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Vivoryon Therapeutics N.V.: Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress (news with additional features) (EQS Newswire)

2021-09-21 07:00

DGAP-News: Vivoryon Therapeutics N.V. / Key word(s): Half Year Results
21.09.2021 / 07:00
The issuer is solely responsible for the content of this announcement.

Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress

 

  • Strategic regional licensing partnership with Simcere Pharmaceutical Group to treat AD in Greater China
  • US Phase 2 VIVA-MIND study for varoglutamstat in AD initiated as planned
  • Conference call and webcast scheduled for September 21, 2021 at 3:00 pm CEST / 9:00 am EDT

 

Halle (Saale) / Munich, Germany, September 21, 2021 - Vivoryon Therapeutics N.V. (Euronext Amsterdam: VVY; NL00150002Q7) (Vivoryon), a clinical stage company focused on discovery and development of small molecule medicines to modulate the activity and stability of pathologically altered proteins, today reported financial results for the first six months of 2021 and provided an update on clinical and corporate progress.

 

"In the first half of 2021, we made significant progress towards bringing our lead candidate varoglutamstat to patients suffering from Alzheimer's disease. Despite the ongoing pandemic, recruiting into our European Phase 2b study VIVIAD is on track and we're particularly excited about the initiation of our complementary Phase 2 study VIVA-MIND in the US. Furthermore, by entering into a strategic regional partnership with Simcere, we have made substantial headway towards making varoglutamstat available to AD patients in China in the future," said Dr. Ulrich Dauer, CEO of Vivoryon. "Beyond AD, we are pleased to see our diverse preclinical pipeline of oral small molecule inhibitors maturing in a number of indications with exceptionally high medical need."
 

Corporate Highlights and R&D Updates
Varoglutamstat

  • Vivoryon's US Phase 2a/b VIVA-MIND study for varoglutamstat in patients with early AD is being initiated as planned. VIVA-MIND is a combined Phase 2a/b study expecting to enroll 180 patients into the Phase 2a adaptive dose finding part, with an interim futility analysis planned for H1/2023. If predefined criteria are fulfilled, the trial is stage-gated into the Phase 2b part, enrolling an additional 234 patients treated at the selected dose for >=72 weeks. The primary endpoint for this study is CDR-SB (clinical dementia rating scale - sum of boxes), an established approvable endpoint measuring a combination of cognitive abilities and activities of daily living. The VIVA-MIND study is sponsored by Vivoryon and the study director is Dr. Howard Feldman, Professor of Neurosciences and Director of the Alzheimer's Disease Cooperative Study (ADCS) at the University of California San Diego School of Medicine. The study is coordinated by the ADCS, and supported by the National Institute on Aging (NIA), part of the National Institutes of Health (NIH) (NIA award number R01AG061146). The study's first site is now approved to initiate screening of its first participant.
     
  • On June 29, 2021, Vivoryon and Simcere Pharmaceutical Group Ltd announced that they have entered into a strategic regional licensing partnership to develop and commercialize medicines targeting the neurotoxic amyloid species N3pE (pGlu-Abeta) to treat AD in Greater China. The agreement grants Simcere a regional license to develop and commercialize varoglutamstat (PQ912), Vivoryon's Phase 2b-stage N3pE amyloid-targeting oral small molecule glutaminyl cyclase (QPCT) inhibitor with disease-modifying potential for AD, as well as the Company's preclinical monoclonal N3pE-antibody PBD-C06 in the Greater China region.

 

  • Enrollment into the ongoing European Phase 2b VIVIAD study in patients with mild cognitive impairment (MCI) and mild AD is on track, with an interim safety readout anticipated in mid-2022. A number of additional study centers were opened to balance the effects of COVID-19 related patient and staff protection policies implemented at German study sites. Details on the study led by Prof. Dr. Philip Scheltens, University Medical Center, Amsterdam, were recently published in a peer-reviewed journal as Vijverberg et al., Alzheimer's Research & Therapy (2021) 13:142 (https://doi.org/10.1186/s13195-021-00882-9).


Patent Portfolio

  • Throughout the first half of 2021, Vivoryon has significantly expanded its patent portfolio with eight additional patents granted for the Company's small molecule inhibitors and antibody-based medicines in development to treat AD and other diseases with exceptionally high medical need. Year to date (as of September 21, 2021) a total of 14 additional patents have been granted.

Corporate Developments

  • On June 28, 2021, Vivoryon held its 2021 Annual General Meeting as a virtual event. All items presented for resolution by the Board of Directors were approved with a large majority and can be found on the Company's website.

 

  • On April 15, 2021, Vivoryon hosted a virtual event covering next steps in AD treatment options with leaders and experts in the field. The interactive session covered discussions surrounding current hurdles and exciting, novel approaches to the challenging AD space, including varoglutamstat, the Company's small molecule inhibitor of QPCT designed to target all three hallmarks of AD: amyloid-beta, tau, and neuroinflammation.

