MADRID, Spain and CAMBRIDGE, Mass., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Oryzon Genomics, S.A. (ISIN Code: ES0167733015, ORY), a clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, today reported financial results for the third quarter of 2020 and provided an update on recent developments.
Dr Carlos Buesa, Oryzon’s Chief Executive Officer, said: “Oryzon has successfully focused on the execution of its ongoing clinical trials and preparation for upcoming studies in the third quarter. These continue to make good progress despite the continuing disruption caused by Covid-19 around the world. Funding for our ongoing and planned trials was already in place, and the financing we carried out in June has allowed for greater focus on our current clinical activities by extending our cash runway until H1 2023.”
Third Quarter and Recent Highlights
Iadademstat in oncology:
Vafidemstat in neurological and inflammatory disease:
Financial Update: Third Quarter 2020 Financial Results
Research and development (R&D) expenses were $2.3 and $9.7 million, respectively, for the quarter and 9 months ended September 30, 2020, compared to $3.5 and $8.9 million, respectively, for the quarter and 9 months ended September 30, 2019. The $0.8 million increase was driven primarily by expenses associated with advancing the company’s clinical trials.
General and administrative expenses were $0.7 and $2.6 million, respectively, for the quarter and 9 months ended September 30, 2020, at same level of expenses for the quarter and 9 months ended September 2019.
Net losses were $1.2 and $3.8 million, respectively, for the quarter and 9 months ended September 30, 2020, compared to net losses of $1.0 and $3.4 million, respectively, for quarter and 9 months ended September 2019.
Negative net result of $2.7 million (-$0.06 per share) for the 9 months ended September 30, 2020, compared to a negative net result of $3.0 million for the 9 months ended September 30, 2019.
Cash, cash equivalents and marketable securities totaled $52.2 million as of September 30, 2020, compared to $42.6 million as of September 30, 2019.
|ORYZON GENOMICS SA|
|BALANCE SHEET DATA (UNAUDITED)1|
|(Amounts in thousands US $)|
|Cash and cash equivalents||52,209||41,942|
|Total Stockholders' equity||90,220||67,595|
|ORYZON GENOMICS SA|
|STATEMENTS OF OPERATIONS (UNAUDITED)1|
|(US $, amounts in thousands except per share data)|
|Three Months Ended|
|Nine Months Ended|
|Research and Development||2,279||3,462||9,746||8,884|
|General and administrative||733||742||2,584||2,588|
|Total operating expenses||3,012||4,204||12,330||11,472|
|Loss from Operations||-3,012||-4,204||-12,330||-11,472|
|Other income, net||1,787||3,208||8,493||8,035|
|Net Financial & Tax||155||-73||1,184||455|
|Loss / profit per share allocable to common stockholders:|
|Weighted average Shares outstanding|
|1 Spanish GAAP|
|* Exchange Euro/Dollar (1.1708 for 2020 and 1.0889 in 2019)|
Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. Oryzon has one of the strongest portfolios in the field. Oryzon’s LSD1 program has rendered two compounds, vafidemstat and iadademstat, in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. Oryzon has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurological diseases. Oryzon has offices in Spain and the United States. For more information, visit www.oryzon.com
This communication contains, or may contain, forward-looking information and statements about Oryzon, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although Oryzon believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Oryzon shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Oryzon that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Oryzon to the Spanish Comisión Nacional del Mercado de Valores (CNMV), which are accessible to the public. Forward-looking statements are not guarantees of future performance and have not been reviewed by the auditors of Oryzon. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Oryzon or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Oryzon on the date hereof. Except as required by applicable law, Oryzon does not undertake any obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. This press release is not an offer of securities for sale in the United States or any other jurisdiction. Oryzon’s securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of Oryzon’s securities to be made in the United States will be made by means of a prospectus that may be obtained from Oryzon or the selling security holder, as applicable, that will contain detailed information about Oryzon and management, as well as financial statements.
|IR & Media, US & Europe:||Spain:||Oryzon:|
|LifeSci Advisors LLC||ATREVIA||Emili Torrell|
|Mary-Ann Chang||Patricia Cobo/Carlos C. Ungría||BD Director|
|+44 7483 284 853||+34 91 564 07 25||+34 93 515 13 13|