IGEA Pharma receives approval from SIX Exchange Regulation to delay the publication of the 2019 annual report
Hoofddorp, the Netherlands, 30 April 2020. IGEA Pharma (SIX: IGPH) today announced the grant of a temporary exemption from its disclosure obligations with respect to the 2019 annual report.
The sudden shutdown in the capital markets, the overall downturn in market sentiment and the various government-ordered lockdowns following the global spread of COVID-19 required IGEA to suspend its fundraising initiative as disclosed by end of 2019 in connection with the acquisition of the med-tech business of Meditalia Srl. As a result, IGEA entered into discussion with a major shareholder about alternative financing measures in order to secure the funds necessary to continue operating its business. The afore-mentioned circumstances as well as the situation around the COVID-19 pandemic led to a delay in finalizing the 2019 annual report. IGEA expects to disclose its 2019 annual report within the coming weeks.
In accordance with SIX Exchange Regulation’s decision, this press release sets out the relevant section of the SIX Exchange Regulation’s decision:
“I. The exemption application of IGEA Pharm a N.V. (Issuer) dated 30 April 2020 requesting an extension of the deadline to publish its 2019 annual report and to file such report with SIX Exchange Regulation AG until 31 May 2020 at the latest is granted with the following reservation (lit. a) and und er the following conditions (lit. b):
a. SIX Exchange Regulation AG reserves the right to suspend trading of the registered shares of the Issuer in case its 2019 annual report is not published in accordance with the provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR] in connection with the Directive on Ad hoc Publicity [DAH]) and not filed with SIX Exchange Regulation AG until Tuesday, 2 June 2020, 07.30 am CET, at the latest.
b. on ad hoc publicity (art. 53 LR in connection with the DAH) concerning this decision until Monday, 4 May 2020, 7.30 am CET, at the latest. The notice must contain:
− the unaltered reproduction of the wording of para. I. of this decision, placed in a prominent position;
− the reasons for the application of the Issuer r equesting an extension of the deadline to publish its 2019 annual report and to file such report with SIX Exchange Regulation AG;
− the unaudited key figures such as net revenues, EBITDA, EBIT, profit/loss, balance sheet total, equity etc. for the annual res ults 2019. 2019.”
Although IGEA has in the meantime secured the funds necessary to continue operating its business, IGEA intends to resume its fundraising initiative to further strengthen the overall financial situation of the group and establish solid products market position. Given the gradual easing of the COVID-19 lockdown restrictions, the Company expects to restart its fundraising activities in the course of May 2020.
The annual general meeting of IGEA will take place on 26 June 2020.
Furthermore, IGEA today announced the following unaudited key figures for its 2019 financial year:
− the group did not generate noteworthy revenues for the year ended 31 December 2019 (same as the previous year) due to the launch activities performed in the period (2019: TUSD 1. Previous year: TUSD 6);
− cost of revenues in 2019 were TUSD 440 (2018: TUSD 198). The main increase (TUSD 167) is due to the impairment of certain intangible assets the Group does no more consider strategic for its business;
− operating expenses in 2019 amounted to TUSD 1,491 (2018: TUSD 1,275). The main differences between 2019 and 2018 are due to increased research and development activity (TUSD 122 in 2019; none in 2018) and sales and marketing activity (2019: TUSD 529; none in 2018) as well as an overall reduction of the general and administration expenses (2019: TUSD 841; 2018: TUSD 1’280);
− EBITDA as adjusted (before impairment charge) for 2019 is TUSD -1,616 (2018: TUSD -1,387;
− EBIT for 2019 is TUSD -1,930 (2018: TUSD -1,467);
− finance income and finance costs were not of a material amount in both 2019 and 2018 (net financial result of TUSD +22 and TUSD +40 in 2019 and 2018 respectively, mainly due to exchange gains);
− the loss for the year 2019 is TUSD 1’908 (2018: net loss of TUSD 1,428)
− Total assets as of 31 December 2019 are TUSD 1,067 (2018: TUSD 3,487), with a Group equity as of 31 December 2019 of TUSD 568 (2018: TUSD 2,574)
IGEA Pharma 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 ‘Alz1 Tab’, a natural dietary supplement designed to reduce blood heavy metals content), and expects 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. Determining and regulating non-bound copper can contribute to reduce the risk of Alzheimer’s and diabetes type II. Med-tech products focuses on selected solutions and specialities. IGEA operates in air and inanimate environmental surface sanitization with aerosol technology-based devices and expects to start commercializing polymeric based medical bags and other specialty devices for medical use during 2020.
IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at 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.
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