(MENAFN- ProactiveInvestors) (EPO:NANO) the developer of nano-medical technology for treating cancer is in a strong cash position after two fundraisings in 2014 it told final results.
"The additional €38.5m raised in 2014 should enable us to execute our global strategic development and in particular the preparation for an anticipated CE mark of NBTXR3 by the end of 2016" said Philippe Mauberna chief executive.
NBTXR3 is the lead product and research and development costs increased by €2mln last year to around €8mln largely due to progress with this technology.
NBTXR3 is currently being tested in patients with advanced Soft Tissue Sarcoma (STS) and was entered into pivotal product registration phase in October 2014.
"Depending on the results this could allow the company to obtain a CE mark in late 2016. NBTXR3 is also being developed in head and neck cancer" the firm noted.
Last month the group hired CordenPharma as manufacturing partner which will produce the product.
The new production line in France will increase capacity 25 fold and is an important step towards commercialisation the firm said.
’s sole source of revenue is payments from its Taiwanese partner PharmaEngine within the framework of the licensing contract for the development and marketing of NBTXR3 in the Asia-Pacific region.
Total revenue for the year came in at €2.7mln compared to €1.6mln in 2013 while the pre-tax loss was €9.4mln versus a loss of €8.14mln the previous year.
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