Paris, 15 October 2013, 6.30 pm
Quarterly information - Third quarter 2013
Turnover up 23% compared to 2012 third quarter
€1,437 thousand year-to-date turnover as of 30 September 2013
€26.7 million cash reserves
AB Science SA (NYSE Euronext - FR0010557264 - AB), a pharmaceutical company specializing in the research, development and commercialization of protein kinase inhibitors (PKIs), today reports its revenues for the third quarter of 2013 and provides an update on its activities for this period.
I. Third quarter sales of 2013
AB Science revenues in the third quarter amounted to €442 thousand, vs. €358 thousand in the third quarter of 2012, up 23%. The company turnover amounts to €1,437 K€ as of 30 September 2013, as compared with €1,024 thousand one year earlier, which represents a growth of 40%.
These revenues derive from the commercial exploitation of masitinib in veterinary medicine in Europe and in the United States.
II. Update on financial situation as of 30 September 2013
III. Key event of the third quarter of 2013
As announced on 23 July 2013, the consortium created by AB Science for the development of an innovative therapy in Alzheimer's disease which gathers together the Brain and Spine Institute (ICM), the Atomic Energy Commission (CEA), the National Institute of Health and Medical Research (Inserm), Imagine Foundation and the biotechnology company Skuldtech receives €8.6 million from Bpifrance (ex OSEO) within the framework of the Industrial Strategic Innovation (ISI) program.
AB Science will receive a total amount of €5.9 thousand from Bpifrance in the form of grants (€160 thousand) and repayable advances (€5,764 thousand).
In case of project success, materialized by the marketing authorization of masitinib in neurology, the reimbursement by AB Science covers :
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Repayment of €5,764 thousand over a period of four years from 30 June 2020
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Payment of a 1% interest on turnover within the limit of €7 million over the following three years
About AB Science
Founded in 2001, AB Science is a pharmaceutical company specializing in the research, development and commercialization of protein kinase inhibitors (PKIs), a new class of targeted molecules whose action is to modify signaling pathways within cells. Through these PKIs, the Company targets diseases with high unmet medical needs (cancer, inflammatory diseases, and central nervous system diseases), in both human and veterinary medicines.
AB Science has developed a proprietary portfolio of molecules and the Company's lead compound, masitinib, has already been registered for veterinary medicine in Europe and in the USA, and is pursuing nine on-going phase 3 studies in human medicine in GIST in 1st and 2nd line of treatment, metastatic melanoma expressing JM mutation of c-Kit, multiple myeloma, mastocytosis, severe persistent asthma, rheumatoid arthritis, Alzheimer disease and progressive multiple sclerosis. The company is headquartered in Paris, France, and listed on Euronext Paris (ticker: AB).
More information is available on our website: www.ab-science.com.
Disclaimer
This press release does not constitute an offer to sell or a solicitation of an offer to buy AB Science shares. If you wish to obtain more comprehensive information about AB Science, please refer to documents available on our website www.ab-science.com. This release may contain certain forward-looking statements. Although the Company believes that these statements are based upon reasonable assumptions at the date of publication of this document, they are inherently subject to risks and uncertainties which could cause actual results to differ from the present figures and those expressed or implied in these statements.
AB Science - Financial communication & Press relations
contact@ab-science.com
[1] Cash: available cash, cash equivalent and financial assets invested in certificates of deposit.
