Interim Results

Ovoca Bio PLC

28 September 2023

 

Ovoca Bio plc

("Ovoca" or the "Company")

Interim Results for the six months ended 30 June 2023

Dublin, Ireland, 28 September 2023 - Ovoca Bio, a biopharmaceutical company with a focus on women's health, is pleased to announce its interim financial statements and report covering the six-months ending 30 June 2023.

Please click on the following link to view the full Half Year Report:

http://www.rns-pdf.londonstockexchange.com/rns/8959N_1-2023-9-27.pdf

CEO Statement

While we are pleased today to publish our financial statements covering the six-month period to the end of June 2023, the most significant recent development for Ovoca occurred subsequent to the financial period end, namely the disappointing top-line results from the Phase II dose ranging study assessing Orenetide conducted in Australia and New Zealand (the "Study"), which the Company announced on 31 August 2023.

The Company's primary focus in recent years has been the development of Orenetide and, to that end, in addition to its own internal resources the Company's management has also actively worked with the Australian Contract Research Organisation engaged for the purposes of the Study, as well as with the European manufacturing partner and a number of other partners and providers. Similarly, the Company's financial strategy has been framed with the goal of providing a sufficient margin of liquidity to allow for the progression of further development activities after the receipt of clinical results.

However, post receipt of the Study results the Company will need to adapt its approach. In the near future, our efforts will be directed to a thorough review of the current situation, including a detailed investigation of the Study datasets, and an assessment of the opportunities that the Company currently has, including the other potential applications of the internal expertise the Company has developed through progressing its clinical development plans in recent years.

Based on the findings from the investigations of the Study datasets, the Company will determine the appropriate future strategy regarding the development of Orenetide, including whether the Company should continue with its development of the product and any implications this may have for the wider strategy of the Company and we will keep shareholders informed on any developments as and when appropriate.

Separately, management will continue to take steps to optimise the corporate structure and to position the Company for the future; in the financial period this included the disposal of certain Russian assets which the Company announced in March, while we also continue to seek a satisfactory resolution of a long-standing legal dispute in the case of Taymura.

As at 30 June 2023, the Company had cash and cash equivalents amounting to €2.80 million ($3.05 million) and we will continue to carefully manage our financial resources in the current environment, particularly in relation to the appropriate management of expenses.

In concluding my statement, I would like to again take the opportunity and to thank the management of the Company and the Board of Directors for their persistence and hard work in a challenging period for the Company, and I welcome their invaluable contribution to the continuation of our Company's activities.

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For further information:

Ovoca Bio plc

Kirill Golovanov (Chief Executive)

Tel [phone]

[e-mail]

Davy (Nominated Adviser, Euronext Growth Listing Sponsor and Broker)

Ivan Murphy / Daragh O'Reilly

Tel: [phone]

About Ovoca Bio

Ovoca Bio is a European-based biopharmaceutical company with a focus on women's health. The Company is currently developing Orenetide (BP-101), a novel synthetic peptide administered through a nasal spray as a novel treatment for women with hypoactive sexual desire disorder (HSDD), a condition characterized by a distressing lack or loss of sexual desire affecting an estimated ~4 million premenopausal women in the US alone.

 

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