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TABLE OF CONTENTS
Jan. 2020 2
01. VALBIOTIS / Corporate
02. TOTUM-63, active substance
03. TOTUM-63, prediabetes: VALEDIA®
05. TOTUM-63, arterial hypertension
07. FINANCIAL INFORMATION
04. TOTUM-63, hepatic steatosis
© NON CONFIDENTIAL - VALBIOTIS
06. Other products in development
VALBIOTIS, highlights
Jan. 2020 3
A robust industrial property: 4 patent families worldwide, including strategic patents in the USA and Europe.
A team of managers highly qualified and experienced in their respective fields of expertise.
Founded in 2014 Euronext Growth (ALVAL) 3 locations in France (Périgny, La Rochelle, Riom) 36 employees: 75% in R&DProprietary preclinical platform
A R&D company, committed to scientific innovation, for preventing and combating metabolic diseases.
A new class of plant-based products, designed to reduce the risk of major metabolic diseasesthrough a multi-target approach.
An answer to unmet medical needs, specially in prediabetes and hepatic steatosis.
A program of clinical studies developped to bring out solid scientific evidence and obtain strong health claims.
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Solid scientific results selectedby the major international scientific societies
Jan. 2020 5
13communications
duringscientific congresses
since 2016Including 7 accepted
communications in the 3 major diabetes congresses worldwide
3 selections by the Keystone Symposia
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A global IP strategy across the portfolio
Jan. 2020 6
Demonstrates that innovative combinations of plant extracts are patentable for a healthcare purpose,for food products, supplements or pharmaceuticals > “ Plant extracts / molecules ”.
All patents consistently applied for in more than 60 countries, including Canadian, American and European territories.
4 PATENT FAMILIES APPLICATIONS WORLDWIDE ALREADY
A STRATEGIC PATENT GRANTED IN EUROPE AND IN THE US
US patent granted in 2018, with a triple protection:composition, method and use in the field of metabolic diseases.
National phases ongoing in more than 20 countries, incl. Canada.
Exclusivity2035
USAEUROPEEU patent granted in 2019, covering 39 countries.
© NON CONFIDENTIAL - VALBIOTIS
An expert management for healthcare innovation
Jan. 2020 7
Sébastien PELTIER
20 years’ experience in Research& Development for drug and foodsupplement industries. Unique, proven experience with health claims referring to the reduction of a disease risk (EFSA – European Food Safety Authority – article 14.1a)
CEO, PhD - HDRChairman of the Boardof Directors
25 years’ experience in healthand nutrition. Founder and former Executive Director of Biofortis Mérieux NutrisciencesEurope.
Murielle CAZAUBIELM.ScCMO, Member of the board
Pascal SIRVENTPhD - HDRCSO, Member of the boardOver 15 years’ research experiencein the field of metabolic diseases, with leadership positions and a strong background in international scientific partnerships.
Laurent LÉVY, PhD Chairman of the Supervisory BoardRemuneration CommitteeCEO, co-founder,NANOBIOTIX
Agnès TIXIERAudit CommitteeInvestment Director, CM-CIC INVESTISSEMENT
SUPERVISORY BOARD
Sébastien BESSYRemuneration CommitteeVice President Global Strategic Operations, IPSEN
Dr Jean ZETLAOUI MD, MBAAudit CommitteeSpecial Scientific Advisor to the CEO, NOVARTIS PHARMA
Jocelyn PINEAUMBACFO, Member of the board20 years’experience in projectmanagement positions as partof executive management boards,in the agro-food and food supplementsindustries.
Medicine degree, 25 years’ international expérience in marketing and business development focused on Consumer Healthcare, with top management positions. Former Vice President at Sanofi, Johnson & Johnson and Pfizer. *
Josep INFESTAMD, MBAHEAD OF GLOBAL BUSINESS DEVELOPMENT
Finance & administration Discovery, preclinicaland translational
research
Development and medical affairs Global Business
Development
* External consultant
© NON CONFIDENTIAL - VALBIOTIS
High-value scientific & medical supervisory Board
Jan. 2020 8
Pr. Jean-Marie BARD PharmD, PhD, PU-PH – Nantes University Hospital
Professor of biochemistry at the Faculty of Pharmacyand Head of the Biopathology Department at Institut
de Cancérologie de l’Ouest (ICO) in Nantes.
