(AOF) – Poxel announces that as of June 30, 2023, its cash and cash equivalents amounted to 7.6 million euros compared to 13.1 million euros as of December 31, 2022. The biotech estimates that its resources will be sufficient to finance its operations and its investment needs until the end of the second quarter of 2025. It achieved a turnover of 955,000 euros for the six months ended June 30, 2023, compared to 83,000 euros at during the corresponding period in 2022.
Twymeeg’s sales in Japan for the last quarter (April-June) are up 23% compared to the previous quarter, and Sumitomo Pharma’s forecast for fiscal 2023 would represent a 90% increase compared to sales of the ‘last year. Poxel is actively seeking additional funding to initiate phase II proof of concept (POC) studies in adrenoleukodystrophy (ALD) and to continue the execution of its strategic plan in rare diseases.
AOF – LEARN MORE
Find out more about the Pharmacy sector
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 financing by venture capital for 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 (chemicals) or 13 years (biologicals), 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.