Cibi e Bevande
Biotalys Reports Full Year 2021 Financial Results and Business Highlights
Press release – regulated information – inside information
Biotalys Reports Full Year 202 1 Financial Results and Business Highlights
C onference call and live webcast today at 15 :00 CET / 14:00 GM T / 09:00 E S T, details below
Ghent, BELGIUM – 11 March 202 2 , 07:00 CET – Biotalys (Euronext - BTLS), an Agricultural Technology (AgTech) company protecting crops and food with protein-based biocontrol solutions, today announces its business highlights and consolidated financial results for 2021, prepared in accordance with IFRS as adopted by the European Union, as well as selected post period events and an outlook for the remainder of 2022. The annual report, including the full financial report, is available on the company's website.
Patrice Sellès, Chief Executive Officer of Biotalys, commented: " 2021 has been a historic year for Biotalys where we have made outstanding progress in many areas. Guided by new leadership in the Board of Directors, our Initial Public Offering on Euronext Brussels has significantly increased the global visibility of the company with partners, growers and investors.”
“Our first protein-based biocontrol Evoca is expected to receive EPA regulatory approval in H2 2022, which should be one of the key milestones for our company this year. The product is on track for market calibration in selected states in the U.S. later this year. The product demonstrated strong performance in independent field trials by renowned public institutions in the U.S.”
“Recently, our strain engineering and manufacturing teams have achieved a breakthrough in protein expression of the bioactive ingredient of Evoca, using our state-of-the-art biotech toolbox. This unprecedented achievement creates an opportunity to bring a next generation of the product to the market in 2026 at competitive efficacy and cost to growers. To leverage this opportunity, we have decided to adapt our pipeline of product candidates to focus our internal efforts on capturing market share as rapidly as possible with the next generation of Evoca products. We will therefore merge the current BioFun-5 and BioFun-6 programs to consolidate efforts in the biofungicide space and focus on providing growers a complementary and differentiated biocontrol solution by 2028.”
2021 O perational H ighlights (including post-period)
Evoca ™ is a protein-based biofungicide that aims to provide fruit and vegetable growers with a new rotation partner in integrated pest management (IPM) programs. It helps control diseases such as Botrytis and powdery mildew, thus reducing the dependency on chemical pesticides with corresponding residues in harvested produce while offering a distinctive new tool to manage pathogen resistance development.
The company expects to receive EPA approval in H2 2022 which will be one of the key milestones for this year and will also pave the way for the regulatory assessment of our product pipeline in the future.
Biotalys' pipeline of product candidates includes programs in biofungicides, biobactericides and bio-insecticides.
While Evoca is positioned as a tool to calibrate the market, the company now believes that a next generation of the product – based on the same bioactive – has the potential to provide commercial value at competitive efficacy and cost to growers.
By consequence, Biotalys' pipeline of protein-based biocontrols can today be presented as follows:
Biotalys also entered into several strategic p artnerships in R&D, distribution , manufacturing and formulation throughout the course of 2021.
Biotalys earned recognition for its products and innovation in several awards in 2021:
Biotalys continues to strengthen its patent portfolio to protect its science and products. In 2021, seven patents were granted to the Company as follows: in the U.S. related to certain VHH polypeptides; in Japan and Australia (x2) related to certain compositions; in Canada related to a seed treatment composition; and in Canada and Brazil related to a targeting agent.
At the beginning of 2021, Biotalys moved to its new facility located at Buchtenstraat 11, Ghent (Belgium), comprising offices, state-of-the art laboratories (including growth chambers) and technical spaces, totaling approximately 2,600 m². This new facility operates as the Company's headquarters and accommodates the in-house R&D as well as the majority of the Company's managerial and support functions. On 9 September 2021, Mrs. Hilde Crevits, Flemish Minister of Agriculture, Science and Innovation, officially inaugurated the new facilities.
2021 C orporate H ighlights
In July 2021 Biotalys successfully listed on Euronext Brussels with the support of local and international investors, raising a total of €52.8 million. The IPO provided the company with a strong financial runway to further exploit the potential of its proprietary AGROBODY Foundry™ platform. Following the IPO, Biotalys entered the Euronext BEL Small® index in September 2021.
