Poxel Updates Financials for Q2 and H1 2024, Reschedules AGM

LYON, France--Poxel SA (Euronext: POXEL - FR0012432516), a biopharmaceutical company at the clinical stage, is actively developing innovative treatments for chronic and serious metabolic diseases, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders. Recently, the company disclosed its financial status for the second quarter and the first half of 2024, culminating on June 30, 2024. Alongside this, Poxel has announced the postponement of its Annual General Meeting for 2024, a decision influenced by the delay in closing its financial statements for the year ending December 31, 2023.

Thomas Kuhn, Poxel's Chief Executive Officer, commented on the continued growth of TWYMEEG® (Imeglimin) in Japan. The product's commercialization is accelerating, bolstered by numerous scientific publications in Japanese journals, some of which have been or will be presented at international scientific forums. Kuhn emphasized the potential added value of TWYMEEG® due to the additional protection extending to 2036.

In Japan, Sumitomo Pharma is conducting a Long-Term, 52-week, Open-label, Phase 4 study of Imeglimin in patients with Type 2 Diabetes with renal impairment. Results from this study are anticipated soon. Additionally, on May 29, 2024, the Japanese Patent Office granted Poxel an extension on patents n°5542066 and n°5758010, safeguarding Imeglimin’s synthesis process.

Scientific discussions around TWYMEEG®'s unique mechanism and supplementary benefits beyond its anti-diabetic properties were recently showcased at the 67th Annual Meeting of the Japanese Diabetes Society in Tokyo and the 84th Scientific Sessions of the American Diabetes Association in Orlando, Florida. Poxel will also present new data at the 60th Annual Congress of the European Association for the Study of Diabetes (EASD).

Financially, as of June 30, 2024, Poxel had cash and cash equivalents totaling EUR 2.8 million, an increase from EUR 2.3 million on December 31, 2023. The net financial debt, excluding impacts from IFRS16 and derivative debts, stood at EUR 46.6 million, slightly up from EUR 45.6 million at the end of 2023.

To reignite its research and development activities and pursue its strategic plan for rare diseases, Poxel is focusing on securing additional financing. The company is finalizing discussions with a leading investor to monetize royalties from TWYMEEG® sales in Japan. Furthermore, Poxel is in advanced negotiations with potential partners for its three main products: Imeglimin, PXL065, and PXL770.

Based on the current cash position, available funding, and stringent control of operating expenses, Poxel expects to sustain its operations and capital expenditures until the completion of the royalty monetization process.

Concerning the rescheduling of the Annual General Meeting, Poxel has obtained confirmation from the Lyon Commercial Court to delay the meeting, which must take place before the end of 2024. Once the financial statements are finalized and approved, the company will announce a revised financial calendar, including the new date for the General Meeting.

Poxel is set to participate in the 3rd H.C. Wainwright Kidney Conference on July 15, 2024. The company will give a virtual presentation focusing on PXL770, a novel AMPK activator for treating autosomal dominant polycystic kidney disease (ADPKD). CEO Thomas Kuhn will be available for one-on-one interviews on the same day.

Poxel SA, headquartered in Lyon, France, with subsidiaries in Boston and Tokyo, is dedicated to developing treatments for serious metabolic diseases, including NASH and rare disorders. Their flagship product, TWYMEEG® (Imeglimin), is marketed for Type 2 Diabetes in Japan under a strategic partnership with Sumitomo Pharma, covering Japan, China, and eleven other Asian countries.

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