Valbonne, France, January 24, 2018, 5:45pm CET
TxCell SA (FR0010127662 – TXCL), a developer of cellular immunotherapies based on regulatory T cells (Tregs) for inflammation, autoimmunity and transplantation, today reports its fourth quarter 2017 financials and provides an update on its financing. Additionally, the company announces its participation in upcoming scientific conferences.
As of December 31, 2017, TxCell’s cash and cash equivalents amounted to €4.9 million1 (compared to €3.5 million as of December 31, 2016). This includes €1.4 million for the partial pre-funding of TxCell’s 2017 research tax credit.
TxCell’s operating cash burn amounted to approximately €9 million for the year 2017. This is lower than the €13 million guidance previously provided by the Company, thanks to strict cost control and working capital optimization measures.
TxCell did not generate revenues during the fourth quarter of 2017.
In October 2017, TxCell renegotiated its OCABSA financing program with Yorkville Advisors Global LP to reduce the cost of capital for the Company and the dilution for its shareholders. The amended contract provides for a total financing of up to €15 million guaranteed in monthly installments now at TxCell’s sole discretion.
In January 2018, TxCell obtained an interest-free loan from Bpifrance, a French government agency, for the preclinical development of its transplantation CAR-Treg program. TxCell expects to receive the €1.2 million funding during the first quarter of 2018.
Based on these elements, the Company considers that its resources are sufficient to finance its activities until early 2019, even if listed cash warrants issued in February 2017 are not fully exercised by February 26, 2018. This should enable the Company to reach a major milestone, the regulatory filing for the start of its first-in-man study with a CAR-Treg, which is expected in Q4 2018.
Upcoming scientific conferences
In Q1 2018, TxCell will participate in a wide range of scientific conferences, including:
- Dr. Li Zhou, VP Cell Engineering of TxCell, will chair the ‘CAR-T, Tregs & Autoimmunity: Expanding the Applications of Chimeric Antigen Receptors Outside of Oncology’ session at the Combined CAR-T Congress Europe, to be held January 30-31, 2018 in Berlin, Germany. This session will take place on Tuesday, January 30, 2018 at 2:00pm local time.
- Dr. Megan Levings, Professor, Department of Surgery, University of British Columbia (UBC) and Head, Childhood Diseases Research Theme, BC Children's Hospital in Vancouver, Canada, will present TxCell’s most advanced CAR Treg program targeting graft rejection at the Keystone conference: Emerging cellular therapies: T cells and beyond, to be held February 11-15, 2018 in Keystone, Colorado. Prof. Levings’ presentation, entitled: ‘HLA-A2 Directed CAR-Tregs’, will take place on Wednesday, February 14, 2018, during the morning session (8:00-11:15am local time).
- Dr. Pierre Heimendinger, VP Pharmaceutical Development of TxCell, will give a presentation entitled: ‘Development of first manufacturing process to produce CAR-Treg cells for clinical use’ at the CAR-TCR Summit Europe, to be held February 20-22, 2018 in London, United Kingdom. Dr. Heimendinger’s presentation will take place on Thursday, February 22, 2018 at 2:30pm local time.
- Stéphane Boissel, CEO of TxCell, will give a presentation, entitled: ‘CAR Tregs: CARs for autoimmune disease’ at the Combined CAR-T Congress USA to be held on March 21-22, 2018 in Boston. Mr. Boissel’s presentation will take place on Thursday, March 22, 2018 at 2:30pm local time.
In addition, TxCell will sponsor the first scientific conference exclusively dedicated to Tregs, entitled: Treg Summit 2018: Treg Directed Therapies for Autoimmune Disorders. This event will be held on May 22-24, 2018 in Boston. Several attendees from TxCell will participate in this conference.
Participation in other events during the period will be considered depending on the timing of communicable scientific data.
Next financial milestones
- Full-year 2017 financial results: Wednesday, March 14, 2018 (post-market)
- Q1 2018 financial information: Wednesday, April 25, 2018 (post-market)
- Unaudited data