May 2, 2018 / 5:58 AM / 3 months ago

BRIEF-Lysogene Says Needs Additional Financing Requirement Of C. 6 Mln Euros For Next Twelve Months

May 2(Reuters) - LYSOGENE SA:

* PRESENTED ON MONDAY COMMENTS ON ITS OUTLOOK FOR 2018 AND FINANCIAL SITUATION

* AS OF DEC 31, 2017, CO NET CASH POSITION OF 14.1 MILLION EUROS NOT SUFFICIENT FOR CURRENT OPERATIONAL DEVELOPMENT PLAN TO FINANCE ALL ACTIVITIES FROM JAN. TO DEC. 2018 AND IN PARTICULAR NEEDS RELATED TO NEXT CLINICAL STUDIES

* AVAILABLE CASH AS AT JAN 1 COVERS NEEDS OF CO UNTIL NOV. 2018

* IN VIEW OF MANUFACTURING DELAY OF DRUG CANDIDATE LYS-SAF302 AND DELAY OF PIVOTAL TRIAL PHASE 2/3 NOW ANTICIPATED FOR H2 2018 AND NOT H1 2018, MARKETING AUTHORIZATION IS NOW SCHEDULED FOR H2 OF 2021

* REVISED PLAN AND TIMINGS NEED ADDITIONAL FINANCING REQUIREMENT FOR 2018 THAT WILL LIKELY BE C. 1 MILLION EUROS

* NEED FOR CASH FOR NEXT TWELVE MONTHS IS 17 MILLION EUROS, I.E. AN ADDITIONAL FINANCING REQUIREMENT OF C. 6 MILLION EUROS

* IS STUDYING VARIOUS OPTIONS INCLUDING CAPITAL INCREASE (PRIVATE PLACEMENT, PUBLIC OFFERING, EQUITY LINE OR OTHER EQUITY INSTRUMENTS)

* OTHER OPTION WOULD BE DEBT FINANCING (BOND ISSUE, REPAYABLE LOAN OR VENTURE LOAN)

* OTHER OPTION WOULD BE LICENSING OF ONE OR MORE OF ITS PRODUCTS, THUS PROVIDING FUNDS FROM THESE COLLABORATIONS IN FORM OF UPFRONT AND MILESTONES

Source text: bit.ly/2HFZxSc

Further company coverage: (Gdynia Newsroom)

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