SOURCE: Oryzon Genomics

August 08, 2016 08:18 ET

Oryzon Reports Financial Results and Corporate Update for the 1st Half Ended June 30, 2016

BARCELONA, SPAIN and CAMBRIDGE, MA--(Marketwired - August 08, 2016) - Oryzon Genomics (MAD: ORY) (ISIN Code: ES0167733015), a public clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, today reported financial results for the first half of 2016 and provided an update on the Company's recent developments.

"We have made significant progress across our entire pipeline in the first half of 2016, setting up the path for a potentially transformative year for the Company" said Carlos Buesa, Ph.D., president and CEO of Oryzon. "We have made substantial advances in our Phase 2a dose expansion clinical trial for ORY-1001, which makes us hopeful that we will be ready to present clinical data at the ASH Conference this coming December".

"The initiation of the Phase 1 clinical trial in healthy volunteers with ORY-2001 represents the first ever Histone Demethylase inhibitor being explored in CNS disorders. We believe that this oral drug can make a difference in the treatment of Alzheimer's disease and in some additional CNS indications that the company is currently exploring."

"Our LSD1 platform is impressive in terms of efficiency and we hope to add on additional molecules for other unmet medical needs soon".

Second Quarter Highlights

  • In April 2016, the Company effectively initiated a Phase I Healthy Volunteer Study with its second Epigenetic drug, ORY-2001, for Alzheimer's disease. The company is pioneering the field of Epigenetics in AD, exploring the first Histone demethylase inhibitor in this indication.
  • In May 2016, the Company announced the closing of a debt funding round of 10.5 Million Euros (12.1 Million USD), bringing the total debt raised since July 2015 to 27 Million Euros (31.1 Million USD). The average interest rate of the debt is in the range 2-3%.
  • In May 2016 Oryzon announced that the 2-year R&D collaboration with Roche concerning ORY-1001, licensed to Roche in 2014 has been extended until March 2017.
  • In June 2016 Oryzon's CEO, Dr. Carlos Buesa presented a corporate overview at the JMP Securities Life Sciences Conference in front of a variety of US institutional investors and analysts.

Financial Update:

Cash Position - Cash and cash equivalents totaled $33 million for the quarter ended June 30, 2016, compared to $8 million for the quarter ended June 30, 2015. The increase was driven primarily by capital increase and new financial loans.

R&D Expenses­ - Research and development expenses were $2.5 million for the 1rst half ended June 30, 2016, compared to $2.3 million for the 1rst half ended June 30, 2015. The $0.2 million increase was driven primarily by accelerated R&D efforts.

G&A Expenses - General and administrative expenses for the 1rst half ended June 30, 2016 were $2.3 million, compared to $1.8 million for the 1rst half ended June 30, 2015. The increase was driven primarily by increased head-count and stock market and compliance related activities.

Net Loss - Net loss was $3.1 million ($0.1 per share) for the 1rst half ended June 30, 2016, compared to a net loss $0.03 million ($0.001 per share) for the 1rst half ended June 30, 2015.

About Oryzon

Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. The company has one of the strongest portfolios in the field and a clinical asset already partnered with Roche. Oryzon's LSD1 program is currently covered by 20 patent families and has rendered two compounds in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. The company has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurodegenerative diseases. Oryzon's strategy is to develop first in class compounds against novel epigenetic targets through Phase II clinical trials, at which point it is decided on a case-by-case basis to either keep the development in-house or to partner or out-license the compound for late stage development and commercialization. The company has offices in Barcelona and Cambridge, Massachusetts. For more information, visit www.oryzon.com.

FORWARD-LOOKING STATEMENTS

This communication contains forward-looking information and statements about Oryzon Genomics, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions.

Although Oryzon Genomics, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Oryzon Genomics, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Oryzon Genomics, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Oryzon Genomics, S.A. to the Comisión Nacional del Mercado de Valores, which are accessible to the public.

Forward-looking statements are not guarantees of future performance. The auditors of Oryzon Genomics, S.A, have not reviewed them. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Oryzon Genomics, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Oryzon Genomics, S.A. on the date hereof. Except as required by applicable law, Oryzon Genomics, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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