AMOEBA (EPA:ALMIB) - Amoéba announces its half-year results for 2021 and continues to develop its biocide and biocontrol applications

Transparency directive : regulatory news

30/09/2021 17:45

PRESS RELEASE

Amoéba announces its half-year results for 2021 and continues to develop its
biocide and biocontrol applications

Chassieu (France), September 30, 2021 - 5:45 pm - AMOÉBA (FR0011051598 -
ALMIB), producer of a biological biocide capable of eliminating bacterial risk
in water and human wounds, and of a biocontrol product for plant protection,
still in the development phase, today announced its half- yearly results for
2021.

The Board of Directors, which met on 30 September 2021, approved the Company's
consolidated accounts for the first half of 2021.

The Statutory Auditor has carried out a limited review at the Company's request
of the consolidated financial statements for the six months ended 30 June 2021
and has not identified any material misstatements that would call into question
their conformity.

The half-year report is being issued and will be available on the company's
website (www.amoeba- nature.com) in the next few days.

Results in line with 2020

(In EURK )                   30/06/2021    30/06/2020
Turnover                          -             -
Industrial deployment costs     (386)         (409)
R&D costs                     (1 141)       (1 235)
Grants                           322           285
Marketing & sales               (112)          (92)
General expenses              (1 567)       (1 539)
Operating result              (2 884)       (2 990)
Financial result              (1 285)         (913)
Net result                    (4 169)       (3 903)

The operating profit at 30 June 2021 was - EUR2,884k compared to - EUR2,990k in
H1 2020. No significant impairment was recorded during the periods presented.

* The Company did not generate any revenues during the first half of 2021.
* Industrial deployment costs remain stable compared to the previous year.
* Research and Development expenses net of subsidies amount to EUR819k,
compared to EUR950k in H1 2020.
* Marketing and sales expenses were in line with the previous year (EUR112K at
30 June 2021 versus EUR92K at 30 June 2020).
* General and administrative expenses remained constant at 30 June 2021 at
EUR1,567k, up EUR28k on the previous year.

The financial result mainly included interest expenses related to bank loans of
EUR1,434k and changes in the fair value of financial derivatives of EUR154k.

The net result for the first half of the year was therefore -EUR4,169k.

The Company's cash position at 30 June 2021 was EUR6,692k compared to EUR4,974k
at 31 December 2020.

As at 30 June 2021, the Company's shareholders' equity amounted to EUR1.1m
compared to EUR2.0m as at 31 December 2020.

The Company's financial debt amounted to EUR11.6m and was mainly made up of the
EIB loan (EUR5m) and capitalised interest(EUR4m), the OCAPI loan (EUR2m) and
debts linked to rental obligations (EUR0.6m).

A first half of the year mainly marked by the continued development of the
biocontrol application for plant protection and the follow-up of regulatory
marketing dossiers

During the first half of 2021, Amoéba focused on the following major areas :

1. Further development of the biocontrol application and launch of a new
massive field trials campaign for 2021 :

Amoéba announced that it has extended its collaborations with its partners
(PHILAGRO and STÄHLER) and other major players in the plant protection sector
(BASF - BAYER -- EVERGREEN GARDEN CARE - GOWAN - KWIZDA) to launch a new field
trial campaign that will take place in different countries and will target a
broad spectrum of crops (including vineyards, cereals and vegetable crops).

Together with AMOÉBA's own trials, a total of more than 200 trials are planned
worldwide (Europe, Americas, Asia) in 2021. This very large campaign will make
it possible to :
(i) deepen knowledge of the active substance
(ii) compare several formulations
(iii) broaden knowledge of the spectrum of activity
(iv) generate, in Europe, results to feed future marketing application dossiers
for formulated biocontrol products.

2. Monitoring of the files for the marketing authorisations of the biocidal and
biocontrol applications

o Biocidal application :

- United States :
The company has filed a new application for approval of the biocidal active
substance with the U.S. Environmental Protection Agency (EPA)
Amoéba thus envisages marketing its biocidal product in the United States from
the second half of 2022, subject to a positive decision by the U.S. EPA (see
Press Release of 6 April 2021).

