Curetis Retains H.C. Wainwright & Co. as Strategic Advisor
- Investment bank supports Curetis in assessment of all strategic and tactical financing options
- Publication of H1-2019 financials postponed to September 18, 2019
- Key financials show EUR 7.8 million cash as of June 30, 2019 and significantly reduced cash burn in H1-2019
Elements of this announcement contain or may contain inside information within the meaning of Article 7(1) of the Market Abuse Regulation.
Amsterdam, the Netherlands, and Holzgerlingen, Germany, August 12, 2019, 08:00 am CET - Curetis N.V. (the "Company" and, together with its subsidiaries, "Curetis"), a developer of next-level molecular diagnostic solutions, today announced that it has retained the U.S. based investment bank, H.C. Wainwright & Co., LLC, as strategic advisor in an effort to assess all available strategic and tactical options going forward to potentially secure appropriate funding and cash for continued operations for at least the next twelve months. Potential strategic options that may be explored or evaluated as part of H.C. Wainwright’s mandate may include, but are not limited to, equity funding, an acquisition, merger, business combination or other strategic transaction involving Curetis.
There is no definitive timeline for completion of the assessment process and there can be no assurance that the assessment would actually result in Curetis pursuing any transaction at all or that a transaction, if it were pursued, could be completed successfully. Curetis does not intend to discuss or disclose further developments regarding the strategic assessment process unless and until its supervisory board and its management board have approved a specific course of action or otherwise determined that further disclosure is appropriate or required by applicable laws or regulations.
As part of its ordinary course of business and regular investor relations efforts, the Company will be present at the 21st Annual H.C. Wainwright Global Life Sciences Conference to be held in New York, NY, USA, on September 8-10, 2019.
In the context of the ongoing strategic assessment, the Company also announced that it will reschedule the publication of its 2019 First Half-Year Business and Financial Update and H1-2019 Earnings Call from its original financial calendar date on August 14, 2019 to September 18, 2019. This allows for an ongoing review of H1-2019 financials by the Company’s auditors, especially in light of a series of important new IFRS standards that are now applicable, such as IFRS 16 “Leases”.
The Company, however, hereby reports certain preliminary, non-audited financials for the first half of 2019. Cash and cash equivalents as at June 30, 2019, amounted to EUR 7.8 million. This includes a further EUR 5.0 million tranche under a debt financing facility provided by the European Investment Bank (EIB) and the drawdown of the remainder of the first tranche (i.e. EUR 1.5 million (gross)) under a convertible notes facility provided by YA II PN, Ltd, an investment fund managed by Yorkville Advisors Global LP, both as previously announced on May 21, 2019. Cash burn from operations and investments in H1-2019 has been reduced by 25.7% year-over-year as a consequence of the successful implementation of certain corporate reorganization measures.
The worldwide installed base of Unyvero A50 Analyzers as at June 30, 2019, was 170, compared to 162 as at June 30, 2018. This figure includes a significantly sized pool of Analyzers now managed by Menarini Diagnostics in EMEA (9 new installations have already been identified for H2-2019) as well as 37 Analyzers installed in the USA (including 20 for current and future clinical trials). Furthermore, as part of a campaign performed towards the end of Q2-2019, a total of 10 refurbished Unyvero Systems were ordered by various international distribution partners with most of them being sold and shipped in H2-2019.
Curetis N.V.’s (Euronext: CURE) goal is to become a leading provider of innovative solutions for molecular microbiology diagnostics designed to address the global challenge of detecting severe infectious diseases and identifying antibiotic resistances in hospitalized patients.
Curetis’ Unyvero System is a versatile, fast and highly automated molecular diagnostic platform for easy-to-use, cartridge-based solutions for the comprehensive and rapid detection of pathogens and antimicrobial resistance markers in a range of severe infectious disease indications. Results are available within hours, a process that can take days or even weeks if performed with standard diagnostic procedures, thereby facilitating improved patient outcomes, stringent antibiotic stewardship and health-economic benefits. Unyvero in vitro diagnostic (IVD) products are marketed in Europe, the Middle East, Asia and the U.S.
Curetis’ wholly owned subsidiary Ares Genetics GmbH is developing next-generation solutions for infectious disease diagnostics and therapeutics. The ARES Technology Platform combines the presumably most comprehensive database worldwide on the genetics of antimicrobial resistances, ARESdb, with advanced bioinformatics and artificial intelligence.
This document constitutes neither an offer to buy nor to subscribe securities and neither this document nor any part of it should form the basis of any investment decision in Curetis.
The information contained in this press release has been carefully prepared. However, Curetis bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. Curetis does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons, except as may be required by law.
This press release includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will”, or “should”, and include statements Curetis makes concerning the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Curetis’ actual results may differ materially from those predicted by the forward-looking statements. Curetis undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.
71088 Holzgerlingen, Germany
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Curetis International Media & Investor Inquiries
Dr. Ludger Wess / Ines-Regina Buth
Tel. +49 40 88 16 59 64
Tel. +49 30 23 63 27 68
Upcoming Life Sciences Events
- September 2019
- Boston: 9th Annual American Drug Delivery & Formulation Summit
- Malmo: NLS Days 2019
- Boston: Redefining Early Stage Investments (RESI)