IGEA discloses its half-2021 financials

Hoofddorp, the Netherlands, 30September 2021. IGEA Pharma N.V. (SIX: IGPH) todayannounced the disclosure of its half-2021 financials.


The Group did not generate revenue during the first six months of 2021 (previous period: revenue of TUSD 46.8);Cost of sales were TUSD 107.9 (previous period: TUSD 138.4), with a decrease mainly due to the overall cost optimization process started by end of 2019 on the intellectual properties’ portfolio and the laboratory operations; Operating expenses were TUSD 558.5 (previous period: TUSD 444.4), mainly for general and administration purposes, increased due to Combination-driven expenses.

The EBITDA as adjusted (before impairment charge) and EBIT figures amount to TUSD -264.3 (previous period: TUSD -481.6) and TUSD -291.3 (previous period: -544.6) respectively. The change compared to the previous period is mainly due to the recognition of fair value gains on financial liabilities at fair value through profit or loss for TUSD 245.2 and gains from the sale of certain tangible assets for TUSD 64.5, both presented as ‘other gains’ in the statement of profit or loss.

The net loss for the period is TUSD 291.5 (previous period: TUSD 547.3), representing a basic and diluted loss per share of USD 0.012 and USD 0.011 respectively (previous period: basic and diluted loss per share of USD 0.022).

As of 30 June 2021, the Group held non-current assets for TUSD 387.3 and current assets for TUSD 168.7 (31 December 2020: TUSD 441.6 and TUSD 289.5 respectively), with no changes due to relevant events;The Group’s current liabilities were TUSD 733.2 (31 December 2020: TUSD 24.4 and TUSD 522.2 of non-current and current liabilities respectively), the overall increase in current liabilities mainly due to financial debts in the form of loans, CARES Act (US) based loans and liabilities in the form of derivative financial instruments related to the Negma transaction.

The cash flow did not materially change in respect of the previous period. Funds to operate were granted by way of debt transactions. Negma’s commitment grants the cash and cash equivalents necessary to finance the combined Group’s level of activities for at least twelve months.

The Group’s activity within the six months ended 30 June 2021 was focused on accomplishing the business combination (“Combination”) with Blue Sky Natural Resources LTD (“BSNR”), then definitively achieved on 23 September 2021. Key elements of the combined Group’s strategy include: (i) leverage commercial capabilities, partnerships, and portfolios to establish market acceptance and gain market position for the offered solutions; and (ii) capitalize on the financial leverage and operational synergies to improve return on capital and achieve profitability. The Combination will create: (i) an EU headquartered and SIX-listed group with an innovative early-stage commercial and highly diversifiable pipeline focusing on health prevention, pharma, and other selected industries; and (ii) a center of excellence on highly controlled vegetable matrices and their industrial supercritical carbon dioxide (CO2)-based extraction technology to highly valuable components mainly focused on CBD

The half year financial report 2021 is available at https://www.igeapharma.nl/category/financial-reports/

About IGEA

IGEA Pharma N.V. focuses on preventative health-tech products and devices. 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 expects to integrate the non-bound copper detection-based pipeline with a diabetes type II prevention set in 2021. Non-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. IGEA furthermore commercializes a COVID19 rapid test for the detection of IgM and IgG SARSCoV-2 related antibodies.

IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl


Giovanna PuppodellaGherardesca, Chairman, puppo@igearesearch.com
Vincenzo Moccia, CEO, +39 340 583 09 33, moccia@igearesearch.com


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.