Home > Press > BioAlliance Pharma announces Q3 2007 results - Specialty pharma announces very strong growth in revenues and cash
BioAlliance Pharma SA, a specialty pharmaceutical company focused on the development and marketing of innovative therapeutics targeting cancer, HIV, opportunistic infections and drug resistance, today announced its revenues for Q3 2007.
BioAlliance Pharma announces Q3 2007 results - Specialty pharma announces very strong growth in revenues and cash
Paris, France | Posted on October 29th, 2007
- Launch of the company's first product, Loramyc®, in France on September 4, 2007
- Exclusive license agreement signed with Par Pharmaceutical for sales of Loramyc® in the USA. Total value USD 65 million plus significant royalties. Upfront payment USD 15 million.
- Fund raising of EUR 40 million through private placement with qualified investors.
- Revenues for Q3 2007 were EUR 1.799 million, a very substantial increase over the EUR 102,000 recorded in Q3 2006.
- As a result of the fund raising and upfront payments received from Par Pharmaceutical, the company's cash position has been significantly improved. On September 30, 2007, cash amounted to EUR 61.7 million, compared with EUR 19.4 million at the end of June 2007.
"Q3 2007 will go down in BioAlliance's history as a particularly significant quarter," said Nicolas Fellmann, CFO at BioAlliance Pharma. "The launch of BioAlliance's first product, Loramyc®, means the company is generating its first revenues by selling directly on the French market. We are implementing our international sales strategy and generating income through our agreement with Par Pharmaceutical in the USA, the upfront payment for which is being accounted for over two years. The two agreements already signed (with Par pharmaceutical in the USA and the creation of the SpeBio joint venture in Europe) have already brought in EUR 19 million to which we have added the EUR 40 million raised from qualified investors this summer."
"BioAlliance Pharma today has the financial resources to accelerate its development," said Dominque Costantini, CEO of BioAlliance. "With the first revenues derived from a product developed from start to finish by BioAlliance and with our partnership agreements, we are demonstrating the robustness of our specialty pharma model and its capacity to add value. We are determined to become a leading player in Europe."
Consolidated revenue details
| In thousands of euros,
excluding sales tax, IFRS
|Sales of Loramyc®
|Par Pharmaceutical agreement
|Provision of services
In compliance with IAS 18 standards, the revenues from upfront payments received in connection with partnership agreements have been accounted for over a period of time:
- In respect of the European joint venture, SpeBio, the upfront payment of EUR 3 million has been spread over ten years from January 1, 2007. The amount included in the accounts for Q3 2007 is EUR 37,000, thus consolidating proportionally the 50 per cent share of SpeBio owned by BioAlliance Pharma.
- In respect of the exclusive license granted to Par Pharmaceutical, the upfront payment of USD 15 million (EUR11.1 M) has been spread over a period of two years from July 1, 2007. The amount included in the accounts for Q3 2007 is EUR 1.38 million.
Services provided by BioAlliance Pharma to Eurofins-VIRalliance (EVI,Inc.) amounted to EUR 123,000 against EUR 102,000 in Q3 2006.
Q4 revenues will be announced on January 30, 2008, and full year 2007 results on February 29, 2008.
About BioAlliance Pharma SA
BioAlliance Pharma SA (Euronext Paris: BIO) is a specialty pharmaceutical company focused on the development and commercialization of innovative therapeutics targeting cancer, HIV, opportunistic infections and drug resistance.
The Company is currently conducting 3 phase III clinical trials on innovative products. Two products are based on the Lauriad® mucoadhesive technology, which allows an early and prolonged release of therapeutic agents at the site of the disease: one authorized product in France and two clinical international phase III trials ongoing (Loramyc® and acyclovir Lauriad®). One product is based on the Transdrug® nanoparticle technology designed specifically for intracellular targeting: one international phase III trial ongoing on primary liver cancer (doxorubicin Transdrug®). The company develops also a New Entities program focused on new targets in oncology and HIV.
The company concluded two strategic partnerships in 2007 to sell its Loramyc(R) product in Europe and in the US. BioAlliance Pharma has just announced the launch of Loramyc® on the French market.
This communication expressly or implicitly contains certain forward-looking statements concerning BioAlliance Pharma SA and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of BioAlliance Pharma SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. BioAlliance Pharma SA is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
For a discussion of risks and uncertainties which could cause actual results, financial condition, performance or achievements of BioAlliance Pharma SA to differ from those contained in the forward-looking statements please refer to the Risk Factors (Facteurs de Risque) section of the reference document approved by the AMF on 6 April 2007 under the number R. 07-031, which is available on the AMF website http://www.amf-france.org or BioAlliance Pharma S.A.'s website http://www.bioalliancepharma.com .
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