GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharmaceutical company specializing in innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, has announced its cash position as of June 30, 2024, and provided a comprehensive business update.
Laurence Rodriguez, CEO of GenSight Biologics, emphasized the company’s financial prudence, stating, “GenSight Biologics is well-positioned to advance our objectives thanks to our ongoing financial discipline. Our recent capital increase and successful renegotiation of short-term obligations underscore investor confidence in our strategic plan.”
Cash Position as of June 30, 2024:
As of June 30, 2024, GenSight Biologics held €6.9 million in cash, compared to €2.1 million as of December 31, 2023. This increase follows a successful offering in May 2024, generating gross proceeds of €9.2 million. Concurrently, the company renegotiated terms of state-guaranteed loans and convertible bonds with Heights Capital.
Working Capital and Business Outlook:
GenSight Biologics affirms sufficient net working capital to meet obligations through early Q4 2024, bolstered by stringent cost controls and debt renegotiation. Anticipated revenues from the planned LUMEVOQ® drug batch for the early access program are expected to sustain operations through Q3 2025, after accounting for mandated AAC rebates.
Business Update:
The manufacture of LUMEVOQ® was completed in July, including additional blending to optimize vial availability for the early access program. Current batches are undergoing rigorous quality control testing, with over 100 vials anticipated for patient use pending successful results by early September. Resumption of the AAC program is targeted for late September 2024 pending regulatory approvals and preparation with ANSM and Quinze-Vingts Hospital in Paris.
About GenSight Biologics:
GenSight Biologics S.A. focuses on developing and commercializing gene therapies leveraging Mitochondrial Targeting Sequence (MTS) and optogenetics platforms. Their pipeline aims to preserve or restore vision in patients with blinding retinal diseases through single-eye intravitreal injections. Lead candidate LUMEVOQ® (GS010; lenadogene nolparvovec) targets Leber Hereditary Optic Neuropathy (LHON), while GS030 is under development for Retinitis Pigmentosa.
