- Cash position of € 28.1 million as of December 31, 2020,
reinforced by a €7 million by a state guaranteed loan in August
2020.
- Major steps achieved on three promising portfolio
projects:
- Insulin supply
from partner Tonghua Dongbao clinically validated; a required step
for initiation of Phase 3 in China, Europe and the US.
- Clinical Phase
1b results in patients with type 1 diabetes support ability of
M1Pram to better control postprandial glycemia and reduced body
weight in the overweight or obese patients.
- First patent
for a hydrogel scaffold improving cell therapy treatments for
people with diabetes.
Regulatory News:
Adocia (Euronext Paris: FR0011184241 – ADOC) (Paris:ADOC), a
clinical stage biopharmaceutical company focused the treatment of
diabetes and other metabolic diseases with innovative formulations
of proteins and peptides, announced today its full year 2020
financial results as of December 31st, 2020. The financial
statements were approved by the Board of Directors today and will
be submitted for shareholder approval at the next General
Shareholders’ Meeting on May 20th, 2021.
"We are very pleased to have successfully executed our
development plan despite the constraints imposed by the COVID-19
pandemic,” said Gérard Soula, President and CEO of Adocia. “The
remarkable clinical results obtained in our BC Lispro and M1Pram
projects are major steps forward for Adocia. Furthermore, the
qualification of the insulin supply from our partner Tonghua
Dongbao allows the launch of Phase 3 studies, a major milestone for
our company. The results of our M1Pram project demonstrate the
benefit of pramlintide in type 1 diabetic patients in the
improvement of both blood sugar control and weight control. These
results were encouraging and motivated us to swiftly initiate our
Phase 2 study. We look forward to further investigating this
promising treatment option in our Phase 2 study, as the results of
this study should help define the parameters of a future Phase 3
study. Moreover, we are enthusiastic about the first results
obtained on the cell therapy project for people with type 1
diabetes. This is a project of great importance for patients that
we intend to pursue actively” added Gerard Soula.
Financial Highlights
The following table summarizes the financial statements under
IFRS for the years ended December 31st, 2020 and December 31st,
2019:
In (€) thousands, Consolidated
financial statements, IAS/IFRS
FY2020 (12 months)
FY 2019 (12 months)
Revenue
841
2 143
Grants, Research tax credit,
others
5 992
5 992
Operating revenue
6 833
8 134
Research and development
expenses
(22 547)
(23 307)
General and administrative
expenses
(5 434)
(6 848)
Operating expenses
(27 981)
(30 155)
OPERATING INCOME
(LOSS)
(21 148)
(22 021)
FINANCIAL INCOME
(LOSS)
(2 147)
455
Tax
(29)
2 963
NET INCOME (LOSS)
(23 324)
(18 603)
The consolidated financial statements on December 31st, 2020 as
well as detailed explanations on the evolution of accounts are
presented in the Appendix.
Key Company Results for Full Year 2020
- Net loss of €23.3 million in 2020 compared to a loss of €18.6
million in 2019, mainly consisted of:
- Revenue of €0.8 million in 2020, (compared
to revenue of €2.1 million in 2019), resulting from the recognition
of the initially planned activities by the signature of the license
agreements in April 2018;
- Other operating income of €6 million,
resulting mainly from the research tax credit (CIR) generated on
2020 expenses;
- Total operating expenses of nearly €28
million, a €2.2 million decrease compared to 2019;
- A negative financial income of €2.1million,
reflecting mainly the financial interest paid on the €15 million
loan contracted with IPF Partners in 2019.
- Cash position of €28.1 million as of December 31st, 2020
(compared to €43.7 million on December 31st, 2019) which includes
the state guaranteed loan (PGE) of €7 million granted in August
2020:
- Over the full year 2020, the net amount of
cash needed to finance operations was €22.5 million, compared to
€26.7 million over the same period in 2019 which has been restated
to be comparable).
- Financial debts as of December 31st, 2020
up €7 million (PGE), totaled €28.2 million, compared to €21.2
million as of December 31st, 2019. Financial debts consisted of the
€7 million state guaranteed loan (PGE) contracted in August 2020
and the €15 million bond issue subscribed to IPF Fund II in 2019,
as well as the €6.1 million bank loans to finance the acquisition
and renovation of the building in which the headquarters and the
research center of the Company are located.
“At the end of 2020, we had a cash position of €28.1 million,
which we believe enables us to finance our clinical study program
in 2021,” commented Valérie Danaguezian, CFO of Adocia. "We
continue to stay focused on our main priorities while maintaining
rigorous management of expenses.”
