(AOF) – Maat Pharma announces that as of June 30, 2023, its cash and cash equivalent position amounted to 35.1 million euros, for a second quarter turnover of 0.7 million euros. The biotech specialist in the development of microbiota therapies aimed at improving the survival of cancer patients, estimates that it has sufficient cash flow to cover the needs of development programs until the second quarter of 2024.
Total turnover for the first half of 2023 amounts to 1.4 million euros, compared to 0.9 million euros for the first half of 2022. This trend is directly linked to continued demand from from the medical community for the drug candidate MaaT013.
“We are proud of the progress made during the second quarter of 2023 as a leader in the field of microbiota in oncology,” said Hervé Affagard, CEO and co-founder of MaaT Pharma. “We are particularly pleased with the positive interactions with international regulatory authorities, including the approval of the IND application by the FDA, which paves the way for MaaT013 to be made available to patients.”
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Biotechs put to the test
These companies are suffering from a much less favorable economic cycle, which is reflected in particular by a drop in venture capital financing of start-ups. These companies are therefore obliged to carry out redundancy plans. Added to this is a much more restrictive regulatory framework. First, in the United States, the measures linked to the Inflation Reduction Act (IRA) could have a strong impact on the margins of the participants. Indeed, from 2026, the federal Medicare program will be able to renegotiate the price of drugs marketed for nine years (chemical) or 13 years (biological), with discounts that could range from 35 to 60% for biotechs. Similarly, in Europe, with the new drug regulations presented in Brussels in April, the duration of patent protection will be reduced if the innovative treatment is not marketed in all member countries within two years.