- Europe :
The application for approval of the active substance, submitted in 2019 (see
Press Release of 12 August 2019), is under evaluation by the Maltese authority.
Amoéba considers that the evaluation report of the Maltese authority could be
available by the end of 2021.

- Canada :
The application for registration of the active substance and biocidal products
containing it, submitted in 2019 (see Press Release of 1 February 2019) is
under evaluation. Amoéba estimates that the decision of the Canadian agency
could come before the end of 2021.

O Biocontrol application:

- Europe :
The application for approval of the active substance, submitted in 2020 (see
Press Release of 29 May 2020), is under evaluation by the Austrian authority.
Amoéba considers that the evaluation report of the Austrian authority could be
available by the end of 2021.

- United States :
The application for registration of the active substance and products
containing it, submitted in 2020 (see Press Release of 1 October 2020) is under
evaluation. The decision of the US agency is expected during 2022.

- Brazil :
An experimental permit was obtained in February 2021, allowing the Company to
initiate field trials on soybean, coffee and banana. Such trials in Brazil are
required for an application file.

3. Bond financing

o 2019 bond financing:
Amoéba issued the tenth, eleventh and twelfth tranches of 26 bonds convertible
into shares each as part of its bond financing with incentive programme
concluded with Nice & Green S.A on 17 December 2019.
This financing operation thus led to the creation of 3,418,666 new shares from
6 April 2020 to 4 March 2021.

o 2020 bond financing:
Amoéba issued the 1st tranche of bonds convertible into shares (the "OCAs") of
its new bond financing with incentive program, namely 60 OCAs numbered from 1
to 60 fully issued to Nice & Green S.A. This issue is part of the issuance
contract concluded with Nice & Green S.A. on December 16, 2020, in order to set
up a bond financing with an incentive program by issuing 480 OCA with a nominal
value of 50,000 euros each, representing a total nominal amount of the bond
loan of 24,000,000 euros (the "Issuance Contract").

As at 30 June 2021, 60 bonds have been issued and 20 were fully converted
representing the creation of 539,864 new ordinary shares.

4. Changes in the composition of the Board of Directors

At the Board meeting on 24 June 2021, Mr Philippe Dujardin was appointed as a
provisional independent director of the Board of Directors, replacing Mr Pascal
Reber for the remainder of his predecessor's term of office, i.e. until the
Ordinary General Meeting called to approve the accounts for the year ending 31
December 2022, subject to ratification by the next Ordinary General Meeting.

Impact of the Covid 19 health crisis on the Company's development

At the date of this half-yearly report, the Company considers that its
activities have not been significantly impacted by the health crisis.

The production of active substance necessary to carry out the field tests could
continue under normal operating conditions. The health crisis had no impact on
the preparation and monitoring of current regulatory dossiers. The Company had
limited recourse to the partial activity mechanism and did not request a State
guaranteed loan.

The Company does not market its products, and does not recognise any
significant turnover to date. The Covid-19 crisis has had little impact on its
income statement.

Recent developments and prospects

At the biocidal application level, the company has received a final set of
questions from the Maltese Authority which is evaluating the active substance
dossier (see press release of 5 July 2021).

Considering the time needed to finalise the response dossier, as well as the
deadline for its evaluation by the Maltese Authority, the latter has committed
itself to finalise the evaluation report during the 4th quarter of 2021.
Furthermore, the Company has decided to take advantage of this new set of
questions to enrich its dossier by also submitting the results of a laboratory
study currently being finalised, based on the European standard EN 13623, and
which demonstrates an abatement of more than 99% of the rate of legionella
within 96 hours. This study complements the efficacy data already submitted,
reinforcing the demonstration of the efficacy of the active substance in
continuous injection.

In the context of the biocontrol application for the prevention of plant
diseases, the Company confirmed the efficacy of its amoeba lysate Willaertia
Magna C2c Maky against downy mildew in grapes during the third field test
campaign and announced promising results on powdery mildew in grapes (see press
release of 29 July 2021).

