SOURCE: Oryzon Genomics

Oryzon Genomics

May 12, 2016 13:55 ET

Oryzon Reports First Quarter 2016 Financial Results and Corporate Update

BARCELONA, SPAIN and CAMBRIDGE, MA--(Marketwired - May 12, 2016) -

  • The corporation revenue stands at EUR1.5 million and its equity reaches EUR27.8 million
  • The company invested EUR1.2M in R&D

Oryzon Genomics (MAD: ORY) (ISIN Code: ES0167733015), a clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in oncology and neurodegenerative diseases, today reported financial results for the first quarter of 2016 and provided a corporate update on the Company's recent developments.

Oryzon has invested EUR1.2 million in research and development during the first quarter of 2016. The Company's equity increased by EUR14.6 million since the first quarter of 2015, reaching now a total of EUR27.8 million, EUR21.9 million of which comes from its own funds.

Research and development expenses in the first quarter of 2016 have allowed the Company to move forward in the early phase research programs, and to get ORY-2001 ready to begin a Phase I clinical trial for Alzheimer's, after receiving approval from the Spanish Health Authority. Oryzon now has two different first in class epigenetic molecules in clinical trials in humans. It is important to highlight the progress of ORY-1001 in the ongoing Phase I/IIA clinical trial as new patients have been recruited in France and the United Kingdom.

At the close of the first quarter of the present financial period, the sum of the cash and the short-term investments (EUR29 million) has increased by EUR7.3 million since the end of 2015. These figures demonstrate the financial consolidation of the company and serve as guarantee for research activities for the rest of the year.

In terms of accumulated losses, Oryzon has accounted capital net losses amounting to EUR0.6 million. In comparison, during the same quarter of the previous year, the company accounted losses of EUR0.5 million.

Carlos Buesa, CEO of Oryzon, commented that, "The company had a successful first quarter of 2016, a period marked by the approval of ORY-2001 Phase I clinical trial and a new significant investment in R&D. It is important to consider that business models in the biotechnology industry must be assessed on the front of their advances in scientific programs, investment in R&D and their capacity to generate funds to continue working on programs to be licensed to big pharmaceutical multinationals."

About Oryzon

Founded in 2000 in Barcelona, Spain, Oryzon (MAD: ORY) (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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