Key Events in 2020 and
Perspectives for 2021:
While the COVID pandemic disrupted global context, Adocia has
rapidly reacted in order to achieve the objectives set forth:
2020 was mainly marked by the clinical progress made on the
combination of prandial insulin and pramlintide (Insulin analog),
the bi-hormonal product M1Pram (ADO09):
- In April 2020, clinical results obtained on
patients with type 1 diabetes after 3 weeks of treatment,
demonstrated that M1Pram enables the restoration of essential
functions of physiology during the digestion phase including:
improving gastric emptying time recovery, which is abnormally short
in patients with type 1 diabetes, inhibiting glucagon secretion
(trigger of the endogenous glucose synthesis), and promoting a
feeling of satiety. This recovery of a normal metabolism results in
better control of post-meal blood sugar levels, with a significant
reduction in insulin consumption and weight reduction in overweight
/ obese patients.
- In September 2020, Adocia announced the
results of the extension of this clinical study on patients with
type 1 diabetes requiring more than 40 UI/day of insulin and with a
longer period of time of treatment (3 months). The primary endpoint
of this study was met with the reduction of 69% of post-meal
glycemic excursions over four hours vs. Novolog®. This study
demonstrated a mean weight loss of 1.6 kg for 24 days with M1Pram
treatment (versus an increase of 0.4 kg in the control group for
this population). Additionally, a treatment satisfaction
questionnaire was submitted to all patients after each treatment
period. The results reflect the beneficial impact of M1Pram on
individuals, as 87% of them reported an improved appetite control
through the M1Pram study medication, and 75% of the patients would
recommend it to other people with diabetes.
- In light of these results, Adocia rapidly
progressed its clinical program and initiates its Phase 2 study in
March of 2021. The study will evaluate the safety and efficacy of
M1Pram in 80 patients, assessing weight loss in overweight and
obese T1D patients as well as improved HbA1c.
In parallel and considering the significant clinical benefit of
an insulin pramlintide combination, Adocia developed a second
product based on the BioChaperone (BC LisPram) technology.
The development of this product was carried on in 2020 and it will
be tested in a pump study in the first semester 2021.
During 2020, a major step was achieved with Tonghua Dongbao
(THDB) on ultra-rapid insulin BioChaperone® Lispro (BC
Lispro) on the Chinese market, with the filing of a clinical
application to the Chinese Reglementary Authorities (Center for
Drug Evaluation).
In regard to BioChaperone® Combo, co-formulation of
glargine (basal insulin) and lispro (prandial insulin), the
technological transfer to our Chinese partner is over and the
industrialization of the manufacturing process is ongoing. Adocia
is currently involved with Tonghua Dongbao on the project of the
clinical development and in the preparation of the reglementary
application to ensure its commercialization in China, which
represents a market with a strong potential.
In 2020, Adocia realized a clinical study called « bridging »
which demonstrated that the BioChaperone Lispro formulation
composed of insulin lispro manufactured by Tonghua Dongbao, had a
similar ultra-rapid pharmacokinetic/pharmacodynamic and safety
profile, compared with the BioChaperone Lispro formulation composed
with insulin lispro, Humalog®. Results from this study complete the
dossier for BioChaperone Lispro, employing insulin lispro from
Tonghua Dongbao, required for initiation of Phase 3 studies in
China, Europe, and the US.
Adocia also developed a new technology in 2020 for cell therapy
and developed an innovative stable biocompatible hydrogel scaffold
to host and protect pancreatic cell implants. This aims to restore
glycemic control without requiring insulin injection and
immunosuppressant drugs. An academic collaboration with Pr.
Pattou’s Inserm Team, a worldwide leader of Langerhans islet
transplant in clinical and non-clinical stages, has been
established to develop this product in animal models and ultimately
in humans. The primary results obtained via this collaboration are
promising.
On a financial basis, in the COVID-19 pandemic
environment, the Company was granted a non-dilutive loan of € 7
million via a State-guaranteed loan (PGE) by BNP, HSBC, LCL and
Bpifrance in August 2020. Its initial term is one year with a
5-year amortization option. Adocia negotiated in parallel with IPF
Partners a rescheduling of loan terms (contracted for a total
amount of €15 million in 2019) with a differed period of 12 months
for an amount of €2 million and issuance of 35 005(BSA) warrants
accordingly.