Pr. Samy HADJADJ MD, PhD, PU-PH - Nantes University Hospital
Professor of endocrinology, diabetology and metabolic diseases, Hospital practitioner.
André MARETTEPhD - Laval University Hospital INAF (Canada)Professor in the Faculty of Medicine. Researcher at the Quebec Heartand Lung Institute and Scientific Director of the Institute of Nutritionand Functional Foods (INAF) at Université Laval.
Nathalie BOISSEAU PhD, PU - Clermont Auvergne UniversityProfessor of sports physiology at STAPS UFR,member of the AME2P laboratory.
Thierry MAUGARDPhD, PU - La Rochelle UniversityProfessor of biochemistry inthe Biotechnology Department.
Bruno GUIGASPhD - Leiden University (Netherlands)
Assistant professor.
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USA, Europe and Canada regulatory pathways
Jan. 2020 9
“VALEDIA® may reducethe risk of type 2 diabetes,
a disease associatedwith several risk factors.”
”VALEDIA® reducesfasting glycemia,
which increase is a risk factorfor type 2 diabetes.”
Composition, quality& safety
Set product specifications and qualitymanagement in accordance with the selected status.
Non-ambiguous proof of the efficacyof the product to reduce disease riskfactors in at-risk population, accordingto current regulation.
Composition, quality± safety
Quality + evidenceregarding safety and efficacy
Free claim, but strictlycompliant with clinical evidence.
HEALTH CLAIMS
Food supplement status Natural Health Product
© NON CONFIDENTIAL - VALBIOTIS
A high level of evidence for prevention
Jan. 2020 10
A R&D processfollowing the outline
of pharmaceuticaldevelopment
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A proprietary platform dedicated to metabolic diseases
Jan. 2020 11
In vivo screeningon relevant models of metabolicdiseases
1,200 m2 platform: models of metabolic diseases, radiolabelling, micro-surgery & clamp, histology,cellular culture, molecular biology, biochemistry.
Design ofactive substances(compliant withpharmacopeiaUS / EU)
Extraction processes,characterisation, purification, bio-engineering, pharmaco-modulation.
In vivo and in vitro studies:efficacy, safety,mode of action
Plant-basedchemistry & preclinical research
Discovery
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The business model
Jan. 2020 12
TARGET POPULATIONSubjects at risk of developing metabolicdiseasesEx.: prediabetics for VALEDIA®
PRESCRIBERS /ADVISORSHealthcare professionals
RETAILMainly pharmacies network / drugstores + ad hoc omnichannelstrategy by country
COMMERCIALIZATION MODEL
STRATEGIC PARTNERSHIP MODELAgreement for clinical developmentand commercialization,at an international level.
Upfront± Funding of clinical studies
± Milestone payments+ Royalties
EUROPEUNITED-STATES
Our two prioritiestoday
© NON CONFIDENTIAL - VALBIOTIS
TOTUM-63: an innovative active substance, patented,based on a combination of 5 plant extracts
Jan. 2020 14
Plant A
Plant B
Plant C
Plant D
Plant E
Dry extract
Dry extract
Dry extract
Dry extract
Dry extract
V%
W%
X%
Y%
Z%
Industrialextraction process
Complete characterisation
of the biomolecules(HPLC-UV/MS)
Active combination
of biomolecules
Patent family VALBIOTIS.001 (plant extracts / molecules)
VALBIOTIS owns all of the development rights
Patents applied for in more than 60 countries incl.:39 countries in Europe, USA and Canada
INTELLECTUAL PROPERTY
Exclusivity2035
USAEUROPE
© NON CONFIDENTIAL - VALBIOTIS
Adipose tissue
Increases peripheral sensitivity:
• Improves insulin cellular signaling.
• Reduces adipose tissue inflammation.
TOTUM-63: a multi-target action on 5 key metabolic organs
Inhibits lipid storage(steatosis reduction).
Preserves insulin secretion capacity.
Acts on intestinal microbiota composition:
• Increased overall richness.
• Positive impact on groups involved in insulin-resistanceand T2D.
