April 21, 2020 / 4:50 PM / 3 months ago

BRIEF-Poxel End-March Cash And Cash Equivalents Down At 36.9 Million Euros

April 21 (Reuters) - POXEL SA:

* POXEL ANNOUNCES FIRST QUARTER 2020 FINANCIAL AND CORPORATE UPDATE

* STRENGTHENED CASH POSITION IN MARCH 2020; DREW DOWN EUR 10 MILLION FROM IPF PARTNERS BOND LOAN

* AS OF MARCH 31, 2020, CASH AND CASH EQUIVALENTS WERE EUR 36.9 MILLION (USD 40.4 MILLION), AS COMPARED TO EUR 37.2 MILLION (USD 41.8 MILLION) AS OF DECEMBER 31, 2019

* POXEL REPORTED REVENUES OF EUR 1.5 MILLION FOR THE QUARTER ENDED MARCH 31, 2020

* METAVANT MET WITH U.S. FOOD AND DRUG ADMINISTRATION (FDA) IN Q1 2020

* CONTINUES TO WORK WITH SUMITOMO DAINIPPON PHARMA ON ACTIVITIES RELATED TO THE JNDA SUBMISSION FOR THE TREATMENT OF TYPE 2 DIABETES, WHICH IS ANTICIPATED IN THE THIRD QUARTER OF 2020, WITH A TARGET LAUNCH IN 2021

* PXL770 (NASH): RESULTS FROM PHASE 2A TRIAL ARE CURRENTLY EXPECTED LATE Q3 OF 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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