CASSIOPEA S.P.A. Cassiopea announces results for first half of 2017
Lainate - 21 July, 2017 - Cassiopea SpA (SIX: SKIN), a clinical stage specialty pharmaceutical company focused on developing innovative and differentiated medical dermatology products, announced today its half-year results for the period ended 30 June 2017.
Highlights
- Winlevi® phase III acne trial 74% of planned subjects enrolled
- Breezula® phase II alopecia dose ranging trial recruited first patients
- CB-06-02 phase II proof of concept trial for topical genital warts treatment 73% enrolled
Diana Harbort, CEO of Cassiopea SpA, commented:" We expect to recruit the last patient in the Winlevi® phase III clinical trial for acne in H2 2017 and then have the data report in H1 2018. By that time, we should be having the interim analysis report for the Breezula® phase II dose ranging trial which should then give us a solid basis for the planning of the next steps of the Company. Though we have had some slight delays in the clinical trials because we have increased our supervision effort in the enrollment process, I am pleased with our progress towards creating four valuable innovative products in the dermatology market and I am convinced that we continue to be on track to establish ourselves as a key player in the dermatology field".
Key financial figures
In EUR thousands | 1H 2017 | 1H 2016 |
Revenue | - | - |
Cost of sales | - | - |
Research and development expenses | (6.452) | (6.602) |
Selling, general and administrative expenses | (818) | (1.035) |
Net operating expenses | (7.270) | (7.637) |
Operating result | (7.270) | (7.637) |
Profit (Loss) before taxes | (9.267) | (8.478) |
Profit (Loss) after taxes for the period | (9.267) | (8.478) |
Profit (Loss) per share | (0,927) | (0,848) |
In EUR thousands | 30.06.2017 | 31.12.2016 |
Non current assets | 5.391 | 5.941 |
Other current assets | 2.555 | 2.328 |
Cash and cash equivalents | 25.083 | 33.656 |
Total assets | 33.029 | 41.925 |
Non-current liabilities | - | - |
Current Liabilities | 2.744 | 2.776 |
Total Equity | 30.285 | 39.149 |
Total Equity & Liabilities | 33.029 | 41.925 |
- No revenues were generated in H1 2017 since all products are still under development
- No goods were manufactured for sale so there were no COGS
- R&D costs consisted primarily of outsourced preclinical and clinical expenses of EUR 4.821 thousand of which 90% were for the phase III trials for Winlevi®, because the Breezula® trial started late in H1 2017.
- Personnel expenses were decreased to EUR 627 thousand because total directly employed personnel declined from 9 to 7 persons.
- Cash and cash equivalents declined to EUR 25.083 thousand. These funds are held primarily in US$.
- Total equity declined to EUR 30.285 thousand; 92% of assets were financed by equity.
Half-year 2017 results conference call at 08:00 CEST today on July 21, 2017
Diana Harbort, CEO, Luigi Moro, CSO, and Chris Tanner, CFO, will present the half-year results and discuss the outlook for 2017 at a conference call to be held today at 08:00 CEST.
From Italy: | +39 02 805 88 20 |
Switzerland / Europe: | +41 (0) 58 310 50 00 |
From UK: | +44 (0) 203 059 58 62 |
From USA: | +1 (1) 631 570 56 13 |
The Half-Year Report 2017 and the presentation with further information were published on July 21, 2017, 7:00 am CEST, and are available for download at:
http://www.cassiopea.com/investor-relations/financial-reports/yr-2017.aspx and
http://www.cassiopea.com/investor-relations/presentations/yr-2017.aspx
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