About ADOCIA
Adocia is a clinical-stage biotechnology company that
specializes in the development of innovative formulations of
therapeutic proteins and peptides for the treatment of diabetes and
metabolic diseases. In the diabetes field, Adocia’s portfolio of
injectable treatments is among the largest and most differentiated
of the industry, featuring five clinical-stage products and three
products in preclinical-stage. The proprietary BioChaperone®
technological platform is designed to enhance the effectiveness
and/or safety of therapeutic proteins while making them easier for
patients to use. Adocia customizes BioChaperone to each protein for
a given application.
Adocia’s clinical pipeline includes four novel insulin
formulations for prandial treatment of diabetes: two ultra-rapid
formulations of insulin analog lispro (BioChaperone® Lispro U100
and U200), a combination of basal insulin glargine and rapid-acting
insulin lispro (BioChaperone® Combo) and one combination of a
prandial insulin with amylin analog pramlintide M1Pram. The
clinical pipeline also includes an aqueous formulation of human
glucagon (BioChaperone® Glucagon) for the treatment of
hypoglycemia.
Adocia preclinical pipeline includes three bi-hormonal products:
two combinations of rapid human insulin analogues and Pramlintide
(BioChaperone® LisPram and BioChaperone® AsPram) and a combination
of insulin glargine with Liraglutide (BioChaperone® GlaLira) for
the treatment of diabetes.
Adocia recently added a fourth program in preclinical with the
development of a hydrogel scaffold for cell therapy in the
treatment of type 1 diabetes. A first patent has been filed.
Disclaimer
This press release contains certain forward-looking statements
concerning Adocia and its business. Such forward-looking statements
are based on assumptions that Adocia considers to be reasonable.
However, there can be no assurance that the estimates contained in
such forward-looking statements will be verified, which estimates
are subject to numerous risks including the risks set forth in the
“Risk Factors” section of the Universal Registration Document filed
with the French Autorité des marchés financiers on April 22, 2020
(a copy of which is available at www.adocia.com) and to the
development of economic conditions financial markets and the
markets in which Adocia operates. The forward-looking statements
contained in this press release are also subject to risks not yet
known to Adocia or not currently considered material by Adocia. The
occurrence of all or part of such risks could cause actual results,
financial conditions, performance, or achievements of Adocia to be
materially different from such forward-looking statements. This
press release and the information contained herein do not
constitute an offer to sell or the solicitation of an offer to buy
Adocia shares in any jurisdiction.
APPENDIX: Full year results for the year ended December 31st,
2020 – IFRS standards
The following table summarizes the Company’s income statement
under IFRS for the fiscal year ended December 31st, 2020 and
provides a comparison with fiscal year 2019.
In (€) thousands
Notes
FY 2020 (12 months)
FY 2019 (12 months)
Operating revenue
6 833
8 134
Revenue
15
841
2 143
Grants, research tax credits and
others
16
5 992
5 992
Operating expenses excluding
additions and reversals
14
(26 848)
(28 996)
Additions to and reversals of
depreciation, amortization and provisions
19
(1 133)
(1 159)
PROFIT (LOSS) FROM ORDINARY
OPERATING ACTIVITIES
14
(21 148)
(22 021)
Financial income
103
1 310
Financial expense
(2 250)
(856)
FINANCIAL INCOME
(LOSS)
20
(2 147)
455
PROFIT (LOSS) BEFORE
TAX
(23 295)
(21 566)
Tax expense
21
(29)
2 963
NET PROFIT (LOSS)
(23 324)
(18 603)
Base earnings per share (€)
22
(3,3)
(2,7)
Diluted earnings per share
(€)
22
(3,3)
(2,7)
GROUP NET PROFIT
(LOSS)
(23 324)
(18 603)
Operating income
The Company’s operating income resulted from collaboration and
licensing agreements and public funding of research costs. In 2020,
operating income amounted €6.8 million compared to €8.1 million in
2019, based on the following breakdown:
In (€) thousands
FY 2020 (12 months)
FY 2019 (12 months)
Revenue (a)
841
2 143
Research and collaborative
agreements
0
0
Licencing revenues
841
2 143
Grants, public financing,
others (b)
5 992
5 992
OPERATING REVENUE (a) +
(b)
6 833
8 134
In 2019, revenue resulted in €2.1 million from the initial
upfront payment of $50million (€41.1 million) in April 2018 at the
signature of the two partnership and licensing agreement with
Tonghua Dongbao. These revenues related to R&D services
provided by Adocia to Tonghua Dongbao, are recognized based on
progress, in accordance with IFRS 15, by comparison between the
costs incurred by Adocia and the total budget estimated to date
over the term of the contract.