Liver
Gut
PancreasMuscle
Jan. 2020© NON CONFIDENTIAL – VALBIOTIS I 15
TOTUM-63: main metabolic effects demonstrated in preclinical studies
Jan. 2020 16
Prevention of weight gain, improved body composition
Reduced fat mass, independent of food intake
Improvement of glucose metabolism
Fasting glycemia, glucose tolerance, insulin sensitivityProof of concept for the risk reduction of type 2 diabetes
Reduction of hepatic steatosisPrevention and reversion of steatosis
Standard diet High fat diet High fat diet + TOTUM-63
db/db miceControlHigh fat dietHigh fat diet + TOTUM-63
© NON CONFIDENTIAL - VALBIOTIS
Jan. 2020 17
TOTUM-63: Phase IIA clinical results
• Multicenter, randomised, unbalanced (3:1, VALEDIA®:Placebo)and double-blind placebo-controlled study, 2 parallel-groups
• Supplementation period: 6 months, 5 g/day
• Primary endpoint: change in fasting glycemiabetween baseline and 6 months
• Main secondary endpoints: 2 hours OGTT glycemia, insulinsensitivity, anthropometric parameters, hemodynamicparameters lipid profile, safety
51 prediabetics with abdominal obesity associated with moderatehyperglycemia, hyperglycemia at 2 hours (OGTT) and hypertriglyceridemia.
• Age: 57.1 years• Gender: 35 female, 16 male• BMI: 31.3 kg/m2
• Fasting glycemia: 1.26 g/L• 2 hours OGTT glycemia: 1.85 g/L
• Fasting triglycerides: 1.78 g/L• Fatty liver index: 73.34• Fasting LDL-cholesterol: 1.42 g/L
STUDY DESIGN STUDY POPULATION
è Coordinating Investigator: Dr. David Gendre (MD Biofortis) è Expert: Pr. Jean-Marie Bard (PharmD, PhD, Professor of Basic and Clinical Biochemistry, Nantes, France)è ID-RCB Number: 2016-A00484-47
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18
TOTUM-63: Phase IIA clinical results
fasting glycemia;
2 hours OGTT glycemia;
triglycerides blood levels;
fatty Liver Index;
systolic blood pressure;
LDL-cholesterol blood level;
total cholesterol blood level;
body weight;
waist circumference.
Jan. 2020© NON CONFIDENTIAL - VALBIOTIS
Good safety and tolerance
6 months supplementation with TOTUM-63showed positive and significant evolution vs. placebo of:
Jan. 2020 19
TOTUM-63: Phase IIA clinical results
Primary endpoint met: reduction in fasting glycemia vs. placebo
© NON CONFIDENTIAL - VALBIOTIS
– 9.3%a
a Difference of the means of individual variations expressed in %
TOTUM-63
Jan. 2020 20
TOTUM-63: Phase IIA clinical results
Secondary endpoint met: reduction in 2h-glycemia (OGTT) vs. placebo
© NON CONFIDENTIAL - VALBIOTIS
– 22.5%a TOTUM-63
a Difference of the means of individual variations expressed in %
Jan. 2020 21
TOTUM-63: Phase IIA clinical results
Secondary endpoints met: reduction in anthropometric parameters vs. placebo
a Difference of the means of individual variations
© NON CONFIDENTIAL - VALBIOTIS
– 1.9 kga– 4.48 cma
TOTUM-63
TOTUM-63: Phase IIA clinical results
Jan. 2020 22
Secondary criteria endpoints: reduction in triglyceridemia and in Fatty Liver Index vs. placebo
a Difference of the means of individual variations expressed in %
FLI ≥ 60 : High probability of steatosis
© NON CONFIDENTIAL - VALBIOTIS
– 32.2%a – 18.7%a
TOTUM-63
TOTUM-63: Phase IIA clinical results
Jan. 2020 23
Secondary endpoints met: reduction in total cholesterol and LDL-cholesterol vs. placebo
a Difference of the means of individual variations expressed in %
© NON CONFIDENTIAL - VALBIOTIS
– 11.5%a– 11.7%a
* *
TOTUM-63
Values are expressed as mean ± SEM. * p<0.05 Values are expressed as mean ± SEM. * p<0.05
TOTUM-63: Phase IIA clinical results
Jan. 2020 24
Secondary endpoint met: reduction in systolic blood pressure vs. placebo
a Difference of the means of individual variations
© NON CONFIDENTIAL - VALBIOTIS
– 10.6 mmHga – 18.9 mmHga
Sub-population: subjects with high blood pressureOverall population
Values are expressed as mean ± SEM. *** p<0.001
TOTUM-63
Values are expressed as mean ± SEM. ** p<0.01
25
TOTUM-63: Phase IIA clinical results
fasting glycemia;
2 hours OGTT glycemia;
triglycerides blood levels;
fatty Liver Index;
systolic blood pressure;
LDL-cholesterol blood level;
total cholesterol blood level;
body weight;
waist circumference.
