- A 2018 fiscal year marked by significant progress in the following research programs:
-- Arterial hypertension: highly significant efficacy of firibastat demonstrated in completed Phase IIb trial, paving the way for a pivotal Phase III study in resistant hypertension;
-- Heart failure: initiation of QUORUM, a Phase IIb study
- A stronger cash position at €14.8 million
-- The company has started the year in good financial condition to enter into a partnership with a pharmaceutical group in 2019.
PARIS and NEW YORK, March 28, 2019 (GLOBE NEWSWIRE) -- Quantum Genomics (Euronext Growth - FR0011648971 - ALQGC), a biopharmaceutical company specializing in the development of a new drug class that directly targets the brain to treat resistant hypertension and heart failure has released its annual results for the 2018 fiscal year, approved by the Board of Directors at its meeting on March 28, 2019.
The annual financial report, including the financial statement as of December 31, 2018, the management report, and the statutory auditor's report, are available on the company's website:
Jean-Philippe Milon, Chief Executive Officer of Quantum Genomics, said:
"2018 was an exceptional year for Quantum Genomics, in which we achieved many major milestones in developing our first-in-class drug candidate, firibastat. Throughout the year, we focused on implementing our BAPAI Fast Growth strategic plan by speeding up our research and development programmes in both hypertension and heart failure. We started 2019 ready to continue our research activities, as well as to communicate to the financial and scientific community the excellent results of NEW-HOPE. The coming months will be marked by the achievement of new key milestones, and we have the necessary resources to carry out our 2019 program, which should help us reach our main objective: signing a formal partnership with a pharmaceutical group."
Cash position rose to €14.8 million, covering the studies scheduled for 2019
The Company's 2018 financial statements reflect the increasing research and development activities, with the publication of the Phase IIb NEW-HOPE study results in hypertension six months ahead of schedule and the preparation of the launch of the Phase IIb QUORUM study in heart failure.
Operating income for 2018 amounted to -€13.6 million compared with -€10.3 million in 2017, due to the increase in research and development costs, which accounted for 75% of total operating expenses.
After taking into account the €1.5 million research tax credit, net income was -€12.0 million, compared with -€9.4 million in the previous year.
Free cash flow (net cash flow relating to business operations) was -€11.1 million for the period.
At the end of December 2018, equity capital stood at 11.9 million, with an additional €1.0 million in self-financing (conditional advances from Bpifrance).
Cash position amounted to €14.8 million, compared with €11.1 million as of December 31, 2017, an improvement of €3.7 million.
As of December 31, 2018, the balance of the equity financing line, concluded in March 2018 with Kepler Cheuvreux, came out to €9.1 million. The company drew down €2.6 million between January 1 and February 15, 2019, but has no plans to use this line again for several months.
The company carries no financial debt and has the necessary funds to continue the studies scheduled in the 2019 fiscal year.
Key figures as at December 31, 2018
|Figures in €k (French standards)
Other operating costs
|Pre-tax operating earnings
|Research tax credit
In 2019, continuation of research programmes and potential signature of a formal partnership
In order to improve the pharmaceutical formulation of firibastat, Quantum Genomics is currently conducting a pharmacokinetic study on sustained-release firibastat tablets. All patients have been enrolled and the results of this study will be available in Q2 2019.
In the field of heart failure, Quantum Genomics is preparing for enrolment of the first patients in the Phase IIb QUORUM study beginning in Q2 2019. The purpose of this clinical trial is to evaluate the safety and efficacy of firibastat compared to ramipril1 in patients following acute myocardial infarction (AMI). At an estimated cost of €8 million, the study will be carried out in around 40 clinical centers in Europe and the United States, with results expected in H2 2020.
In the field of hypertension, Quantum Genomics is preparing to enter Phase III development, the last step before potential approval and commercialization of firibastat. The company is currently preparing the study to evaluate the efficacy of firibastat in treating difficult-to-treat/resistant hypertension, an indication in which there is currently significant unmet medical need and for which there has been minimal innovation or investment in R&D. At an estimated cost of €21 million, this study initiation is planned for H2 2019.
Simultaneously, signing a partnership remains a main objective for Quantum Genomics. The company has made initial contact and is currently in discussions with a number of potential partners. The company is looking to negotiate an agreement that creates value and intends to sign such an agreement at the most opportune time both for patients, for whom the availability of new treatment options are a major need, and for the investors who support the company.
1 Ramipril is an angiotensin conversion enzyme (ACE) inhibitor and the reference treatment in heart failure, including in patients who develop heart failure following acute myocardial infarction.
|SFAF (French Society of Financial Analysts) meeting
||April 9, 2019, at 10 am
|SmallCap Event (Paris)
||April 16 & 17, 2019
|Bio International Convention (Philadelphia)
||From June 2 to 6, 2019
|General Meeting of Shareholders
||June 27, 2019
|2019 Half-Year Results
||October 3, 2019, after market close
About Quantum Genomics
Quantum Genomics is a biopharmaceutical company specializing in the development of a new class of cardiovascular drugs based on the Brain Aminopeptidase A Inhibition (BAPAI). The only company in the world exploring this innovative approach, which directly targets the brain, it can draw on more than 20 years of research at Paris-Descartes University and the Scientific Centre for National Research (CNRS) of the French National Institute of Health and Medical Research (INSERM), led by Dr Catherine Llorens-Cortès at the Collège de France research institute. The goal of Quantum Genomics is to develop innovative treatments for complicated, or even resistant, cases of hypertension (around 30% of patients have poor control of their condition or receive ineffective treatment) and for heart failure (one in two patients diagnosed with heart failure dies within five years).
Based in Paris and New York, the company is listed on the Euronext Growth exchange in Paris (FR0011648971—ALQGC) and trades on the OTCQX market in the United States (symbol: QNNTF). For more information, please visit www.quantum-genomics.com, or follow us on Twitter and LinkedIn
Source: Quantum Genomics