As of December 31, 2020, the turnover of €0.8 million comes
mainly from the licensing agreements signed in April 2018 with the
company Tonghua Dongbao Pharmaceuticals and reflects the R&D
services provided by Adocia for the transfer and the development of
licensed products.
The portion of the initial payment yet to be recognized as
revenue, as of December 31, 2020, amounts to € 1.1 million and is
recognized as deferred income.
Other operating income mainly consists of the Research Tax
Credit which amounted to €6 million as of December 31, 2020
compared to €5.9 million as of December 31, 2019.
Operating expenses
The table below shows a breakdown of operating expenses by
function for the fiscal years ended December 31st, 2020 and
December 31st, 2019:
In (€) thousands
FY 2020 (12 months)
FY 2019 (12 months)
Research and development
expenses
(22 547)
(23 307)
General and administrative
expenses
(5 434)
(6 848)
OPERATING EXPENSES
(27 981)
(30 155)
Research and development expenses mainly consisted of the
payroll costs of research and development employees, subcontracting
costs (including preclinical studies and clinical trials),
intellectual property costs and purchases of materials (reagents
and other consumables), and pharmaceutical products and other raw
materials. In 2020, these expenses amounted to €22.5 million versus
€23.3 million in 2019.
The activities in the 2020 financial year focused on the
development of the Company's portfolio, especially the clinical
development of the M1 PRAM (ADO09) project, combination of insulin
prandial and pramlintide (insulin analog).
General and administrative expenses mainly included payroll
costs of non-research and development employees, as well as the
cost of services related to the management and business development
of the Company and its subsidiary in the United States.
General and administrative expenses amounted to €5.4 million in
2020 compared to €6.8 million in 2019. This decrease of €1.4
million is explained by the wind-down of expenses related to the
legal proceedings against Eli Lilly, which impacted the fees
position in 2019.
Research and Development expenses represented more than 80% of
the operating expenses in 2020 compared to 77% in 2019.
The table below shows a breakdown of operating expenses by type
of expense for the fiscal years ended December 31st, 2020 and
December 31st, 2019:
In (€) thousands
FY 2020 (12 months)
FY 2019 (12 months)
Purchases used in operations
(1 457)
(1 706)
Payroll expense
(11 857)
(13 054)
Share-based payments
(267)
(890)
External expenses
(13 010)
(13 110)
Taxes and contributions
(257)
(235)
Depreciation, amortization &
provisions
(1 133)
(1 159)
OPERATING EXPENSES
(27 981)
(30 155)
The cost of consumed materials, products and supplies decreased
by €0.25 million between 2019 and 2020, totaling €1.5 million.
Payroll expenses totaled €11.9 million in 2020 compared to
€13.1million in 2019, i.e., a decrease of €1.2 million ( -9%). The
average workforce rose from 138-time equivalents (FTE) in 2019 to
126 FTE in 2020, a decrease of 9%.
The share-based payments line of €0.27 million in 2020 reflects
the impact of the plans implemented in previous years. The decrease
of the share-based payments (€0.6million) is mainly related to the
vesting of several share-based plans in 2020. The 5 new plans put
in place in 2020 had a low impact on the item (37.7 K€). In
accordance with IFRS 2, these expenses correspond to the fair value
of the equity instruments granted to managers and employees. These
elements had no impact on the Company’s corporate financial
statements nor cash position.
External charges include the costs of preclinical studies,
clinical trials, subcontracting expenses, intellectual property
costs, professional fees and administrative expenses and totaled to
€13 million in 2020, at a stable level compared to 2019. This is
mainly due to the end of the legal fees incurred for the
proceedings against Eli Lilly was balanced by the increase of the
R&D external expenses.
Taxes totaled €0.26 million in 2020 compared to €0.24 million in
2019.
Depreciation and amortization totaled by €1.1 million as of
December 31, 2020 compared to €1.2 million in 2019.
