Poxel, a biopharmaceutical company specializing in the development of innovative treatments for metabolic diseases, including type 2 diabetes and non-alcoholic steatohepatitis (NASH), today publishes its cash position and sales for the year. twelve months ended December 31, 2020, and draws up an activity report.
As of December 31, 2020, cash and cash equivalents amounted to 40.2 million euros ($ 49.4 million). Poxel recalls having obtained in October 2020 non-dilutive funding of 6 million euros in the form of a PGE (State Guaranteed Loan) in the context of the COVID-19 pandemic.
“Despite the challenges linked to the COVID-19 pandemic, Poxel ended 2020 on a very positive note: several important steps have been taken and allow us to look forward to 2021 with enthusiasm. Following the filing of the application for ‘Registration of Imeglimin in Japan in July 2020, we continued our collaboration with our partner Sumitomo Dainippon Pharma, who is actively preparing the commercial launch, scheduled for its fiscal year 2021 “, says Thomas Kuhn, CEO of Poxel.
In addition, we reported positive clinical results for PXL770 in the treatment of NASH. Our phase IIa STAMP-NAFLD study met its primary endpoint, demonstrating a statistically significant improvement in the relative reduction in the fat content of the liver after 12 weeks of treatment A greater response to treatment was noted in patients with type 2 diabetes. These results are very encouraging and confirm the interest of developing PXL770 for this population high-risk treatment that is sorely lacking in treatment.For PXL065, the R-stereoisomer of pioglitazone stabilized by deuterium substitution, patient recruitment is continuing in the context of DESTINY 1, a simplified phase II study to determine the dose in the treatment of NASH “.
“As far as the Company is concerned, we strengthened our financial situation to the tune of 6 million euros in the fourth quarter of 2020, thanks to the EMP granted in the context of the COVID-19 pandemic,” continues Thomas Kuhn. “Throughout 2021, the Company plans to complete several milestones, including the registration of Imeglimin in Japan, which is expected to trigger milestone payment, milestone payments as well as double-digit increasing royalties on net sales of the product.In addition, we could subscribe to 13.5 million euros under the third tranche of the IPF loan, subject to obtaining the registration of the ‘Imeglimin in the Japanese market. At the start of 2021, we reclaimed all rights to Imeglimin in countries not covered by our partnership with Sumitomo Dainippon Pharma. We are currently examining several development options for Imeglimin and we plan to take stock of our progress during the year For our two programs in NASH, we should finalize the recruitment of the phase II study with PXL065 and launch the phase IIb study with PXL770 as of September second semester of this year, “continued Thomas Kuhn.
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