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DEINOVE obtains from Société Générale Factoring the pre-funding of its 2019 R&D Tax Credit receivable amounting to EUR 2.1 million

  • For the second year in a row, DEINOVE has called on Société Générale Factoring (SGF) to pre-finance its R&D Tax Credit receivable.
  • DEINOVE received €2.1m and thus strengthened its short-term cash position.
  • The Company’s operations continue in strict compliance with current health restrictions.

DEINOVE (Euronext Growth Paris: ALDEI), a French biotech company that uses a disruptive approach to develop innovative antibiotics and bio-based active ingredients for cosmetics, announces that for the second year in a row, it has called on SGF for the pre-funding of its R&D Tax Credit receivable. As such, the Company received €2.1 million, i.e. 84% of the estimated receivable for 2019.

We did not hesitate to ask SGF again for the pre-financing of our R&D Tax Credit receivable and we are extremely satisfied with it. Their system is simple, flexible, competitive and their teams are very responsive. This operation will strengthen our cash position in the short term, pending an improvement in general conditions. Our teams are continuing to carry out our R&D and commercial operations, within the limits imposed by the current pandemic health context” said Julien Coste, Chief Financial Officer of DEINOVE.

DEINOVE is a French biotechnology company, a leader in disruptive innovation, which aims to help meet the challenges of antibiotic resistance and the transition to a sustainable production model for the cosmetics and nutrition industries.

DEINOVE has developed a unique and comprehensive expertise in the field of rare bacteria that it can decipher, culture, and optimize to disclose unsuspected possibilities and induce them to produce biobased molecules with activities of interest on an industrial scale. To do so, DEINOVE has been building and documenting since its creation an unparalleled biodiversity bank that it exploits thanks to a unique technological platform in Europe.

DEINOVE is organized around two areas of expertise:
• ANTIBIOTICS, New-generation anti-infective drugs: A first antibiotic candidate, DNV3837, is now in Phase II. The Company is also pursuing the systematic exploration of biodiversity to supply its portfolio with new leads, drawing notably on partnerships with bioMérieux and Naicons (AGIR program supported by Bpifrance).
• BIOACTIVES, Active ingredients of natural origin with cosmetics as the first market: DEINOVE is already marketing a first cosmetic active ingredient, a second in partnership with Greentech and plans to launch new assets in 2020. Several other cosmetic actives are in development, including with Oléos (Hallstar Group) and Dow. It also runs a program in animal nutrition with Avril group.

Within the Euromedecine science park located in Montpellier, DEINOVE employs 60 employees, mainly researchers, engineers, and technicians, and has filed about 350 patent applications internationally. The Company has been listed on EURONEXT GROWTH® since April 2010.

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