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Poxel Announces Third Quarter 2016 Financial Results and Corporate UpdatePOXEL SA (Euronext - POXEL - FR0012432516), a biopharmaceutical company focused on the development of innovative treatments for type 2 diabetes, today announced its cash position and financial results for the third quarter of 2016. As of September 30, 2016, cash and cash equivalents were EUR 51.1 million. This figure includes the net proceeds of a private placement completed in July 2016 that provided an additional EUR 24.1 million. With its current cash and cash equivalents, the Company has a cash runway to early 2019. Poxel has continued to advance its 2016 business plan and move forward with its four key value drivers, which include: (1) the development of Imeglimin in Asia using Poxel's own resources; (2) the continued development of Imeglimin in Europe and the United States, for which it is seeking a development and commercial partner; (3) the development of PXL770; and (4) continuing to leverage Poxel's research capabilities and portfolio. Imeglimin has completed Phase 2 development in over 850 subjects in the US and EU and is currently being studied in a 300-patient Phase 2b clinical trial in Japan. PXL770, a first-in-class direct AMPK activator, which regulates cellular energy metabolism and is considered to mimic the effects of long-term exercise, is in Phase 1 clinical development. "We continue to make meaningful progress with the Imeglimin Phase 2b trial in Japan and are further demonstrating its differentiating benefits. At this year's European Association for the Study of Diabetes meeting, we presented promising new data showing the potential for beneficial protective effects on vascular dysfunction, which is key in the treatment of type 2 diabetes. Recently, we also presented interesting new data supporting Imeglimin's dual novel mechanistic approach of increasing glucose-dependent insulin secretion and improving insulin sensitivity (efficacy). In addition, we published mechanistic data relating to insulin secretion from a Yale-led study," said Thomas Kuhn, CEO of Poxel. "Through mid-2017, we are on track to deliver the Phase 2b results in Japan and plan to publish and present several preclinical and clinical results further demonstrating Imeglimin's glucose lowering benefits as well as cardiovascular and beta cell benefits that we believe will continue to differentiate it from other drugs in development and on the market to treat type 2 diabetes." As expected, Poxel did not generate revenues in the third quarter of 2016, corresponding to the Company's forecasts. 3Q Highlights and Initiatives Imeglimin
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Planned Attendance at the Following Events
Next financial press release: Q4-2016 turnover and cash position, January 27, 2017 About Imeglimin Imeglimin is the first in a new chemical class of oral anti-diabetic agents, the Glimins. Imeglimin acts on the three main target organs involved in glucose homeostasis: the liver, muscle, and the pancreas. Imeglimin has a unique mechanism of action that targets mitochondrial bioenergetics. This has the potential for glucose lowering benefits, as well as the potential to prevent endothelial dysfunction, which can provide protective effects on micro- and macro-vascular defects induced by diabetes, and benefits on beta cell protection and function, which can delay disease progression. This distinct mode of action compared to existing treatments for type 2 diabetes makes Imeglimin a prime candidate in monotherapy and to complement other treatments such as metformin or sitagliptin. About PXL770 PXL770 directly activates adenosine monophosphate-activated protein kinase (AMPK), an enzyme that acts as an energy sensor and regulator, maintaining cellular homeostasis, thus playing an important role in the management of diabetes. In addition to its anti-diabetic properties, PXL770 has the potential to treat lipid-related abnormalities, which are present in a vast majority of diabetic patients and are the cause of cardiovascular incidents among this population, as well as other metabolic disorders. About Poxel SA Poxel uses its development expertise in metabolism to advance a pipeline of drug candidates focused on the treatment of type 2 diabetes. We have successfully completed our Phase 2 clinical program for our first-in-class lead product, Imeglimin, which targets mitochondrial dysfunction, in the U.S. and EU and have fully enrolled a Phase 2b clinical study in Japan. Our second program, PXL770, a direct AMPK activator, is in Phase 1 development. We intend to generate further growth through strategic partnerships and pipeline development. Euronext: POXEL, www.poxel.com)
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