Poxel fell sharply on the Paris Bourse on Tuesday, after announcing in the morning that its losses had almost doubled in the first half of the year.
At around 2:00 pm, the share price was down more than 14%, one of the biggest declines on the Paris market, bringing its market capitalization down to less than 15 million euros.
The biopharmaceutical company posted a net loss of 26.2 million euros for the first six months of the year, compared with 13.4 million euros for the same period last year.
Sales for the half-year totaled 955,000 euros, compared with 83.000 euros for the same period in 2022, boosted by royalties from Sumitomo Pharma, which accounts for 8% of net sales of Twymeeg, its treatment for type 2 diabetes, in Japan.
At June 30, 2023, cash and cash equivalents stood at 7.6 million euros, providing a financing horizon to the end of Q2 2025, including the drawdown of a financing package set up with the Iris investment fund.
But on the basis of tranches already drawn down or fully available, Poxel expects its resources to be sufficient to finance its operations and capital expenditure until January 2024.
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Poxel is a biopharmaceutical company specializing in developing innovative treatments for metabolic diseases, including non-alcoholic steatohepatitis (NASH) and rare diseases.
TWYMEEG® (Imeglimine), Poxel's lead product and the first in its class of medicines, which targets mitochondrial dysfunction, has been marketed in Japan for the treatment of type 2 diabetes.
For the treatment of NASH, the PXL065 met its primary endpoint in a streamlined Phase II trial, and PXL770 has completed a Phase IIa proof-of-concept study by reaching its objectives. In adrenoleukodystrophy (ALD), a rare inherited metabolic disease, the company intends to initiate Phase IIa proof-of-concept studies with the PXL065 and the PXL770 in patients with adrenomyeloneuropathy (AMN).