On July 19, 2019 NANOBIOTIX (Euronext: NANO – ISIN: FR0011341205 – the "Company"), a late clinical-stage nanomedicine company pioneering new approaches to the treatment of cancer, reported its unaudited revenue for the second quarter of 2019 (Press release, Nanobiotix, JUL 19, 2019, View Source [SID1234537632]).
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Income statement (unaudited) €K Q2 2019 Q2 2018 Revenues 31.9 73.3 Of which: License Services-31.9-73.3 A quarter marked by a significant achievement: First European market approval for Hensify (NBTXR3) for locally advanced Soft Tissue Sarcoma
Revenue for the second quarter of 2019 amounted to €31.9K, generated by the cross-charge to our partners related to shared contract research organization costs pursuant to our license and collaboration agreement. The company’s cash availability as of June 30, 2019 amounted to €54.9M.
In early April, the Company announced that first-in-class radioenhancer NBTXR3 obtained, under the brand name Hensify, first European market approval in the form of a CE marking for the treatment of locally advanced Soft Tissue Sarcoma (STS) of the extremity and chest wall. The CE marking enables Nanobiotix to potentially commercialize Hensify in 27 European Union countries. After positive phase II/III clinical trial results in STS, this approval represents a significant step forward in establishing NBTXR3 as a major oncology treatment.
Following the announcement, in order to accelerate its development, the Company raised approximately €29.5M in April in a placement of new shares to a specific class of investors.
The proceeds of this recent offering will primarily be used to prepare the launch of the expected phase II/III clinical trial in head and neck cancers for registration in the United-States. As a result of this latest transaction, the company’s cash visibility now extends through the end of 2020.
In addition, later in April, CEO Laurent Levy also subscribed new shares through the exercise of founders’ warrants (Bon de Souscription de Parts de Créateur d’Entreprise or BSPCE) for an amount of EUR 960,000. Post-transactions, the capital breakdown as of April 30, 2019 is as follows: Institutional investors (47%), Individual shareholders (45%), Management and employees (4%), Family office (4%), based on 22,360,039 shares. 2
Additionally, Nanobiotix recently announced organizational changes as the company enters its next stage after first European market approval. The changes aim to reinforce necessary competencies as strategic priorities evolve, and to help accelerate the company’s longstanding mission to significantly improve outcomes for patients.