Deinove (PA:ALDEI) made significant scientific and technical advances in 2015, signed important commercial agreements and improved the financial positioning of the company. The first commercial revenues are expected in 2018 and the company believes it has sufficient financial resources, without further equity drawdowns (€10m unused facility), to last it until the end of 2017.
FY15 results in line with expectations
The net loss for the year of €6.4m (-2% vs FY14) was in line with our forecasts (Edison estimate -€6.4m). Better than expected revenue of €492k (Edison estimate €220k) and marginally lower costs than forecast were offset by a slightly less favourable financial result than anticipated and a lower income tax credit than we had expected (€1.6m vs Edison €1.78m). The net cash position of €12.4m at end December 2015, bolstered by grants, milestone payments, tax credits, the recent equity issue (€10.0m net) and the drawdown of the Kepler Cheuvreux facility (€4.6m) was also ahead of our forecasts(€12.1m). The €12.4m is said to be sufficient to last until the end of 2017 without further equity drawdowns.
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