- Cash position2 at €87.2 m as of
June 30, 2022 - Revenues of €0.1 m in H1 2022
Inventiva entered into a finance loan and a warrant agreement for up to €50 million with theEuropean Investment Bank (EIB)Inventiva raised approximately €14.6m through a combination of its At-The-Market program (for €9.3m in gross proceeds) and new State backed bank financing (for €5.3m)- Cash runway extended until the end of second quarter 2023 without taking into account the €50m finance loan from the EIB
Daix (
Cash Position
As of
Net cash used in operating activities amounted to €26.1 million in the first half of 2022 compared to €19.8 million for the same period in 2021. R&D expenses for the first half of 2022, mainly driven by the development of lanifibranor in NASH, were up 53% compared to the first half of 2021. This significant increase in R&D expenses was driven by the costs associated with the NATiV3 Phase III clinical trial of lanifibranor in NASH and, to a lesser extent, with the Legend Phase IIa combination trial with lanifibranor and empagliflozin in patients with NASH and type 2 diabetes . In
Net cash generated from investing activities for the first half of 2022 amounted to €0.8 million, compared to -€1.2 million for the same period in 2021.
Net cash from financing activities for the first half of 2022 amounted to €13.96 million compared to no net cash generated from financing activities over the first half of 2021. This increase is mainly driven by the equity raised through the Company’s At-The-Market Program for approximately €9.3 million (gross proceeds) on
€5.3 million. One of the loans has been contracted as part of a state-guaranteed PGE loan facility ("Prêt Garanti par l’Etat") with
Over the first half of 2022, the Company recorded a positive exchange rate effect on cash and cash equivalents of €3.2 million versus €1.5 million for the first half of 2021, due to the strengthening of USD versus Euro.
Furthermore, the Company also finalized the documentation requirement under the credit facility for up to
Considering its current R&D and clinical development programs and excluding any proceeds from the EIB credit facility and any potential additional financial resources, the Company estimates that its existing cash, cash equivalents and short-term deposits should allow the Company to fund its operations through the end of the second quarter 20234.
Revenues
The Company’s revenues for the first half of 2022 amounted to €0.1 million, as compared to €0.2 million for the same period in 2021.
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Next key milestones expected
- Strategy update on the potential development of odiparcil – anticipated by end of 2022
- Publication of the results of the investigator-initiated study with lanifibranor in patients with NAFLD and T2D – previously planned for second half of 2022 is now expected in the first quarter of 2023
- Last Patient First Visit of the NATiV3 Phase III clinical trial evaluating lanifibranor in NASH – planned for first half of 2023
- Study completion of phase IIb trial of cedirogant in patient with psoriasis conducted by AbbVie – planned for first half of 2023
- Topline results of Phase IIa LEGEND of lanifibranor in combination with empagliflozin in patients with NASH and T2D– planned for second half of 2023
Upcoming investor conference participation
H.C. Wainwright 24th AnnualGlobal Investment Conference –September 12-14 ,New York City - KBC Life Sciences Conferences –
September 15-16 , Virtual - Lyon Pôle Bourse-
September 28 ,Lyon - HealthTech Innovation Days –
October 12-14 ,Paris - Portzamparc BNP Paribas Biotech & Santé -
October 4 , Virtual - Jefferies 2022 London Healthcare Conference -
November 15-17 ,London
Upcoming scientific conference participation
- Paris Nash Meeting -
September 8-9 ,Paris - 91èmes Journées Scientifiques de l’AFEF -
October 5-8 , Dijon - AASLD - The Liver Meeting -
November 4-8 ,Washington, DC - 6th Obesity and NASH Drug Development Summit –
November 29 through December 1 st,Boston
Next financial results publication
- Financial results for the first half of 2022:
Wednesday, September 21, 2022 (after U.S. market close)
About
The Company has established a strategic collaboration with AbbVie in the area of autoimmune diseases that resulted in the discovery of the drug candidate cedirogant (ABBV-157), an oral RORγ inverse agonist which is being evaluated in a Phase IIb clinical trial, led by AbbVie, in adult patients with moderate to severe chronic plaque psoriasis. Inventiva’s pipeline also includes odiparcil, a drug candidate for the treatment of adult mucopolysaccharidoses (MPS) VI patients. As part of Inventiva’s decision to focus clinical efforts on the development of lanifibranor, it suspended its clinical efforts relating to odiparcil and is reviewing available options with respect to its potential further development.
The Company has a scientific team of approximately 80 people with deep expertise in the fields of biology, medicinal and computational chemistry, pharmacokinetics and pharmacology, and clinical development. It owns an extensive library of approximately 240,000 pharmacologically relevant molecules, approximately 60% of which are proprietary, as well as a wholly-owned research and development facility.
Contacts
VP of Global External Affairs media@inventivapharma.com +1 240 620 9175 | Aude Lepreux / Media relations inventiva@brunswickgroup.com +33 1 53 96 83 83 | Westwicke, an Investor relations patti.bank@westwicke.com +1 415 513 1284 |
Important Notice
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These statements include, but are not limited to, forecasts and estimates with respect to Inventiva’s pre-clinical programs and clinical trials, including recruitment, screening and enrolment for those trials, including the LEGEND trial for the treatment of NAFLD, the NATiV3 Phase III clinical trial with lanifibranor in NASH and the expected Phase IIb clinical trial of cedirogant led by AbbVie, potential development of odiparcil, clinical trial data releases and publications, the information, insights and impacts that may be gathered from clinical trials, including LEGEND, the potential therapeutic benefits of lanifibranor in combination with empagliflozin, the design of trials, including LEGEND, pipeline and preclinical and clinical development plans, milestone payments, royalties and product sales, potential proceeds under the Company’s financing arrangements, future activities, expectations, plans, growth and prospects of
Please refer to the Universal Registration Document for the year ended
All information in this press release is as of the date of the release. Except as required by law,
1 Non-audited financial information.
2 The cash position is defined as cash and cash equivalents as well as short-term deposits which are included in the category “other current assets” in the IFRS consolidated statement of financial position as of
3As announced by the Company, the facility loan is divided in two tranches of €25 million, each which are subject to the completion of certain condition precedents. For a detailed description of the conditions, consult the press release of
4 This estimate is based on the Company’s current business plan and excludes any potential milestones payable to or by the Company and any additional expenditures related to the potential continued development of the odiparcil program or resulting from the potential in-licensing or acquisition of additional product candidates or technologies, or any associated development the Company may pursue. The Company may have based this estimate on assumptions that are incorrect and the Company may end up using its resources sooner than anticipated.
Attachment
Inventiva - PR - H1 2022 CA Cash - EN - 28072022
Source:
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