Biophytis publishes its key financial figures as at 30 June 2022, announces a restatement of the financial statements published as of December 31st, 2021 and provides an update on the oper
Biophytis
/ Key word(s): Half Year Results
Biophytis publishes its key financial figures as at 30 June 2022, announces a restatement of the financial statements published as of December 31st, 2021 and provides an update on the operational milestones
Paris (France), Cambridge (Massachusetts, U.S.), October 31, 2022, 23pm CET – Biophytis SA (NasdaqCM: BPTS, Euronext Growth Paris: ALBPS) (the “Company” or “Biophytis”), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging, including severe respiratory failure in patients suffering from COVID-19, today publishes its key financial figures as of 30 June 2022 and announces that the audited consolidated financial statements previously published by the Company for the year ended December 31st, 2021 are being restated to correct the accounting treatment of the Kréos financing agreement signed in November 2021.
Key financial data (unaudited)
Operational milestones
In parallel, our teams worked to finalize the protocol for Phase 3 of our SARA programme. We have interacted extensively with European (EMA) and American (FDA) experts and regulatory authorities to design the first phase 3 ever conducted worldwide in sarcopenia (SARA project). These interactions allowed us to propose a new protocol currently under review by these agencies. The outline of this Phase 3 trial was presented in June 2022 at the SCWD International Congress in Lisbon. In parallel, we are looking for partner laboratories to support us in this study which we intend to initiate once these agreements have been signed and the final regulatory steps have been completed.
Finally, we reinitiated our efforts to launch our MYODA clinical trial, aiming to open the first centre in the first half of 2023. Our MYODA programme aims to offer a new therapeutic alternative to children with Duchenne muscular dystrophy (DMD) by improving the respiratory function of these patients.
With 26 [employees?] as of June 30, 2022, we remain a small team and carrying out all of these activities concurrently have strongly mobilised our staff. I would like to thank them for their strong involvement. Given our strong mobilisation, our cash position as of June 30, 2022 and the financial tools at our disposal, we can look forward to the coming months with confidence and continue to develop Biophytis' assets serenely.”
Restatement
Therefore, the financial statements previously published by the Company for the relevant period, the reports of the Company's auditors and management and the related press releases, or any other communication describing Biophytis' financial statements for the relevant period, should no longer be relied upon with respect to the relevant accounting items.
The Company is not currently aware of any other accounting corrections that would require an adjustment to the financial statements.
The Company expects, as soon as reasonably practicable, to file restated financial statements for the year ended December 31, 2021, that will be included in a Form 20F-A with the SEC, and to publish concomitantly the details of the interim financial statements as of June 30, 2022 in a Form 6-K.
Drawing of the third tranche under the 2021 Atlas contract
At the end of October 2022, the Company drew the third tranche of €4 million under the Atlas 2021 contract. This third tranche will be released in two parts: the first one at the end of October 2022 for €2m and the second one at the end of November 2022 for the same amount.
As at 25 October 2022, based on 203,965,750 outstanding shares, assuming conversion on this day and a conversion price equal to 96% of the pricing period VWAP of € 0.06, the dilution is reflected as followed:
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About BIOPHYTIS Biophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, being developed as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA-INT). It has also been studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for the treatment of Duchenne Muscular Dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS – ISIN: US09076G1040). For more information visit www.biophytis.com Disclaimer This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the "Risk and uncertainties the Company is to face" section from the Company's 2021 Half Year Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the "Risk Factors" section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Biophytis Contact for Investor Relations Philippe Rousseau CFO
Media Contacts Antoine Denry: [email protected] +33 6 18 07 83 27
Dissemination of a Financial Wire News, transmitted by EQS Group. |
Language: | English |
Issuer: | Biophytis |
14 avenue de l´Opéra | |
75001 Paris | |
France | |
Internet: | https://www.biophytis.com |
ISIN: | US09076G1040, FR0012816825 |
EQS News ID: | 1475955 |
End of Announcement - EQS News Service |
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1475955 31-Oct-2022 CET/CEST