NOXXON Releases its Interim 2016 Results
Berlin, Germany, October 31, 2016 – NOXXON Pharma N.V. (Alternext Paris: ALNOX), a biotechnology company whose core focus is on cancer treatment, has today released its interim 2016 results for the six months to June 30, 2016.
First-half 2016 financial statements (IFRS)
In the first half of 2016 (H1 2016), NOXXON Pharma’s revenue came to K€ 32 (vs. K€ 23 in H1 2015). NOXXON Pharma devoted the bulk of its resources to research and development (R&D). The corresponding expenses are shown below. Lower R&D costs and general & administrative costs and higher finance cost accounted for the main differences between H1 2016 and H1 2015.
The decrease in R&D costs to €3.2 million in H1 2016 (vs. €3.9 million in H1 2015) chiefly reflected lower staff costs following an internal restructuring in July 2015. General & administrative costs also recorded a substantial decline to €2.4 million in H1 2016 (vs. €3.4 million in H1 2015) owing to the restructuring and the steep reduction in fees for legal and other advice. These had increased significantly in 2015 in connection with a financial transaction.
The finance cost and income were due primarily to the fact that loan agreements were substantially modified, which did not result in a change in cash for the company. Interest expenses actually paid were K€ 335. It should be noted that events after the balance sheet date resulted in a new agreement under which the €7.0 million of €9.6 million debt has been converted to equity and the remainder can be converted by the company upon raising of €2.6 million additional financing.
The net loss recorded in the first six months to June 30, 2016 came to €8.0 million (vs. €7.9 million in the six months to June 30, 2015). At June 30, 2016, cash and cash equivalents amounted to €1.8 million, compared with €4.1 million at December 31, 2015.
Consolidated income statement
|
In thousands of euros |
June 30, 2016 |
June 30, 2015 |
|
Revenues |
32 |
23 |
|
Other operating income |
209 |
35 |
|
Research and development expenses |
(3,197) |
(3,933) |
|
General and administrative expenses |
(2,395) |
(3,439) |
|
Foreign exchange losses |
(6) |
(28) |
|
Loss from operations |
(5,357) |
(7,342) |
|
Finance cost |
(11,603) |
(589) |
|
Finance income |
8,976 |
0 |
|
Loss before income tax |
(7,984) |
(7,931) |
|
Income tax |
(26) |
(1) |
|
Net loss |
(8,010) |
(7,932) |