IGEA discloses its half-2020 financials
Hoofddorp, the Netherlands, 2 September 2020. IGEA Pharma N.V. (SIX: IGPH) today announced the disclosure of its half-2020 financials.
The Group generated only marginal revenue for the six months ended 30 June 2020 (same as previous period) due to the ongoing market launch of its products. An increase is expected by end of 2020.
Cost of revenue were TUSD 138.4 (previous period: 172.4), with a decrease mainly due to the overall cost reduction following the decision to diversify the distribution strategy by entering the wholesale channel. Operating expenses were TUSD 444.4 (previous period: 779.0), of which TUSD 23.7 for research and development (previous period: none), TUSD 62.9 for sales and marketing (previous period: none) and TUSD 357.8 (previous period: 779.0) for general and administration. Research and development expenses are mainly due to the overall costs of holding a research and development network. Sales and marketing expenses are mainly due to residues of an increased level of activities in the second half of 2019 and general and administration expenses decreased significantly due to optimizations and rationalizations.
The net loss for the period is TUSD 547.3 (previous period: 946.9), representing a basic and a diluted loss per share of USD 0.022 and 0.021 respectively (previous period: basic and diluted loss per share of USD 0.038).
The operations over the next six to twelve months focuses on achieving and strengthening the recently disclosed combination. The Group expects to gain and establish acceptance and market position for health prevention and nutraceutical products, leverage commercial capabilities and partnerships, and capitalize on financial leverage and operational synergies to improve return on capital and achieve profitability. The Group has enough cash necessary to finance its actual level of activities for at least twelve months.
The half year financial report 2020 is available at igeapharma.nl/category/financial-reports/
IGEA Pharma N.V. focuses on health-tech and med-tech products and devices. Health-tech products are exclusively preventative. IGEA commercializes an Alzheimer’s prevention set (which includes ’Alz1’, an at-home lab test kit to measure non-bound copper in the blood and a natural dietary supplement branded ‘Alz1 Tab’ designed to reduce blood heavy metals content), and intends to launch a diabetes type II prevention set in 2020. Non-ceruloplasmin bound copper is an expected Alzheimer’s and diabetes type II associated biomarker. Controlling non-bound copper can contribute to reduce the risk of Alzheimer’s and diabetes type II. Since 2020, IGEA furthermore commercializes a COVID-19 rapid test for the detection of IgM and IgG SARS-CoV-2 related antibodies. Med-tech products focuses on selected solutions and specialities. IGEA commercializes dry aerosol generators for air and inanimate environmental surfaces sanitization and air sterilization and purification devices.
IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl
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.