GENFIT has today announced its cash and cash equivalents as at September 30, 2016 and its revenues for the first nine months of 2016, according to which its cash and cash equivalents amounted to €84.86 million compared with €64.32 million for the same period in 2015.
Thereafter in early October 2016, GENFIT carried out a capital increase by way of a private placement, followed by, at the beginning of November 2016, a rights issue, which allowed the Company to raised a total gross amount of €78.5 million.
The net proceeds of these two capital increases are thus added to the €84.86 in Cash as at September 30, 2016.
Revenues for the first nine months of 2016 amount to €0.22 million compared to €0.45 million for the same period in 2015
Significant events of the third quarter 2016
As significant events of the third quarter, GENFIT said that it was marked by the filing of an IND (Investigational New Drug) for a Phase 2 trial for elafibranor in a new indication, Primary Biliary Cholangitis (PBC). The FDA has since approved this IND.
In the framework of its program for the discovery and development of biomarkers in NASH, the company has also announced the launch of a large-scale qualification program of its proprietary non-invasive diagnostic based on miRNAs for the identification of NASH patients to be treated; the validation, with an independent cohort, of miRNAs discovered in the second half 2015; and the discovery of a new set of highly predictive miRNAs.
Finally, in relation to the GENFIT’s TGFTX1 program, the company identified several new RORgt inverse agonists as drug candidates for regulatory pre-IND studies.