(AOF) – Genfit announces that its cash amounted to 140.2 million euros as of December 31, 2022, a level “capable of financing operations until the third quarter of 2024”. This advanced clinical-stage biopharmaceutical company committed to improving the lives of patients with rare and serious liver diseases recorded a net loss of 23.7 million euros, compared to a positive net result of 67.2 million in 2021.
“2022 has been a year of transformation for Genfit”, says Pascal Prigent, Chief Executive Officer. “It was marked by the rapid progress of our main program, and by the expansion of our portfolio in rare and serious liver diseases, in particular with the acquisition of Versantis AG”.
In September 2022, Genfit acquired clinical-stage biopharmaceutical company Versantis, based in Zurich (Switzerland), an acquisition that strengthened its leadership in ACLF and other serious liver diseases. “Considering the medical need associated with the targeted diseases, programs should be eligible for accelerated regulatory pathways offered by health authorities.”
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Loss of speed in European research
European research is losing ground to American and Chinese research. In twenty years, Europe’s share has fallen from 41% to 31% in global R&D. China’s share jumped from 1% to 8%. As for the United States, which supplanted Europe, in 2001 it devoted only 2 billion euros per year more than Europe to R&D, whereas now this gap has reached 25 billion! Some experts accuse the European authorities of not having deployed effective policies. The financing of pharmaceutical research should therefore have been better targeted via the “Horizon 2020” programme. France only comes in eighteenth position in European funding despite the quality of its research. Conversely, the United States concentrates funding on Boston and a few centers of excellence.