Net financial
income/expense
In (€) thousands
FY 2020 (12 months)
FY 2019 (12 months)
Cost of net financial
debt
(1 852)
170
Cash and cash equivalents
income
(14)
809
Interest on conditional
advances
(2 052)
(416)
Fair value revaluation of IPF's
share subscription warrants
214
(223)
Foreign exchange gains and
losses
(304)
238
Other financial income and
expenses
10
47
FINANCIAL INCOME
(LOSS)
(2 147)
455
The negative net financial income amounted €2.1 million as of
December 31, 2020 due to the following:
- Interest generated on borrowings related to
the subscription of the bond issue with IPF Fund II in October 2019
(€1.7 million);
- Revaluation of the fair value of the
warrants granted to IPF Fund II of €0.2 million, with no impact to
the Company's cash position;
- Exchange rate loss (€0.3 million).
As a reminder, as of December 31, 2019, the positive financial
result of €0.5 million was mainly due to the accrued interest
granted by the American Arbitration Association Tribunal within the
context of the first phase of the arbitration proceedings initiated
against Eli Lilly.
The Company’s investment policy focuses on liquidity, the
absence of capital risk and, to the extent possible, guaranteed
performance.
Corporation tax
The carryforward tax losses, after allocation of the fiscal
deficit subject to the standard tax rate for the 2020 financial
year, was €164.8 million. This carryforward loss is not limited in
time. Since the company cannot determine with sufficient
reliability when it will be able to absorb its accumulated tax
loss, it did not recognize a deferred tax asset for this loss.
Net profit/loss
FY 2020 (12 months)
FY 2019 (12 months)
CONSOLIDATED NET PROFIT / LOSS
(in euros thousands)
(23 324)
(18 603)
Average number of shares
6 973 639
6 939 148
NET EARNINGS (LOSS) PER SHARE
(in euros)
(3.3)
(2.7)
NET EARNINGS (LOSS) PER SHARE
FULY DILUTED (in euros)
(3.3)
(2.7)
The net loss for 2020 amounts to € 23.3 million, compared to a
net loss of €18.6 million in 2019. The net loss per share thus
amounts to €3.3, compared to a net loss of €2.68 per share in
2019.
Balance sheet analysis
Non-current assets
Non-current assets amounted to €8.7 million at the end of 2020,
compared with €9.7 million in 2019. These investments are partially
offset by depreciation for the year amounting to €1 million between
2019 and 2020. This decrease reflects the amortization of fixed
assets for the period as well as a low level of investment in
2020.
Current assets
Current assets amounted to €36.4 million at December 31st, 2020
compared to €52.2 million at December 31st, 2019, consisting of the
following items:
- "Cash and cash equivalents" decreased from
€43.7 million as of December 31st, 2019 to €28.1 million as of
December 31st, 2020. The €15.5 million variation in 2020 is mainly
due to the consumption of cash over the year, which amounted to €22
million, partially offset by the subscription of PGE loans for a
total amount of €7 million. In August 2020, Adocia was indeed
granted a loan of €7 million from BNP, HSBC, LCL and Bpifrance in
the form of a State- Guaranteed Loan (PGE).
- Other current assets amounted to €7.8
million at December 31st, 2020 and consisted mainly of the
receivable related to the research tax credit (CIR) of €6 million.
At December 31st, 2019, this item amounted to €8 million, of which
€5.9 million related to CIR. There is no comment regarding the
variation of this item.
Current and non-current liabilities
Liabilities consisted mainly of four items presented on the
balance sheet according to their maturity:
- "Trade payables” under current liabilities
amount to €4.9 million at December 31st, 2020, compared to €5.3
million at December 31st, 2019.
- "Financial debt” totaling €28.2 million at
December 31st, 2020, increasing by €7 million compared to the
previous year. This increase is mainly due to the subscription of a
state-guaranteed loan (PGE) by BPI, HSBC, BNP and LCL banks for an
amount of € 7 million in August 2020.
- “Long-term provisions” mainly comprise
provisions of retirement benefits, which totaled €2.2 million for
fiscal year 2020 versus €3.1 million for fiscal year 2019.
- “Other liabilities” for 2020 included tax
and social security liabilities which amounted to €2.3 million.
This item is stable and there is no further comment. In 2020, other
liabilities also included €1.1 million, versus €1.9 million last
year, in deferred revenue related to the agreements signed with
Tonghua Dongbao Pharmaceuticals Co. Ltd, in April 2018.
Cash and financing
Debt financing
Thanks to its research activities, the Company has benefited
from reimbursable grants from BpiFrance and COFACE, without bearing
any interest, for a total amount of €4.1 million.
