- Cash Burn under control: DBV closes 2013 with €39.4 million in net cash
BAGNEUX, France, Jan. 30, 2014 (GLOBE NEWSWIRE) -- DBV Technologies (Euronext: DBV - ISIN: FR0010417345), creator of Viaskin®, a new standard in the treatment of allergy, announced today its full year 2013 topline and cash position.
David Schilansky, Chief Financial Officer, commented: "We are reporting a cash position very much in line with our expectations. It does reflect the continuous attention we pay to containing cash burn, whilst ensuring that we fuel all of our development programmes with the necessary resources to deliver on schedule. The successful €30 million private placement in November, mostly placed in the US, provided us with enough cash to file Viaskin® Peanut with the FDA in 2016."
Full year 2013 toplineFor the full year 2013, total revenues reached €3,826,313, up from €2,776,588 a year earlier, mainly driven by an increase in Research Tax Credit amounting €3.3 million, compared to €2.5 million in 2012. This significant increase stems from intense R&D activity, on both pre-clinical research and clinical development fronts. Revenues from Diallertest® stood at €181,800, stable year-on-year. 2013 closing cash position As of December 31, 2013, DBV's cash position amounted to €39.4 million, compared with €27.6 million three months earlier. This position is inclusive of €15.7 million of net proceeds resulting from a capital increase in November 2013. Full year 2013 financial results will be announced on March 17 th. About DBV Technologies DBV Technologies is developing Viaskin®, an innovative new approach to the treatment of allergies - a major public health issue that is constantly increasing in prevalence. Food allergies represent a true handicap in everyday life for millions of people, constituting a major unmet medical need. DBV Technologies, incorporated in France in 2002, has developed a proprietary, worldwide-patented technology for administering an allergen to intact skin while avoiding transfer to the blood. The Viaskin® technology combines efficacy and safety as part of a treatment that seeks to improve the patient's tolerability of peanuts, and thus considerably lowers the risk of a systemic, allergic reaction in the event of accidental exposure The product's clinically proven safety profile enables the application of effective desensitization techniques in the most severe forms of the allergy.