2023 LSX World Congress, London
May 25, 2023 Gilbert Dupont Midcaps Forum, Paris
June 5-8, 2023 BIO International Convention, Boston
GeNeuro‘s mission is to leverage HERV biology to develop safe and effective treatments for the benefit of patients, by neutralizing causal factors encoded by HERVs that represent 8% of human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. It has 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.