GENEVA–(BUSINESS WIRE)–Regulatory News:
GeNeuro (Euronext Paris: CH0308403085 – GNRO), a biopharmaceutical company focused on stopping causative factors that slow the progression of neurodegenerative and autoimmune diseases such as multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and post-acute consequences of COVID-19 (PASC, Long-COVID or Post-COVID), today reported its Q3 2022 cash position and business update.
2022 Third Quarter Financial Information
As of September 30, 2022, GeNeuro had 9.6 million euros in cash. As announced in the half-yearly financial report ended June 30, 2022, the cash available provides GeNeuro with financial transparency through the end of 2023, covering all planned activities.
Cash consumption related to GeNeuro’s operating and investing activities in the third quarter of 2022 was €1.4 million, slightly above the average of €1.25 million in the first two quarters, reflecting the ramp-up of the long-running clinical phase -2-COVID study has started recruiting patients. As already mentioned in the semi-annual report, the company received the second tranche of 2 million euros from the Swiss Federal Office of Public Health (BAG) for the long-term clinical phase 2 COVID study in this third quarter. This cash burn in Q3 2022 was in line with the company’s expectations; Cash burn for the full year is still estimated at around EUR 6 million on a net basis, ie after accounting for the FOPH grant for the lengthy Phase 2 COVID clinical trial.
Key Developments During the Quarter
On August 30, 2022, the Company announced the joint publication of the results of the collaboration between GeNeuro and the National Institute of Neurological Disorders and Stroke (NINDS) in the leading scientific journal, The Annals of Neurology, accessible here.
GeNeuro’s mission is to develop safe and effective treatments against neurological diseases and autoimmune diseases such as multiple sclerosis by neutralizing causal factors encoded by HERVs, which make up 8% of human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France. It has rights to 17 patent families protecting its technology.
For more information, visit: www.geneuro.com
This press release contains certain forward-looking statements and estimates regarding the financial condition, results of operations, strategy, projects and future performance of GeNeuro and the markets in which it operates. Such forward-looking statements and estimates can be identified by words such as “anticipate”, “believe”, “may”, “could”, “estimate”, “expect”, “intend”, “design”, “may”, “could”, ” plan”, “potential”, “predict”, “aim”, “should” or the negative of these and similar expressions. They include all subjects that are not historical facts. Forward-looking statements, forecasts and estimates are based on management’s current assumptions and assessments of risks, uncertainties and other known and unknown factors that were believed to be reasonable at the time they were made but may prove to be incorrect. Events and results are difficult to predict and depend on factors beyond the Company’s control. As a result, actual results, financial condition, performance and/or achievements of GeNeuro or the industry may differ materially from future results, performance or achievements expressed or implied by these statements, forecasts and estimates. Because of these uncertainties, no representations are made as to the accuracy or adequacy of these forward-looking statements, projections and estimates. In addition, forward-looking statements, forecasts and estimates speak only as of the date they are made, and GeNeuro undertakes no obligation to update or revise them, whether as a result of new information, future events or otherwise, except as required by law .