Hoofddorp, The Netherlands, 30 April 2019. IGEA Pharma N.V. (the “Company” and together with its subsidiaries “IGEA” or the “Group”) today announced the disclosure of its Annual Report 2018.
The Group generated only marginal revenue for the year ended 31 December 2018 (same as previous year), against operating expenses of USD 1.47 million (2017: 0.39 million) for the same period, of which USD 0.19 million (nearly the same as in 2017) from cost of revenue and USD 1.28 million (2017: 0.19 million) from selling, general and administration expenses. The increase in selling, general and administration expenses of USD 1.09 million from 2017 to 2018 is due to the reorganisation of the Group activities into a new holding started by end of 2017 and completed during the first months of 2018 and to the listing of the Company’s shares on the SIX Swiss Exchange during the last quarter of 2018. The Group total loss for the year 2018 is of USD 1.42 million (2017: 0.43 million), representing a basic and diluted loss per share of USD 0.062 (2017: USD 0.017).
The Group raised net proceeds of USD 3.63 million in 2018, of which USD 3.28 million from issuance of shares and USD 0.35 million by increasing the Group’s indebtedness, then converted into equity prior to the listing. Furthermore, liabilities for USD 0.57 million were unconditionally waived jointly with the issuance of shares prior to the listing. As of 31 December 2018, the Group held USD 2.62 million of cash and cash equivalents, including USD 0.47 million of called up equity commitments from investors in settlement at year’s end. The Group has enough cash and cash equivalents necessary to finance its actual level of activities for at least twelve months.
The operations 2019 will focuses on starting commercialization of the Group’s ready-to-sale products ‘ALZ-1’ and ‘ALZ-TAB’, expected beginning second half 2019, and on expanding and increasing the level of revenue into the selected market.
The Annual Report 2018 is available at https://www.igeapharma.nl/investors-relations/
IGEA Pharma N.V. is a health-tech company focused on measure and control of test factors related to life-threatening diseases. IGEA developed ‘ALZ-1’, a test kit to measure non ceruloplasmin bound copper (generally defined as ‘free copper II’) in the blood stream. Free copper II is a recognized and modifiable risk factors in Alzheimer (‘AD’) and diabetes type II (DBT2) diseases. Monitoring and normalizing free copper II can contribute to reduce the risk of AD and DBT2 respectively.
IGEA Pharma N.V. is listed on the SIX Swiss Exchange under the ticker ‘IGPH’ and is headquartered in Hoofddorp, the Nehterlands.
For further information, please visit the IGEA website at https://www.igeapharma.nl/ IGEA Pharma N.V. Investor Relations: https://www.igeapharma.nl/investors-relations/
This document constitutes neither an offer to buy nor to subscribe securities and neither this document nor any part of it should form the basis of any investment decision in IGEA.
The information contained in this press release has been carefully prepared. However, IGEA bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. IGEA does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons.
This publication may contain specific forward-looking statements and assessments or intentions concerning IGEA and its business. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of IGEA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. IGEA assumes no responsibility to update forward- looking statements or to adapt them to future events or developments, except as may be required by law.
IGEA Pharma N.V.
Siriusdreef 17, 2123 WT Hoofddorp, the Netherlands +31 23 568 94 94