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Deinove : 2013 INTERIM FINANCIAL RESULTS

  • Significant progress made in the DEINOL programme with the launch of a series of trials in preindustrial fermenters (300L) in preparation and increased testing on commercial substrates.
  • Acceleration of green chemistry programmes with increased staffing and the prospect of significant partnerships in the near term.
  • Half-year net loss reduced by 8% (loss of 1.3 million Euros vs. a loss 1.4 million Euros in H1 2012).
  • Sufficient cash resources to cover the Company's needs until Q3 2014, a significant improvement on guidance made earlier this year.

PARIS, Sept. 19, 2013 (GLOBE NEWSWIRE) -- DEINOVE (Alternext Paris: ALDEI), a cleantech company that designs, develops and markets the next generation of industrial processes based on the Deinococcus bacteria, today announced its interim results for 2013.

The net result for the first half of 2013 is a loss of 1.3 million Euros. In the absence of significant operating revenues, this result includes 2.6 million Euros in operating expenses, a positive financial result of 55 thousand Euros, non-recurring income of 68 thousand Euros, and an R&D tax credit of 1.2 million Euros. The increase in operating expenses (up 456 thousand Euros vs. H1 2012) is mainly due to the consolidation of R&D efforts regarding the DEINOL and DEINOCHEM programmes (including 4 new full time employees or FTEs).

The net financial position is +4.1 million Euros, compared to +6.5 million Euros at the end of 2012. This figure does not include the receipt of 0.9 million Euros relating to the 2012 R&D tax credit, paid on 4 July 2013 (see press release dated 15 July 2013). DEINOVE also filed an adjustment request of 658 thousand Euros with the relevant tax office relating to R&D tax credits due for 2010 and 2011. This amount is accrued in full in the accounts at 30 June 2013.

Excluding new financing and revenues from new partnerships, the Company believes that it currently has the means to finance programmes underway until at least the third quarter of 2014, which represents a significant improvement on guidance made earlier this year.

R&D activities focused on strengthening the metabolic engineering platform dedicated to the Deinococcus bacteria, of which the Company is the only one in the world to make use, as well as continuing its DEINOL (aiming to develop a breakthrough bioprocess for the production of 2nd generation cellulosic ethanol) and DEINOCHEM (for the production of bio-based chemical compounds) programmes.

Emmanuel PETIOT, CEO of DEINOVE stated: "DEINOVE is currently on the verge of a major technological breakthrough in the field of metabolic engineering. Our exclusive bacterial fermentation process - which is now robust and compatible with an industrial environment - should pave the way for new industrial production systems that will contribute to an oil-free economy. By improving significantly the performance of our bacteria, we are entering into relationship with many industrial players worldwide.

Today our cash resources are sufficient to cover our financing needs until the 3rd quarter of 2014, which reflects excellent cost and cash management at a time when we have significantly increased our research efforts."

Press Release: http://hugin.info/142979/R/1730337/578264.pdf

CONTACT: DEINOVE Emmanuel Petiot CEO Tel.: + 33 1 42 03 27 37 emmanuel.petiot@deinove.com Julien Coste Director of Finance & Administration Tel.: + 33 1 42 03 27 37 julien.coste@deinove.com ATCG Press Marielle Bricman Press Relations Mob.: +33 6 26 94 18 53 deinove@atcg-partners.com

Source:Deinove