As of December 31st, 2020, the outstanding amount of the loans
receives from BpiFrance were €0.5 million and relates solely to the
repayable advance of €0.8 million received in 2012 for the
development of a formulation of fast-acting "human" insulin and the
Phase 2a clinical study. In 2015, the Company noted the end of the
program and proceeded with the reimbursements provided in the event
of commercial failure of the program in 2017 and 2018. An expertise
commissioned by BpiFrance was realized in 2020 and should make it
possible to close this dossier in 2021.
In addition, the Company uses other financial liabilities to
finance the acquisition of lab equipment and materials. Future
obligations under these leasing contracts amounted to €0.2 million
as of December 31st, 2020.
The Company contracted its first bank loan, in 2016, to finance
the purchase of the building that it has occupied since its
creation as well as adjoining parking and a second loan, in 2019,
to finance building renovations. At the end of 2020, the
outstanding capital of these bank loans amounted to €5.1
million.
In 2019, the Company subscribed to a bond issue, with warrants,
for a total of €15 million from IPF Fund II, through two tranches
of €7.5 million each, on October 11th, 2019 and December 10th,
2019.
In July 2020, in a by the Covid-19 pandemic context, the Company
obtained a restructuring of the debt with a new payment deferral of
additional 12 months, the final maturity dates of the two tranches
remaining unchanged.
The Board of Directors of the Company allocated, in return for
this arrangement, to the IPF Fund II SCA SICAV FIAR a total number
of 35,005 share subscription warrants (BSA), under terms and
conditions similar to those warrants allocated to IPF Fund II SCA
SICAV FIAR under the main contract, with an exercise price of the
warrants of €7.70.
Finally, in August 2020, Adocia was granted a loan of €7 million
from BNP, HSBC, LCL and BpiFrance Banks, in the form of a State
-Guaranteed Loan (PGE).
These loans are guaranteed by the French State up to 90% of the
amounts due and are not subject to any payment during the first
year. At the end of the first year, the repayment of the principal
may again be deferred and amortized over a maximum period of 5
years, at the option of the Company. These loans will carry annual
fixed interest rates of between 0.25% and 1.75% for the first
year.
As of December 31st, 2020, Adocia's financial debt was €28.2
million, with a short-term (less than a year) component of €3
million.
Cash flows
In (€) thousands, Consolidated
financial statements, IAS/IFRS
FY 2020 (12 months)
FY 2019 (12 months)
Net cash flow generated by
operating activities
(21 854)
(9 655)
Net cash flow in connection with
investment transactions
(204)
(2 054)
Net cash flow in connection with
financing transactions
6 512
15 529
Changes in net cash
(15 547)
3 820
Cash and cash equivalents at the
start of the year
43 661
39 841
Cash and cash equivalents at
year-end
28 114
43 661
Net cash flow from operations
For fiscal year 2020, net cash outflows related to operations
amounted to €21.9 million compared to a net cash inflow of €9.7
million in the previous year. This change mainly reflects a similar
level of expenses as last year ones (after restatement of flows
related to legal proceedings against Eli Lilly on 2019).
Net cash flow in 2019 included:
- Collection of $14.3 million, or €13
million, from Eli Lilly following the favorable outcome of the
first part of the arbitration proceedings,
- Reimbursement of insurance of $4 million,
or €3.6 million, following the absence of a gain in the second part
of the arbitration against Eli Lilly,
Collection of €3.4 million relating to the corporate income tax
claim for year 2014 and the fiscal treatment of the upfront payment
paid by Eli Lilly.
Net cash flow from investments
Cash used in investing activities amounted to 0.2 million euros,
compared to 2.1 million euros last year. This decrease reflects the
low level of investment over the year 2020.
In 2019, the Company had carried out renovation work on two 450
square meter floors intended mainly for the Analysis department's
activities (for 1.8 million euros including exterior fittings and
furniture).
Net cash from financing investments
In 2020, cash consumption related to investment transactions of
€0.2 million is mainly due to the subscription of the PGE loans for
an amount of €7 million.
In 2019, cash consumption related to investment transactions was
mainly due to the subscription of a bond issue loan by IPF for an
amount of €15 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210318005792/en/
Adocia Gérard Soula CEO contactinvestisseurs@adocia.com Ph: +33
4 72 610 610 www.adocia.com
MC Services AG Adocia Press Relations Europe Raimund Gabriel
Managing Partner adocia@mc-services.eu Ph: +49 89 210 228 0
The Ruth Group Adocia Investor Relations USA James Salierno
Vice-President jsalierno@theruthgroup.com Ph.: +1 646 536 7035
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