31.03.2015
  • A key patent granted in the United States ensures a broader perspective

  • 4 industrial and scientific partnerships with structural impact were concluded during the 2014 fiscal year: Sofiprotéol (Avril) for Deinochem, Suez Environnement, Abengoa and MBI for Deinol

  • Significant technological advances for the Company's two main programs:

    • DEINOL for the production of second generation biofuels: 9% bioethanol production, confirmation of the Deinococcus performance in biomass degradation, extensive testing of lignocellulosic feedstocks

    • DEINOCHEM: promising launch - production of the first molecules from the isoprenoid pathway and in particular a wide range of high value-added carotenoids

  • Annual net loss of €6.5m vs. €3.4m in 2013, the difference resulting to non-recurring items and the increase in operating expenses in line with R&D and pre-industrial progress. First revenues from the collaboration agreements

  • Net financial position of +€2.2m at 31/12/14 (vs. +€3.1m at 31/12/13) significantly strengthened by cash inflows of €3.1m between 01/01/15 and 28/02/15, resulting in a net financial position of +€4.1 m at that date. Strong cash position secures financial needs for at least 18 months.

 

DEINOVE (Alternext Paris: ALDEI), a biotech company developing innovative processes for producing biofuels and bio-based chemicals by using Deinococcus bacteria as host strains, today announced that its Board of Directors has proceeded with the review and finalizing of the annual financial statements 2014. It also convened the General Meeting for May 6, 2015.

The net result for the year is a loss of €6.458k compared to a loss of €3.420k in 2013. This partly reflects the accelerated development of the Company during the fiscal year. Established since late 2013 in new laboratories in the heart of the Biopôle Euromédecine (science park in Montpellier), DEINOVE has increased its average FTE (full time equivalent) staffing level by 10 in 2014, and has invested €1.2m in new scientific equipment. A necessary acceleration that led to the signing of four cooperation agreements in 2014, as well as significant advances in its two major research programs. While DEINOVE is not yet generating significant revenues, this acceleration has resulted in a controlled increase of 29% in operating expenses, consequently generating a negative current loss of €7.1m. The net result is also impacted by exceptional costs linked to the capital increase project cancelled in early July 2014, and by an unfavourable comparison effect to the R&D Tax Credit (CIR).

The net cash flow position amounted to +€2.2m at 31/12/14. During the 1st quarter of 2015, the receipt of €3.4m strengthened this position (ADEME payment and equity line proceeds). The Company expects to be able to finance its activities to beyond the 3rd quarter of 2016.

2014 has been a landmark year for DEINOVE. We are making further strides in the development of real 2nd generation technologies; our strength and distinguishing feature is that we work directly from pure raw vegetal material, a unique approach for a French SME. By breaking down this technological barrier, we will offer a new generation of industrial bioprocesses both efficient, cost effective and environmentally friendly", declares Emmanuel Petiot, CEO of DEINOVE. "The partnerships established in 2014 welcome our progress. We have started a new stage in our development, which has resulted in a necessary and controlled increase in our operating expenses. We are investing decisively for the future. We anticipate new partnerships and new technological advances in 2015”.