Promising R&D results and key partners that reinforce DEINOVE’s objectives:
- Confirmation of exceptional cellulolytic properties of Deinococcus
- 9% bioethanol production and progress made towards industrial scale
- First promising results for DEINOCHEM (3 biomolecules produced)
- R&D contract with VTT (Technical Research Centre of Finland) to carry out DEINOCHEM program
Industrial partnerships with Abengoa, leading ethanol producer in Europe, and Suez Environnement, to produce second-generation biofuels
Half-year net loss of 3.9 million Euros, including acceleration of R&D expenses resulting from the Company’s change in size, and a non-recurring expense related to the canceled project to increase capital
Net financial position of +2.8 million Euros as of 30 June 2014 (vs. +3.1 million Euros as of 31 December 2013), reinforced by post-closing receipts of 2.3 million Euros. The Company’s financial needs are covered until about mid-2015.
Deinove (Alternext Paris: ALDEI), a cleantech company that designs and develops new industrial production standards based on the Deinococci bacteria, today announces its interim results for 2014.
The net result for the 1st half of 2014 is a loss of 3.920 million Euros, compared to a loss of 1.291 million Euros for the same period in the previous year. This result reflects the Company’s change in size which, in one year, went from the status of young company established in a business incubator to that of a company preparing the industrialization of its processes, whose team has grown and become structured and which now has its own laboratories. As of now, the Company has the necessary resources to support its development.
The Company’s growth and its two expanding research programs caused a 44% rise in operating expenses. The net result is also impacted by non-recurring costs related to the capital increase project canceled at the start of July. The net cash position was +2.8 million Euros as of 30 June 2014, and was strengthened during the summer by receipt of 2.3 million Euros (R&D Tax Credit and 1 Paceo® drawdown). The Company estimates being able to finance its activities up to mid-2015.
The first half of the year has been marked by major advances in research and development, both for the DEINOL and DEINOCHEM programs and for the more fundamental plan for metabolic properties of Deinococcus bacteria. Thus, DEINOVE is continuing its path toward industrialization of its processes, now with the support of two high-profile industry partners—Abengoa and Suez Environnement—and the technical support of VTT, Technical Research Centre of Finland.
“We have achieved significant advances during this half of the year, in terms of technology as well as by signing structuring agreements with large industry partners. We will benefit from the expertise of our partners, being able to more quickly implement our Deinococci-based processes, which are efficient, cost-effective and environmentally friendly.” said Emmanuel Petiot, CEO of DEINOVE. “We are harvesting the fruit of our significant investments in R&D, the change in the size of the Company and our team, and we are confident in pursuing this path.”