Jan. 2020© NON CONFIDENTIAL - VALBIOTIS
Good safety and tolerance
6 months supplementation with TOTUM-63showed positive and significant evolution vs. placebo of:
PREDIABETES, RISK CONDITION FOR TYPE 2 DIABETESFASTING GLYCEMIA VALIDATED AS:• Primary endpoint for Phase IIB studies (REVERSE-IT and PREVENT-IT)• Claimed risk factor for authorities (EFSA, FDA, Health Canada)
HEPATIC STEATOSIS, RISK CONDITION FOR NASHVALIDATED PROOF OF CONCEPT
ARTERIAL HYPERTENSIONAND CARDIOVASCULAR RISKVALIDATED PROOF OF CONCEPT
VALEDIA®: a worldwide innovation designed for people with prediabetes
Jan. 2020 27
First clinically proven and natural solutionspecifically created to reduce the risk of developing Type 2 Diabetes
Specific combination of 5 plant extracts, patented
Clinical evidence of efficacy already obtained in prediabetics, for the reductionof fasting glycemia, to obtain a healthclaim for the risk reduction of Type 2 Diabetes
Capsules with vegetal shell = 0 excipient
100% natural, perfect tolerance
1 to 2 takes / day, morning and/or night, before meals
© NON CONFIDENTIAL - VALBIOTIS
Clinical development plan to obtain the health claim
Jan. 2020 28
LAUNCHREVERSE-IT PHASE IIB1 – PIVOT EUROPE
LAUNCHPREVENT-IT - PHASE IIB2PIVOT NORTH AMERICA
SUBMISSIONTO HEALTH AUTHORITIES
EFSA - CANADA HEALTH - FDA
VALEDIA® (TOTUM-63) – prediabetes, to reduce the risk of type 2 diabetes
2021
NEXT STEPS
PHASE I/II PHASE IIA
INDUSTRIAL PROCESS VALIDATEDWITH PIERRE FABRE GROUP
This status does not require Phase III studies
© NON CONFIDENTIAL - VALBIOTIS
Prediabetes: an opportunity for diabetes prevention
Jan. 2020 29
“Prediabetes should not be considered as a diseasebut as a high-risk stage of developing T2 diabetes 1”
1 Standards of care in Diabetes, ADA 2017 ; 2 Tabak AJ. et al., Lancet, 2012 ; 3 Nathan DM. et al., Diabetes Care, 2007 ; 4 Knowler WC et al., N Engl J Med, 2002
RISK OF PROGRESSION TO TYPE 2 DIABETESWITHOUT INTERVENTION
Reversible metabolicimpairments
Irreversible metabolicimpairments in most cases
PREDIABETES1 year5% to 10%2
3-4 years25% to 37%3,4
Long term70% to 90%2
PREDIABETESAT-RISK STAGE TYPE 2 DIABETES
Lifelong treatments,costful and stressful follow-up
+ morbid complications
© NON CONFIDENTIAL - VALBIOTIS
Prediabetes: a favourable medical environment for new products
30
Standards of care in Diabetes, ADA, 2017 ; Global Report on Diabetes, WHO, 2016 ; HAS – Référentiel de pratiques de l’examen périodique de santé, Prévention et dépistage du diabète de type 2, 2014
An easy diagnosis in primary care, based on simple blood tests:
Jan. 2020
And / Or
Moderate fasting hyperglycemiaFasting glycemia from 1.00 to 1.25 g/LOr HbA1c ≥ 5.7% and < 6.5%
Screening and diagnosis modalities
Recommendations for prediabetes management
A recognition by international scientificsocieties and health authorities
Impaired glucose toleranceGlycemia from 1.4 to 2.0 g/L,2 hours after a 75 g oral glucose intake
Moderate fasting hyperglycemiaFasting glycemia from 1.10 to 1.25 g/L
Impaired glucose toleranceGlycemia from 1.4 to 2.0 g/L,
2 hours after a 75 g oral glucose intake
And / Or
© NON CONFIDENTIAL - VALBIOTIS
Prediabetes, market data USA + Top 5 Europe:millions of people concerned
Jan. 2020 31
Data: AEC Partners data on key VALBIOTIS markets: the United States, Canada and the 5 primary European countries (Germany, United-Kingdom, France, Spain and Italy ), 2019.