 

  • On April 1, 2021, Florian Schmid joined Vivoryon as Chief Financial Officer. He joined the Company from InflaRx, where he served as Director Finance & Controlling. Prior to Vivoryon Mr. Schmid led the Global Deal & Business Support department at T‐Systems International GmbH. He began his career as certified Tax Advisor and Public Accountant at Arthur Andersen and Ernst & Young. Mr. Schmid holds a business degree from the Ludwig‐Maximilian‐University, Munich.


Financial Results for the First Six Months of 2021
In the first two quarters of 2021, research and development expenses amounted to EUR 9,456 k (H1 2020: EUR 6,380 k). This increase was mainly driven by higher expenses for production (H1 2021: EUR 4,194 k, H1 2020: EUR 1,876 k), expenses for share-based payments (H1 2021: EUR 464 k, H1 2020: EUR 3 k) and higher costs associated with basic research projects in connection with Meprin (H1 2021: EUR 220 k, H1 2020: nil) and cancer (H1 2021: EUR 162 k, H1 2020: nil).


General and administrative expenses increased to EUR 2,337 k (H1 2020: EUR 1,138 k). This increase is largely attributable to costs for consulting (H1 2021: EUR 1,030 k, H1 2020: EUR 481 k) and expenses for share based payments (2021: EUR 464 k, 2020: nil). The increase in consulting costs resulted from the transformation of the Company's legal form, subsequent adaption of administrative structures and preparations for potential future capital measures.


The Company did not generate any licensing revenues in the reporting period. Revenues deriving from the strategic regional licensing partnership with Simcere will be recognized starting in the third quarter of 2021.


Net loss of the period was EUR 11,671 k compared to EUR 7,572 k in the first half of 2020.
The Company held EUR 19,832 k in cash and cash equivalents as of June 30, 2021, compared to EUR 26,306 k as of December 31, 2020.


Conference Call and Webcast
Vivoryon will host a conference call and webcast today, September 21, 2021, at 3:00 pm CEST / 9:00 am EDT. A Q&A session will follow the presentation of the half year results.


Please dial one of the following access numbers:
From Germany: +49 69 201 744 220
From The Netherlands: +31 207 168 020
From UK: +44 20 30 092 470
From the US: +18 774 230 830
PIN Code: 53651371#


Please dial in ten minutes prior to commencement.
A live webcast and slides will be made available at: www.vivoryon.com/investors-news/news-and-events/presentations-webcasts/.


Approximately one day after the call, a slide-synchronized audio replay of the conference will be available on: www.vivoryon.com/investors-news/news-and-events/presentations-webcasts/.


The statement for the first six months of 2021 is available on the Company's website www.vivoryon.com/investors-news/financial-information.
Vivoryon Therapeutics N.V.
Condensed Statements of Profit or Loss and Other Comprehensive Income

  For the six months ended June 30,
(in EUR thousand, except for share data) 2021 2020
     
Operating Expenses    
Research and development expenses 9,456 6,380
General and administrative expenses 2,337 1,138
Total Operating Expenses 11,793 7,518
Other income (5) (38)
Operating loss 11,788 7,480
Finance income (219) -
Finance expenses 102 92
Finance result (117) 92
Loss for the Period 11,671 7,572
     
Share Information    
Weighted average number of shares outstanding 19,975,482 19,975,482
Loss per share (basic/diluted) (0.58) (0.38)
     
Loss for the Period 11,671 7,572
Items not to be reclassified subsequently to profit or loss:    
Remeasurement of the net defined benefit pension liability - 20
Total Comprehensive Loss 11,671 7,592
     
 


Vivoryon Therapeutics N.V.
Condensed Statements of Financial Position

(in EUR thousand) June 30,
2021
December 31,
2020
     
ASSETS    
Non-current assets    
Property, plant and equipment 343 390
Intangible assets 553 565
Financial assets 14 3
Total non-current assets 910 958
Current assets    
Other assets 1,631 2,466
Financial assets 667 21
Cash and cash equivalents 19,832 26,306
Total current assets 22,130 28,793
TOTAL ASSETS 23,041 29,751
     
EQUITY AND LIABILITIES    
Equity    
Share capital 19,975 19,975
Share premium 82,143 82,143
Other capital reserves 5,324 4,404
Accumulated other comprehensive loss (655) (655)
Accumulated deficit (91,316) (79,646)
Total equity 15,471 26,221
Non-current liabilities    
Post-employment benefits 1,940 1,981
Provisions long-term 12 -
Lease liabilities long-term 179 224
Trade payables 168 -
Total non-current liabilities 2,299 2,205
Current liabilities    
Provisions 35 47
Trade payables 4,988 911
Lease liabilities 91 90
Other liabilities 157 276
Total current liabilities 5,271 1,325
Total Liabilities 7,570 3,530
TOTAL EQUITY AND LIABILITIES 23,041 29,751
     
 



