AMOEBA (EPA:ALMIB) - 2018 annual results in line with the Company's repositioning
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22/03/2019 17:40
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PRESS RELEASE
2018 annual results in line with the Company's repositioning
Lyon (France), March 22d, 2019 - AMOEBA (FR0011051598 - AMEBA), producer of a
biological biocide capable of eliminating bacterial risk in water and human
wounds, and a biocontrol product for plant protection, announces today the 2018
financial year results.
The Board of Directors, which met on 22 March 2019, approved the parent company
and consolidated financial statements of the AMOEBA Group for the year ending
31 December 2018.
The statutory auditors have carried out their audit work and have not
identified any material misstatements that could affect their compliance. The
certification reports are being issued.
(In KEUR) 31/12/2018 31/12/2017
Turnover 122 161
Industrial deployment (991) (722)
Research and development expenses (1 553) (2 689)
Grants 329 556
Marketing & Sales (469) (636)
Overhead costs (2 888) (2 634)
Operational income (5 450) (5 964)
Non operational expenses (625) -
Financial expenses (1 148) (270)
Result before tax (7 223) (6 234)
Net result (7 223) (6 234)
Slight Improvement of operating results in 2018 due to the company's
restructuring plan
Revenues at 31 December 2018 amounted to EUR122k, mainly comprising the
AQUAPROX royalty of EUR120k.
Industrial deployment expenses consist of personnel expenses and consumables
purchases related to the implementation of production files and the improvement
of technical processes. The increase of these expenses compared to the previous
year is mainly due to the reallocation of depreciation costs relating to the
industrial equipment and initially recorded in general expenses and the reserve
on inventory.
R&D costs are linked to the development of the multiple possible applications
of the amoeba in the prevention of microbiological risk, today for the
treatment of water, human wounds and plant protection. Their decrease compared
to the previous year is mainly due to the restructuring plan implemented by the
company in 2018.
Grants are made up solely of the Research Tax Credit.
Marketing/sales expenses consist of staff and travel expenses related to the
establishment of the sales network.
General expenses remain essentially unchanged from the previous year
As a result, operating income amounted to EUR5,450 k and net income to
EUR7,233 k.
At 31 December 2018, non-operating expenses amounted to EUR625k and mainly
comprised costs incurred as part of the restructuring plan.
Financial expenses amounted to EUR1,148k. The difference compared to the
previous year is due to the interest on the loan granted by the EIB in November
2017.
At 31 December 2018, the Company's shareholders' equity amounted to EUR5.4
million compared with EUR12.5 million at 31 December 2017.
Financial debts amounted to EUR7.3 million. They mainly consist of the EIB loan
and interest provisioned for 2018 for an amount of EUR5.9 million.
At 31 December 2018, cash and cash equivalents amounted to EUR3.5 million,
compared with EUR10.2 million at 31 December 2017. In view of the cash
position, Amoéba announced in December 2018 the signature of a bond financing
line convertible into shares for a nominal amount of EUR6.240 million, which
should enable to finance its activities until June 2020 (see press releases
dated 3 and 20 December 2018)
A year 2018 impacted by the non-approval of one of its active substances on the
biocidal market in Europe.
On 26 April 2018, the Biocidal Products Committee (CPB) of the European
Chemicals Agency (ECHA) recommended the non-approval of the biocidal active
substance Willaertia magna C2c Maky for use in product type 11 (TP 11 -
Preservative for liquid-cooling and processing systems). On 28 November 2018,
the 28 Member States confirmed this non-approval.
In order to ensure its continuity of operations, the Company has implemented a
restructuring plan with the redundancy of 24 positions at the Lyon-Chassieu
site between June and December 2018 (see press release dated 25 May 2018). It
also announced the signature of an agreement with Nice & Green S.A. to set up a
bond financing line with the issuance of 312 OCAs (bonds convertible into
shares) representing a total nominal amount of 6,240,000 euros (see press
releases dated 26 July and 3 December 2018).
Notwithstanding the decision of the European CPB, the Company continued its
research and development activity on the various applications it wishes to
commercialize in the future:
* With respect to the biocidal application, Amoéba continued its industrial
tests in North America and was able to confirm much higher efficacy results
of its biological biocide than chemical treatment (see press release dated
11 July 2018). It was also able to complete its knowledge of the amoeba
Willaertia magna C2c Maky by demonstrating the effectiveness of the active
substance in destroying legionella and the absence of survival and
multiplication of internalised legionella (see press release dated 7
November 2018). Finally, it has continued to move forward on its regulatory
dossier assessment with the US Environmental Protection Agency (EPA)
(see press releases dated 12 September 2018).
* With respect to the biocontrol plant protection application, the company
successfully carried out the second phase of tests in planta (in greenhouses)
with the micro-organism Willaertia Magna C2c Maky as a biocontrol agent for
the prevention of downy mildew in the vine. Initial results showed an
efficacy of more than 90% of the formulated product on downy mildew (whereas
biocontrol products tested in greenhouses usually provide a 50% efficacy
level). A new series of tests was initiated in the second half of 2018 to
prepare for the field trials planned for 2019 (see press release of 4 May
2018).
Recent developments and prospects.
* The shareholders' general meeting held on 14 January 2019 voted in favor of
the implementation of the bond financing line and granted to the Board of
Directors a delegation of authority to decide the issuance of 312 bonds for a
total nominal amount of EUR6,240,000. To date, 78 bonds have been issued in
accordance with the issuance schedule.
