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Oryzon Genomics increases its losses by 30% until June, up to 1.3 million euros

The Spanish company considers that the results recorded are in line with the biotechnology business model, justified by the development phase within a long-term maturation period.

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Oryzon Genomics still can’t get out of the red. In the first six months of 2022, the Spanish company has increased its losses by 30% compared to the same period in 2021, reaching 1.3 million euros, according to the company in a statement.

The company considers that the results are in tune with the specificity of the biotechnology business model, which is in the development phase, immersed in a period of long-term maturation of its products. Oryzon Genomics has also highlighted the company’s available cash and investment resources, which amounted to 22.7 million euros in the first half.

This figure would allow it to continue with the development of research and development (R&D) activities and the development of its clinical studies. Likewise, the rate of investment in R&D has accelerated, reaching a figure of 7.8 million euros, which represents an increase of 28% compared to the same period last year.

Oryzon Genomics has €22.7 million in cash and investment resources

Of these 7.8 million euros, 7.2 million euros correspond to development and the remaining 0.6 million correspond to research. Finally, the firm’s net worth reached 70.1 million euros at the end of the first half of 2022.

This month, the biopharmaceutical company has signed a financing contract with Nice&Green, through which it will be able to issue bonds convertible into new shares for a total amount of up to 20 million euros. The program consists of four sections, an initial one of eight million euros and three subsequent ones of an optional nature of four million euros.

Oryzon Genomics will have the right to redeem the convertible bonds at 3% interest at any time, while Nice&Green will have the option to participate in a future Nasdaq-linked capital increase.

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