Vivoryon Therapeutics N.V.
Statements of Changes in Shareholders' Equity

for the six months ended June 30, 2021 and 2020

(in EUR thousand,
except for share data)
Shares
outstanding
Share capital Share
premium
Other capital reserves Accumulated deficit Accumu-lated other
compre-hensive
loss
Total equity
               
Balance as of January 1, 2021 19.975.482 19.975 82.143 4.404 (79.646) (655) 26.221
Loss for the period - - - - (11,671) - (11,671)
Remeasurement of the net defined benefit pension liability - - - - - - -
Total comprehensive loss - - - - (11,671) - (11,671)
Contributions              
Equity-settled share-based payments - - - 920 - - 920
Total Contributions - - - 920 - - 920
Balance as of June 30, 2021 19,975,482 19,975 82,143 5,325 (91,317) (655) 15,471
               
Balance as of January 1, 2020 19,975,482 19,975 82,143 4,245 (63,136) (562) 42,665
Loss for the period - - - - (7,572) - (7,572)
Remeasurement of the net defined benefit pension liability - - - - - (20) (20)
Total comprehensive loss - - - - (7,572) (20) (7,592)
Contributions              
Equity-settled share-based payments - - - 3 - - 3
Total Contributions - - - 3 - - 3
Balance as of June 30, 2020 19.975.482 19,975 82,143 4,247 (70,708) (582) 35,075
               
 



Vivoryon Therapeutics N.V.
Condensed Statements of Cash Flows for the six months

ended June 30, 2021 and 2020

(in EUR thousand) For the six months ended June 30, 2021
(unaudited)
For the six months ended June 30, 2020
(unaudited)
     
Operating activities    
Loss for the period (11,671) (7,572)
Adjustments for:    
Finance result (117) 92
Depreciation and amortization of property, plant, equipment, right-of-use assets and intangible assets 83 67
Share-based payment expense 920 3
Other non-cash adjustments (9) 0
Changes in:    
Other assets 834 1,105
Other financial assets (660) 309
Pension liabilities (40) (40)
Trade and other payables 4,125 (313)
Interest paid (9) (4)
Interest received 4 -
Net cash used in operating activities (6,540) (6,353)
Investing activities    
Purchase of intangible assets, laboratory and office equipment (24) (574)
Net cash from/ (used in) investing activities (24) (574)
Financing activities    
Repayment of lease liabilities (45) (45)
Net cash from/ (used in) financing activities (45) (45)
Net decrease in cash and cash equivalents (6,609) (6,972)
Effect of exchange rate changes on cash and cash equivalents 135 (81)
Cash and cash equivalents at beginning of period 26,306 41,524
Cash and cash equivalents at end of period 19,832 34,471
     
 



For more information, please contact:
Investor Contact
Vivoryon Therapeutics N.V.
Dr. Manuela Bader, Director IR & Communication
Tel: +49 (0)345 555 99 30
Email: IR@vivoryon.com


Media Contact
Trophic Communications
Valeria Fisher / Sophia Hergenhan
Tel: +49 175 8041816
Email: vivoryon@trophic.eu


About Vivoryon Therapeutics N.V.

Vivoryon is a clinical-stage biotechnology company focused on developing innovative small molecule-based medicines. Driven by our passion for ground-breaking science and innovation, we strive to change the lives of patients in need suffering from severe diseases. We leverage our in-depth expertise in understanding post-translational modifications to develop medicines that modulate the activity and stability of proteins which are altered in disease settings. Beyond our lead program, varoglutamstat, which is in Phase 2 clinical development to treat Alzheimer's disease, we have established a solid pipeline of orally available small molecule inhibitors for various indications including cancer, inflammatory diseases and fibrosis. www.vivoryon.com


Forward-Looking Statements

This press release includes forward-looking statements, including, without limitation, those regarding the business strategy, management plans and objectives for future operations of the Vivoryon Therapeutics N.V. (the "Company"), estimates and projections with respect to the market for the Company's products and forecasts and statements as to when the Company's products may be available. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to the Company are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance; rather they are based on the Management's current expectations and assumptions about future events and trends, the economy and other future conditions. The forward-looking statements involve a number of known and unknown risks and uncertainties. These risks and uncertainties and other factors could materially adversely affect the outcome and financial effects of the plans and events described herein. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements and from expectations. As a result, no undue reliance should be placed on such forward-looking statements. This press release does not contain risk factors. Certain risk factors that may affect the Company's future financial results are discussed in the published annual financial statements of the Company. This press release, including any forward-looking statements, speaks only as of the date of this press release. The Company does not assume any obligation to update any information or forward-looking statements contained herein, save for any information required to be disclosed by law. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Additional features:

File: Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress

21.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: Vivoryon Therapeutics N.V.
Weinbergweg 22
06120 Halle/Saale
Germany
Phone: +49 (0)345 555 9900
Fax: +49 (0)345 555 9901
E-mail: contact@vivoryon.com
Internet: www.vivoryon.com
ISIN: NL00150002Q7
WKN: A2QJV6
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; Amsterdam
EQS News ID: 1234753

 
End of News DGAP News Service


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