* The Company has continued its research and development efforts and made major
scientific advances:
o Amoéba announced that it has carried out laboratory and greenhouse tests to
demonstrate the efficacy of its Willaertia magna C2c Maky amoeba against the
grape downy mildew agent, a pathogenic fungus of grapevine, using a dry
powder formulation composed of Willaertia magna C2c Maky lysed amoebas, i.e.
dead and in pieces. It was able to demonstrate a level of efficacy of this
lysate comparable to the reference chemical product and the living amoeba
(see Press Releases of 4 May 2018 and 11 February 2019).
o In addition, the Company announced that the amoeba Willaertia magna C2c maky
in lysed form has an eliciting action on the vine and a direct action by
total inhibition of the germination of the grape downy mildew (Plasmopara v
iticola). To the Company's current knowledge, no biocontrol agent made of
natural organic substances marketed to date has an eliciting function on the
vine and a direct action to inhibit the germination of downy mildew in the
vine (see press release dated 7 March 2019).
* At European regulatory level:
o With regards to the biocontrol in the plant protection application, Austria
has agreed to be the Rapporteur Member State, with a submission of the
application for approval to the Austrian Agency for Health and Food Safety
(AGES) expected during the first quarter of 2020. The Company considers that
the marketing authorization for the plant protection product(s) containing
the active substance could be granted in 2025, subject to approval of its
dossier.
o In respect of the biocidal application for water treatment, the Maltese
Competent Authority for Biocide (MCCAA, Malta Competition and Consumer
Affairs Authority) has agreed to be the competent authority assessing the new
application for approval. Considering a submission of the application for
approval before the end of 2019, and subject to an evaluation report from the
MCCAA recommending approval of the active substance and the issuance of
provisional authorizations (valid for 3 years, converted into final
authorizations once the active substance has been approved), the Company
could consider the first placing on the market of biocidal products
containing the active substance, for use in the prevention of biofilm and
legionella growth in cooling towers, in the 2nd half of 2022 in Europe.
* At North American regulatory level:
o The registration of the biocidal active substance Willaertia magna C2c Maky
and the biocidal product BIOMEBA in the United States is in its final
evaluation phase (see Press Release dated 12 September 2018). As a result of
the government shutdown, the non-core functions of the EPA (Environmental
Protection Agency), including biocidal product evaluations, ceased entirely
between December 29, 2018 and January 28, 2019. The Company considers that
this situation could have an impact on the EPA's decision date, scheduled
for the first quarter of 2019. To date, such additional time is neither
confirmed nor quantifiable by the Company.
o In February 2019, the Company submitted an application to the Canadian Pest
Management Regulatory Agency (PMRA) for the registration of the biocidal
active substance Willaertia magna C2c Maky and the biocidal product BIOMEBA
to be marketed in Canada. BIOMEBA is intended to prevent the proliferation of
Legionella pneumophila and to control biofilm in industrial water systems,
including cooling towers. As the duration of the approval procedure is
estimated to be 24 months, the Company considers that BIOMEBA could be
marketed in Canada in the first quarter of 2021 at the earliest, subject to
approval by the PMRA.
Next appointments:
General Shareholders' Meeting: June 20, 2019
Publication of 2019 half-year results: September 20, 2019
About AMOEBA:
Amoéba's ambition is to become a major player in the treatment of bacterial
risk in the fields of water, healthcare and plant protection. Our biological
solution is an alternative to chemical products widely used today. Amoéba is
currently focusing on the market of industrial cooling towers estimated at
EUR1.7Bn (1) on a global chemical biocide market for water treatment, evaluated
at EUR21Bn (2) and on the biocontrol market for plant protection estimated
globally at EUR1.6Bn (4). In the future, the Company is looking at developing
new applications such as chronic wound care, estimated at EUR 751 million (3)
in the USA. Sales of associated products with healthcare, biocides and crop
protection are subject to the Company being granted local regulatory market
authorizations. The Company is currently in a trial phase for biocidal and
plant protection applications and does not market any products.
Created in 2010, based in Chassieu (Lyon, France) with a subsidiary in Canada
and in the United States, Amoéba is quoted on the compartment C of Euronext
Paris. The Company is a member of the BPIfrance Excellence network and is
eligible for the PEA-PME SME equity savings plan setup. More information on
www.amoeba- biocide.com.
(1) : Amoéba data combined from sources: DRIRE 2013, Eurostat, ARHIA 2013
(2) : Sources combined by Amoéba from water treaters, Freedonia, Eurostat et
MarketsandMarkets
(3): BCC Research, "Markets for Advanced Wound Management Technologies,"
Wellesley, MA, 2017
(4): Biopesticides Worldwide Market 2013, CPL, Wallingford, UK
Contacts :
Amoéba
Valérie FILIATRE
Directeur administratif et Financier
04 26 69 16 00
valerie.filiatre@amoeba-biocide.com
Actifin
Ghislaine GASPARETTO
Communication financière
01 56 88 11 11
ggasparetto@actifin.fr
Disclaimer
This press release contains certain forward-looking statements concerning
AMOEBA which are based on its own assumptions and hypothesis and on information
that are available to us. However, AMOEBA gives 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 reference
document of AMOEBA filed with the French Financial Markets Authority (Autorité
des Marchés Financiers) on April 27, 2018 (a copy of which is available on
www.amoeba-biocide.com). The forward-looking statements contained in this press
release are also subject to risks not yet known to AMOEBA or not currently
considered material by AMOEBA. The occurrence of all or part of such risks
could cause actual results, financial conditions, performance or achievements
of AMOEBA to be materially different from such forward-looking statements.