Current average diagnosis rate (US/EU) = 10%
Prediabetic adult population per country (millions)TOTAL = 134 millions person with prediabetes
Today,13.4 millions people diagnosed
with prediabetes, waiting for a solution
millions diagnosedin the USA10
© NON CONFIDENTIAL - VALBIOTIS
Once diagnosed, prediabetics left alone facing their health
Jan. 2020 32
”Overwhelmed”
”Responsible for my own health”
”Misunderstood by doctors, friends and family”
”Frustrated not to make any progress”
”Tired of this permanent struggle”
”Passive about the risk of diabetes”
Reporting concerns and frustration
All social / ethnic profiles
+ 45 years old *
45–64 years: 41%+ 65 years: 48%
Health profile- Overweight and obesity- Dyslipidemia, hypertension
& cardiovascular diseases- Sedentary lifestyle
Both menand women*
Men: 37%Women: 31 %
Data AEC Partners, 2019
* Percentages indicate the prevalencein the specific population
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A fast growing market in the coming decade
Jan. 2020 33
1.4
0.6
1.8
1.2
0.80.7
1.0
0.9
1.6
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Marketvalue
(billions €)
X3in 10 years
GROWTH LEVERS
• Increasing prevalence of prediabetes
• Continuous progression of screening
• Development of preventionprograms
• Growth of the market of prediabetes healthcare products
Annual growth rate: 12%
Data: AEC Partners data on key VALBIOTIS markets: the United States, Canada and the 5 primary European countries (Germany, United-Kingdom, France, Spain and Italy ), 2019.
© NON CONFIDENTIAL - VALBIOTIS
Hepatic steatosis: an opportunity to prevent NASH and its complications
Jan. 2020 35
”The progression from NAFL to NASH dramatically increases the risksof cirrhosis, liver failure, and hepatocellular carcinoma” 1
1. Nonalcoholic Fatty Liver Disease and Nonalcoholic Steatohepatitis; World Gastroenterology Organization, 2012 ; 2. EASL–EASD–EASO 2016 Clinical Practice Guidelines on the management of non-alcoholic fatty liver disease. J Hepatol 2016
Without intervention, up to 40% of subjects with non-alcoholichepatic steatosis will at least develop NASH within 8 to 13 years. 2
© NON CONFIDENTIAL - VALBIOTIS
Non alcoholic hepatic steatosis,an emerging medical need with specific medical practices
Jan. 2020 36
1. Bedogni, G. et.al., BMC Gastroenterology; 2006 ; 2. EASL–EASD–EASO 2016 Clinical Practice Guidelines on the management of non-alcoholic fatty liver disease. J Hepatol 2016 ; 3. Global Guidelines Nonalcoholic Fatty Liver Disease and Nonalcoholic Steatohepatitis, World Gastroenterology Organisation, 2012 ; 4. Hernaez R et al. Hepatology. 2011.
Not expensive, largely available,highly sensitive for moderateto severe steatosis. 4
Liver ultrasonography: the recommendednon invasive first line exam for diagnosis 2,3
Fatty Liver Index (FLI):a predictive score for screening in primary care 1
Based on routine clinical examinations:
• Body Mass Index (BMI) and waist size• Blood triglycerides level• Blood Gamma GT (liver enzyme) level
FLI < 30è No steatosis
FLI ≥ 60è High probability of steatosis
Patients with obesity, insulin-resistance,metabolic syndrome, type 2 diabetes.
