Curetis Group: Ares Genetics Receives Funding Commitment For EUR 1.6 Mio. Project; Curetis Announces Non-Audited Financial Results for 2017
- Curetis subsidiary Ares Genetics receives funding commitment from Austrian Research Promotion Agency (FFG) for EUR 1.6 million project "The Digital Microbe"
- "The Digital Microbe" project builds on GEAR platform to develop machine learning tools to combat antibiotic resistances
- Curetis Group announces preliminary, non-audited financial results for 2017
Amsterdam, the Netherlands, and Holzgerlingen, Germany, February 05, 2018;
published at 13:00 EST -- Curetis N.V. (the "Company" and, together with Curetis GmbH, "Curetis"), a developer of next-level molecular diagnostic solutions, today announced that Ares Genetics GmbH (Vienna, Austria), a wholly-owned subsidiary of Curetis, has received notice from the Austrian Research Promotion Agency (FFG) that it has been awarded a grant for a EUR 1.6 million research project . Ares Genetics received the funding commitment for its "The Digital Microbe" project, a substantial extension of its GEAR (Genetic Antibiotic Resistance & Susceptibility Database) platform for the development of novel solutions for the biopharmaceutical and diagnostics industry.
The project "The Digital Microbe" aims at developing deep machine learning tools and advanced bioinformatics algorithms for the modeling, diagnostics and prediction of antibiotic resistances. The Company will use the algorithms for the rapid development of novel commercial solutions to support medical efforts in combatting antibiotic resistances. The solutions will address molecular diagnostics in microbiology as well as inform and accelerate the development of novel drugs to combat microbial infections.
"Following the introduction of novel methods for the molecular diagnostics of infectious diseases such as next-generation sequencing (NGS), genomic information on microbes and antibiotic resistances has become more and more important," said Dr. Andreas Posch, a Managing Director of Ares Genetics. "As pathogens and resistances are constantly evolving, it is of utmost importance to observe, analyze, monitor and anticipate these developments. Therefore, we are delighted about the support from the Austrian Research Promotion Agency in tackling antibiotic resistance and developing novel bioinformatics tools. These tools will improve the rapid diagnosis of antibiotic resistances in patients and will speed up the development of novel antimicrobials."
Dr. Achim Plum, also Managing Director of Ares Genetics and Chief Business Officer of the Curetis Group, added: "This non-dilutive grant from FFG allows us to advance the strategic agenda of Ares Genetics faster and to develop high-caliber offerings in particular for the pharmaceutical industry, a customer segment which is an important element for a sustainable business model of Ares Genetics."
Moreover, Curetis Group reported preliminary, non-audited financials for its business year 2017. Revenues in 2017 were EUR 1.2 million (vs. EUR 1.3 million in 2016). EUR 0.7 million thereof were generated by cartridge sales (vs. EUR 0.56 million in 2016) and EUR 0.5 million by system and services sales (vs. EUR 0.75 million in 2016).
Cash and cash equivalents as of December 31, 2017, amounted to EUR 16.3 million excl. EUR 0.3 million for a VAT refund receivable. Therefore, total year-end liquidity was EUR 16.6 million. This number includes a EUR 10 million tranche of a debt financing facility provided by the European Investment Bank (EIB).
The worldwide installed base of Unyvero Analyzers as of December 31, 2017, was 175, slightly deviating from the original guidance of 200 Unyvero Analyzers for 2017. The main reason for this deviation is the shift of the expected FDA clearance and the corresponding U.S. product launch to 2018.
"We expect a near-term clearance decision for our Unyvero System and LRT Cartridge by the FDA," said Oliver Schacht, CEO of Curetis N.V. "The U.S. product launch is fully prepared and can be initiated immediately after clearance. We have built a team of 17 marketing, sales and service professionals in the U.S. and our warehouse in San Diego is stocked with systems and cartridges in order to install the first products very rapidly."
About Curetis and Ares Genetics
Founded in 2007, Curetis is a molecular diagnostics company which focuses on the development and commercialization of reliable, fast and cost-effective products for diagnosing severe infectious diseases. The diagnostic solutions of Curetis enable rapid multi-parameter pathogen and antibiotic resistance marker detection in only a few hours, a process that today can take up to days or even weeks with other techniques.
To date, Curetis has raised EUR 44.3 million in an IPO on Euronext Amsterdam and Euronext Brussels and private equity funds of over EUR 63.5 million. Furthermore, Curetis has entered into a debt financing facility with EIB for up to EUR 25 million. The company is based in Holzgerlingen near Stuttgart, Germany. Curetis collaborates with Heraeus Medical, pharmaceutical companies, and has entered into several international distribution agreements covering many countries across Europe, the Middle East and Asia.
In 2017, Curetis established Ares Genetics GmbH, a wholly-owned subsidiary of Curetis GmbH in Vienna, Austria. Ares Genetics is dedicated to maximize the R&D and related scientific and business opportunities of the GEAR assets acquired in 2016 for the entire Curetis Group.
For further information, please visit www.curetis.com.
This document constitutes neither an offer to buy nor to subscribe securities and neither this document nor any part of it should form the basis of any investment decision in Curetis.
The information contained in this press release has been carefully prepared. However, Curetis bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. Curetis does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons.
This press release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements Curetis makes concerning the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Curetis' actual results may differ materially from those predicted by the forward-looking statements. Curetis undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.
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