- Finalization of the acquisition of DNV3837, a promising antibiotic for treating severe gastrointestinal infections caused by Clostridium difficile, expected to begin Phase II in mid-2019
- Successful start of the AGIR Program: the automated platform for the extraction and screening for antibiotic activity is now up and running, an achievement validated through the payment of €1.5m for milestone 1
- Commercial launch of the first proprietary cosmetic ingredient: PHYT-N-RESIST®. Strong international distribution agreements with Solvay and Univar for startup of sales in 2019
- Launch of an active ingredient for cosmetics in partnership with Greentech and implementation of other agreements for developments to begin in 2019
- Ongoing development for an upcoming cosmetic active ingredient including prospects for a launch in 2019
- Simplification of the group's legal structure: change from 4 to 2 entities following (i) the transfer of all of DEINOBIOTICS' assets to DEINOVE (ii) merger of BIOVERTIS into DEINOVE
- 2018 net income of the Group: -€8.7m vs. -€7.3m in 2017, mainly due to the progress in the AGIR program and the integration of the DNV3837 clinical program
- 2017 R&D Tax Credit (CIR) of €2.5m received in January 2019
DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company that uses a disruptive approach to develop innovative antibiotics and bio-based active ingredients for cosmetics and nutrition, announced today that its Board of Directors had approved the 2018 annual accounts.
Charles Woler, Chairman of the Board of Directors at DEINOVE, said, "In 2018, we made significant progress in our two main fields of activity. In the field on antibiotics, the AGIR program is moving forward as planned, with the development of the automated platform for the extraction and screening of antibiotic activity and the signing of several research partnerships to expand our potential. At the same time, the acquisition of DNV3837, an antibiotic compound that meets a major therapeutic need, has provided us with a first candidate in clinical development and with strong potential. Likewise, our first cosmetic ingredient, PHYT-N-RESIST®, an anti-aging active ingredient, is now on the market, as is the first product from our collaboration with Greentech. I am proud of the work accomplished by our teams."
"We are heading into 2019 with determination. Our teams are actively preparing for the start of the Phase II clinical trial for DNV3837, a significant new step. Remarkable technological progress has been made, providing us with a unique R&D tool for exploring all the potential of rare bacterial strains in view of providing answers to the challenges of the fight against antibiotic resistance. At the same time, we are counting on the growth of our portfolio of bioactive ingredients to generate income in the short term," added Emmanuel Petiot, CEO of DEINOVE.
The 2018 net result of the Group is a loss of €8.7m. The changes to the scope over the year, i.e. the acquisition of BIOVERTIS and its subsidiary, MORPHOCHEM, makes it difficult to compare this with the €7.3 m loss of the previous year.
The net cash position amounted to +€3.9m as of December 31 2018. During the 2018 financial year, the Group raised €8.8m through the Kepler Cheuvreux equity line funding and more importantly through a private placement in June 2018. After closing the accounts, the Group received €2.5m under the 2017 R&D Tax Credit and €1.5m for the 2nd payment as part of the support from the PIA (Investments for the Future Program) for the AGIR antibiotic project.
The TVM Capital investment fund, one of the major venture capital firms in the life sciences sector in Canada, the United States and Europe, entered the capital of DEINOVE in May of 2018, after the BIOVERTIS acquisition, thus strengthening the shareholder structure. It consolidated its position during the capital increase in June 2018.
On an operational level, the main areas of progress concerned:
- Progress on the AGIR (Antibiotics against Resistant Infectious Germs) Program, with the automated platform for extraction and screening for antibiotic activity being now up and running, which will provide faster analysis for DEINOVE's rare bacterial strains;
- The clinical-stage compound DNV3837, a first-in-class antibiotic candidate whose Phase II trial is expected to begin in mid-2019, joined DEINOVE’s pipeline. This compound, targeting a severe disease that is growing strongly (Clostridium difficile infections), represents a significant advance in DEINOVE's product portfolio;
- Marketing of DEINOVE's first active ingredients for cosmetics, both proprietary (PHYT-N-RESIST®) and in a partnership (Hebelys®, with Greentech). The marketing agreements set up with Univar and Solvay for the distribution of PHYT-N-RESIST® should generate income in the short term.
In 2019, DEINOVE foresees increased activity in its Antibiotics program aimed at developing a pipeline of innovative antibiotics capable of fighting against antibiotic resistance. For this, DEINOVE is strengthening its screening capacities, pursuing its strategy for optimizing molecules and multiplying its contacts with partners in the sector that could work with the company to reach its goals.
At the same time, DEINOVE is actively preparing the start of its first clinical trial, the Phase II trial testing DNV3837 in Clostridium difficile infections. If the results of this trial are positive, DEINOVE plans to undertake a Phase III trial.
DEINOVE is also continuing with the development of its activities in bioactive ingredients. The year 2019 should bring material commercial progress on the ingredients launched in 2018, currently being tested by many cosmetic brands, and bring about the launch of new proprietary and partnership ingredients.
DEINOVE is firmly committed to the development of a panel of compounds to serve its target markets.