- Cash Burn under control: DBV closes 2013 with €39.4 million in net cash
BAGNEUX, France, Jan. 30, 2014 (GLOBE NEWSWIRE) -- DBV Technologies (Euronext: DBV - ISIN: FR0010417345), creator of Viaskin®, a new standard in the treatment of allergy, announced today its full year 2013 topline and cash position.
David Schilansky, Chief Financial Officer, commented: "We are reporting a cash position very much in line with our expectations. It does reflect the continuous attention we pay to containing cash burn, whilst ensuring that we fuel all of our development programmes with the necessary resources to deliver on schedule. The successful €30 million private placement in November, mostly placed in the US, provided us with enough cash to file Viaskin® Peanut with the FDA in 2016."
Full year 2013 topline
For the full year 2013, total revenues reached €3,826,313, up from €2,776,588 a year earlier, mainly driven by an increase in Research Tax Credit amounting €3.3 million, compared to €2.5 million in 2012. This significant increase stems from intense R&D activity, on both pre-clinical research and clinical development fronts. Revenues from Diallertest® stood at €181,800, stable year-on-year.
2013 closing cash position
As of December 31, 2013, DBV's cash position amounted to €39.4 million, compared with €27.6 million three months earlier. This position is inclusive of €15.7 million of net proceeds resulting from a capital increase in November 2013.
Full year 2013 financial results will be announced on March 17th.
About DBV Technologies
DBV Technologies is developing Viaskin®, an innovative new approach to the treatment of allergies - a major public health issue that is constantly increasing in prevalence. Food allergies represent a true handicap in everyday life for millions of people, constituting a major unmet medical need. DBV Technologies, incorporated in France in 2002, has developed a proprietary, worldwide-patented technology for administering an allergen to intact skin while avoiding transfer to the blood. The Viaskin® technology combines efficacy and safety as part of a treatment that seeks to improve the patient's tolerability of peanuts, and thus considerably lowers the risk of a systemic, allergic reaction in the event of accidental exposure The product's clinically proven safety profile enables the application of effective desensitization techniques in the most severe forms of the allergy.
DBV Technologies is focusing on food allergies, including milk and peanut, for which there are currently no effective treatments. DBV Technologies has designed two products: Viaskin® Peanut and Viaskin® Milk. The clinical development program for Viaskin® Peanut has received Fast Track designation from the US Food and Drug Administration and is currently being studies in Phase II program. The company will subsequently develop a Viaskin® patch for young children with house dust mite allergy - a true public health issue because this pathology is a primary risk factors for childhood asthma.
DBV Technologies shares are traded on segment C of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345).
For more information on DBV Technologies, please visit our website: www.dbv-technologies.com
Forward Looking Statement
The forward-looking statements, objectives and targets contained herein are based on the Company's management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. Furthermore, the Research and Development process involves several stages each of which involve the substantial risk that the Company may fail to achieve its objectives and be forced to abandon its efforts with regards to a product in which it has invested significant sums. Therefore, the Company cannot be certain that favorable results obtained during pre-clinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the product concerned. DBV technologies' business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers.
DBV Technologies Reports Full Year 2013 Topline Financial Results http://hugin.info/156437/R/1757907/594238.pdf
Source: DBV Technologies