The company strengthened its Board of Directors in 2021 with the appointment of Simon Moroney as Chairman of the Board, as well as the appointment of Catherine Moukheibir and Markus Heldt as Independent Directors.
In addition, the Board of Directors will propose to the General Shareholders Meeting of 15 April 2022 to appoint Michiel van Lookeren Campagne as Independent Director as of 1 June 2022. Michiel van Lookeren Campagne is currently Director Agriculture & Food at CSIRO, Australia's national science agency, based in Canberra, Australia, and previously had an international career as a scientific executive and thought leader at multiple major companies in the agricultural sector. Additional information will be shared once the appointment is confirmed by the General Shareholders Meeting.
In October, Patrick McDonnell strengthened the executive team as Chief Business Officer based in Biotalys' offices in Research Triangle Park (RTP), the heart of US AgTech activities, in North Carolina. Biotalys also attracted key personnel for various of its departments, including the Discovery, Development, Finance and Business Development functions.
Outlook for 2022
Additional to the above achievements, Biotalys anticipates achieving the following key milestones in 2022:
The financing obtained with the IPO in July 2021 provides the company with additional funding to further expand the capabilities and potential of its proprietary AGROBODY Foundry platform, and to continue progressing its product pipeline. The company expects the cash burn in 2022 to range between €27 and 29 million, in line with the envisaged investments in the pipeline, platform and manufacturing requirements.
Detailed financial review
Consolidated statements of profit and loss
Auditor Statement
The statutory auditor has issued an unqualified report dated 10 March 2022 on the Company's consolidated financial statements as of and for the year ended 31 December 2021 and has confirmed that the cumulative full year accounting data reported in the accompanying press release is consistent, in all material respects, with the accounts from which it has been derived. The condensed consolidated financial statements are derived from the consolidated financial statements at 31 December 2021 that were authorized for issue by the Board of Directors on 10 March 2022. The condensed consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted for use in the European Union.
Financial calendar and upcoming IR-events
Live webcast and c onference c all
Company management will host a live webcast in English to discuss its full year 2021 results and business highlights today, 11 March 2022, at 15:00 CET / 14:00 GMT / 09:00 EST .
Webcast link : https://edge.media-server.com/mmc/p/vxozutog
Dial-in details:
Belgium: 027933847
France: 0170700781
Germany: 06922222625
Netherlands: 0207956614
Switzerland: 0445807145
UK/International: +44 (0) 2071 928338
United States: +1 646 741 3167
Passcode: 5116258
-Ends-
About Biotalys
Biotalys is an Agricultural Technology (AgTech) company protecting crops and food with proprietary protein-based biocontrol solutions and aiming to provide alternatives to conventional chemical pesticides for a more sustainable and safer food supply. Based on its novel AGROBODY™ technology platform, Biotalys is developing a strong and diverse pipeline of effective product candidates with a favorable safety profile that aim to address key crop pests and diseases across the whole value chain, from soil to plate. Biotalys was founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology) and is listed on Euronext Brussels since July 2021. The company is based in the biotech cluster in Ghent, Belgium. More information can be found on www.biotalys.com.
For further information, please contact
Toon Musschoot, Head of IR & Communication
T: +32 (0)9 274 54 00
E: Toon.Musschoot@biotalys.com
Important Notice
This announcement contains statements which are "forward-looking statements" or could be considered as such. These forward-looking statements can be identified by the use of forward-looking terminology, including the words 'aim', 'believe', 'estimate', 'anticipate', 'expect', 'intend', 'may', 'will', 'plan', 'continue', 'ongoing', 'possible', 'predict', 'plans', 'target', 'seek', 'would' or 'should', and contain statements made by the company regarding the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are warned that none of these forward-looking statements offers any guarantee of future performance. The Biotalys actual results may differ materially from those predicted by the forward-looking statements. Biotalys makes no undertaking whatsoever to publish updates or adjustments to these forward-looking statements, unless required to do so by law.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED 31 DECEMBER
(1) The denominator for the purposes of calculating both basic and diluted earnings per share has been adjusted retrospectively to reflect the 2:1 reverse share split completed on 5 July 2021.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED 31 DECEMBER
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED 31 DECEMBER
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