Company Eurogen Which develops cancer-based cancer therapy that solidifies and gradually degrades with the release of a drug, today released its reports for 2021. The company recorded revenue of $ 48 million in its first full year of sales, of which $ 16.2 million in the fourth quarter, a growth of 42% over the quarter The equivalent is in 2020. Revenue is from the Jeltymo product for the treatment of upper urinary tract cancer.
Eurogen is chaired by Prof. Prof. Aria Baldgreen And CEO Liz Barrett. It was established in Israel, and is traded on the NASDAQ at a value of $ 196 million. It has lost about 66% of its value in the past year, in parallel with declines in other young pharma companies in the market, but most of the decline was due to the publication of the company’s previous reports, for the third quarter. On stability.
The gross profit from the company’s product is very high, as expected from Pharma, and stood at 90% in the quarter. But high research expenses and high marketing expenses led to an operating loss. The net loss was $ 110 million, compared to $ 128.5 million in 2020. For the quarter, the loss was $ 28.5 million. Slight improvement over $ 30.5 million in the same period last year.
At the same time as the report was published, Eurogen announced a $ 100 million financing transaction from funds managed by the Pharmakon Advisors Group. The first tranche of the $ 75 million loan was received, the second tranche of $ 25 million is available for withdrawal until the end 2022. As of the end of 2021, the Company has $ 89.8 million in cash, prior to loan repayment.
Eurogen has also updated on clinical trials of additional products in its piping. The first patient was treated in a phase III trial of the drug UGN-102, for the treatment of bladder cancer. Patient recruitment is expected to be completed by 2022 meaning results will be during 2023, and if they are good, it will be possible to apply for drug approval in 2024. Another drug is in the process of starting trials.