BioAlliance Pharma SA (Euronext Paris – BIO), a company dedicated to the treatment and supportive care of cancer and AIDS patients, today announced a consolidated revenue of €6.1 million for the first quarter of 2010 versus €2.6 million in Q1 2009.
Turnover and Cash
The European licensing agreement of Loramyc® and Setofilm®, signed on March 31th 2010 with Therabel, contributes significantly to the quarterly performance. The upfront payment of €4.5 million paid by this new strategic partner is fully recognized as revenue. Revenues from licenses and other agreements previously signed by BioAlliance with Par Pharmaceutical/Strativa, Handok and NovaMed amount to €1 million, corresponding to the installments of the payments received upon signature.
The turnover of the first quarter of 2010 also includes the direct sales of Loramyc® in France for a total amount of €0.6 million, strongly growing compared to the first quarter of 2009 (€0.4 million). The prescriptions of Loramyc® are constantly increasing, with nearly 10.000 additional treated patients during the first quarter and more than 60.000 treated patients since launch. At the time BioAlliance is transferring its commercial operations in France to Therabel Hôpital Pharma, the strong image and the significant role of Loramyc® in the supportive care area in the hospital setting will be a strong synergistic support for the launch of Setofilm® (just approved in 16 European countries). These two products will foster Therabel growth in the European market.
« With partners in Europe, USA and Asia, BioAlliance now has consistent and experienced structures to organize the commercialization of its first two products, Loramyc® and Setofilm®, and to generate a recurring revenue stream», said Dominique Costantini, CEO of BioAlliance Pharma. « From now on, Therabel will be in charge of Loramyc®’s operations in France and will launch this product, together with Setofilm®, in major European countries, once price and reimbursement negotiations are completed. Par/Strativa is expected to launch Loramyc® on the US market during the second half of the year, under the brand name Oravig® ».
« BioAlliance Pharma’s cash reserves are significantly reinforced by the partnership agreement with Therabel and the expected upfront payment of $20 million from Par Pharmaceutical upon approval of Oravig® in the United States, obtained on April 16th 2010 », adds Nicolas Fellmann, Chief Financial Officer. « As of March 31, thanks to these elements and to the expected reimbursement of the 2009 research tax credit of €1.8 million, the Company has a visibility of nearly two years to finance its projects and its growth, not taking into account potential new license agreements on other portfolio products ».
Recent achievements
During the first quarter, significant progress has been achieved for the products of the portfolio:
– With 13 additional approvals, Loramyc® is now registered in 26 European countries,
– The second product, Setofilm®, has been approved in 16 European countries,
– A first clinical phase I trial of fentanyl Lauriad® in chronic cancer pain has confirmed the systemic absorption of fentanyl in healthy volunteers.
In addition, the company is pursuing the clinical development of three promising products in the areas of supportive care and severe and orphan cancers: clonidine Lauriad® in mucositis, doxorubicin Transdrug® nanoparticles in primary liver cancer and AMEPTM, a biotherapy in metastatic melanoma. Besides, based on the phase III positive final results for acyclovir Lauriad®, BioAlliance is discussing its registration strategy with the Agencies.