It also announced the results of the second test campaign on cereals and
confirmed the efficacy of biocontrol formulations, particularly on yellow rust
and septoria in wheat (see press release of 24 August 2021).

The Company has started the restructuring of its debt by making an early
payment of the EIB loan of EUR3,192k (composed of a capital repayment for
EUR1,750k and interest for EUR1,442k) in July 2021, i.e. 35% of the amounts
due. This payment does not call into question the initial maturity of the
remaining sums in November 2022.

At the date of closing the half year accounts, the Company has sufficient net
working capital to meet its obligations and cash requirements over the next
twelve months. The financial statements for the period ending at 30 June 2021
were prepared by the Board of Directors on a going concern basis in light of
the business and cash flow forecasts.

About AMOEBA:
Amoéba's ambition is to become a major player in the treatment of bacterial
risk in the fields of water, healthcare and plant protection. Our biological
solution is an alternative to chemical products widely used today. Amoéba is
currently focusing on the market of industrial cooling towers estimated at
EUR1.7Bn (1) on a global chemical biocide market for water treatment, evaluated
at EUR21Bn (2) and on the biocontrol market for plant protection estimated
globally at EUR1.6Bn (4). In the future, the Company is looking at developing
new applications such as chronic wound care, estimated at EUR 751 million (3)
in the USA. Sales of associated products with healthcare, biocides and crop
protection are subject to the Company being granted local regulatory market
authorizations. The Company is currently in a trial phase for biocidal and
plant protection applications and does not market any products.
Created in 2010, based in Chassieu (Lyon, France) with a subsidiary in Canada
and in the United States, Amoéba is quoted on Euronext Growth. The Company is
a member of the BPIfrance Excellence network and is eligible for the PEA-PME
SME equity savings plan setup. More information on www.amoeba-nature.com.

(1) : Amoéba data combined from sources: DRIRE 2013, Eurostat, ARHIA 2013
(2) : Sources combined by Amoéba from water treaters, Freedonia, Eurostat et
     MarketsandMarkets
(3): BCC Research, "Markets for Advanced Wound Management Technologies,"
     Wellesley, MA, 2017
(4): Biopesticides Worldwide Market 2013, CPL, Wallingford, UK

Contacts:

Amoéba
Valérie FILIATRE
Directeur Général Adjoint
+33 4 26 69 16 00
v.filiatre@amoeba-nature.com

Calyptus
Relations investisseurs & Presse
Grégory BOSSON / Mathieu CALLEUX
+33 1 53 65 37 90 /91
amoeba@calyptus.net

Disclaimer
This press release contains certain forward-looking statements concerning
AMOEBA which are based on its own assumptions and hypothesis and on information
that are available to us. However, AMOEBA gives no assurance that the estimates
contained in such forward-looking statements will be verified, which estimates
are subject to numerous risks including the risks set forth in the Universal
Registration Document of AMOEBA filed with the French Financial Markets
Authority (Autorité des Marchés Financiers) on April 12, 2021 under number
D21-0289 (a copy of which is available on www.amoeba-nature.com). The
forward-looking statements contained in this press release are also subject to
risks not yet known to AMOEBA or not currently considered material by AMOEBA.
The occurrence of all or part of such risks could cause actual results,
financial conditions, performance or achievements of AMOEBA to be materially
different from such forward-looking statements.

Adresse : 38 Avenue des Frères Montgolfier, 69680 CHASSIEU
Société Anonyme au capital de 341 109,20 EUR
RCS Lyon 523 877 215

Tel: +33 (0)4 26 69 16 00 ? Email: contact@amoeba-nature.com
Linkedin: @amoeba-nature ? Twitter: @AmoebaNature
www.amoeba-nature.com

AMOEBA's latest news

02/05/2024 18:00

AMOEBA (EPA:ALMIB) - Amoéba announces its half-year results for 2021 and continues to develop its biocide and biocontrol applications

Transparency directive : regulatory news

AMOEBA's latest news

Other stories