Cash & cash equivalents of €21.8 million as of March 31, 2017
Genkyotex (Euronext Paris & Brussels: FR00011790542 – GKTX), a biopharmaceutical company and the leader in NOX therapies, today provided a corporate update and announced its cash & cash equivalents and liquid investments position for the first quarter ended March 31, 2017.
- On February 28, 2017, the shareholders of Genticel approved the resolutions implementing the strategic combination between GenticelandGenKyoTex, pursuant to the contribution agreement signed on December 22, 2016 between Genticel and GenKyoTex’ shareholders, as well as the change of the Company’s name from “Genticel” to “Genkyotex” as from February 28, 2017. The shareholders also approved the appointments of:
- Claudio Nessi, Ilias (Elias) Papatheodorou, Eclosion 2 & Cie SCPC, Edmond de Rothschild Investment Partners, Catherine Moukheibir, and Mary Tanner as board members; and
- Stéphane Verdood and Joseph McCrackenas board observers.
- On the same day, the board of directors of the Company appointed Claudio Nessi as Chairman of the Board, and Elias Papatheodorou asChief Executive Office of the combined Company.
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The Company is on track with the preparation for the initiation of its Phase 2 trial with GKT831 in primary biliary cholangitis (PBC). The trial is expected to begin by the end of the first half of 2017.
In addition, Genkyotex is pursuing the development ofits second clinical candidate,GKT771, through ongoing IND enabling studies,and intends to initiate a Phase 1 clinical trial by the end of 2017, as planned.
Genkyotex also continues to explore the therapeutic value of NOX inhibition in oncology, hearing loss and Parkinson’s disease. The Company seeks opportunities of non-dilutive grant financing to support the preclinical evaluation of drug candidates in these areas.
As of March 31, 2017, Genkyotex’s cash & cash equivalents was €21.8 million (vs. €26.7 million on December 31, 2016), in line with the Company’s expectations. The cash position does not include the expected reimbursement of Research Tax Credit (Crédit Impôt Recherche) for 2016,which the company has estimated to be at about€3.0 million.