Recent recommendations for systematicscreening in at-risk populations 2
© NON CONFIDENTIAL - VALBIOTIS
Arterial hypertension (AHT)
Jan. 2020 38
AHT is consensually defined as arterial blood pressure ≥ 140/90 mmHg* persisting over time 2
or ≥ 130 /85 mmHg in subjects with metabolic syndrome. 3
The leading cardiovascular risk factor in the world1,2
billions people with AHT in the world (2015). 1
Efficient management of AHT decreases the risk of cardiovascular complications and contributes to longer life expectancy. 2
1 ESC/ESH Guidelines for the management of arterial hypertension, European Heart Journal, 2018 ;2 Prise en charge de l’hypertension artérielle de l’adulte, Recommandation de bonne pratique, HAS, 2016 www.has-sante.fr/jcms/c_2059286/fr/prise-en-charge-de-l-hypertension-arterielle-de-l-adulte ;3 International Diabetes Federation, 2006. Professors Sir George Alberti and Paul Zimmet.The IDF consensus worldwide definition of the METABOLIC SYNDROME* Arterial blood pressure is expressed in mercury millimeters (mmHg)
1,1
Normal arterial blood pressure in adults is established 120 mmHg at heart contraction (systolic pressure)and 80 mmHg at heart relaxation (diastolic pressure). 2
Leading chronic disease and cause of premature death worldwide (10 millions deaths in 2015). 1
Causing severe and fatal cardiovascular complications:heart failure, stroke, arterial peripheral diseases, chronic kidney disease, etc. 1
Often combined with other metabolic risk factors: dyslipidemia, glucose intolerance, etc.1
© NON CONFIDENTIAL - VALBIOTIS
Other products in development,in the field of metabolic diseases
Jan. 2020 39
VAL-070 (Hypercholesterolemia) / LpD64 (Obesity / Overweight)
© NON CONFIDENTIAL - VALBIOTIS
VAL-070, targeting blood LDL-cholesterol,risk factor for cardiovascular diseases
Jan. 2020 40
Activesubstance
Plant A
Plant B
Plant C
Plant F
Dry extract
Dry extract
Dry extract
Dry extract
Industrialextraction process
P%
Q%
R%
S%
Patent family VALBIOTIS.001 (plant extracts / molecules)
VALBIOTIS owns all of the development rights
Patent applied for in 2016, protection till 2036once delivered
INTELLECTUAL PROPERTY
VALIDATED CLINICAL PHASE I/II
Safety and tolerance confirmed
LDL-cholesterol validated as primary endpoint for clinical Phase II trials
Complete characterisation(HPLC-UV/MS)
Active combination
of biomolecules
© NON CONFIDENTIAL - VALBIOTIS
LpD64, targeting fat mass regulation in overweight or obese subjects
Jan. 2020 41
Blendof plants
Complete characterisation(HPLC-UV/MS)
Active combination
of biomoleculesVALIDATED CLINICAL PHASE I/II
Safety and tolerance confirmedProof of concept in Humans
Industrialextraction
process
Plant A
Plant B
Plant C
Plant D
Plant E
V%
W%
X%
Y%
Z%
Patent family VALBIOTIS.001 (plant extracts / molecules)
VALBIOTIS owns all of the development rights
Patent applied for in 2015, protection till 2035 once delivered
INTELLECTUAL PROPERTY
Dry extractfrom blendof 5 plants
© NON CONFIDENTIAL - VALBIOTIS
LpD64, targeting fat mass regulation in overweight or obese subjects
Jan. 2020 42
A possible microbiota-based mode of action, supported by first positive data
LpD64 has a clear effect on gut dysbiosis associated with obesity
qPCR and metasequencing analysis in cecal and fecal microbiotas (obese preclinical models)
Firmicutes / Bacteroidetesratio
© NON CONFIDENTIAL - VALBIOTIS
ALVAL-FR - Shareholders breakdown
Jan. 2020 44
Management
Dilutivesinstruments(BSA, BSPCE)
FREE FLOAT
77.9%13.9%
5.3%
2.9%Other shareholders
ANALYSTS Portzamparc Christophe DOMBUTarget price: 7,50 EUR (data November 2019)
Invest Securities Thibaut VOGLIMACCI-STEPHANOPOLITarget price: 11,00 EUR (data October 2019)
© NON CONFIDENTIAL - VALBIOTIS
Cash and R&D expenses
Jan. 2020 45
Total operating income: € 1,023 K
of which: § Research Tax Credit: € 605 K§ Operating grants: € 372 K
Cash Position : €3.9 millionsat 30/06/2019.
Not included:collection of Research Tax Credit 2019 (1.2 M€)and gross revenue of Oct. 2019 capital increase (7.2 M€)
Total operating income 1,023 1,509
R&D expenses (2,105) (3,826)
Operating and sales expenses (1,464) (2,343)
Current operating income (2,639) (4,876)
Operating income (2,639) (4,876)
Income before tax (2 724) (4,967)
Group net income (2,724) (4,967)
30/06/2019 31/12/2018In € ‘000 - IFRS
© NON CONFIDENTIAL - VALBIOTIS
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