Poxel announces its financial and strategic results for 2023

Poxel has announced its financial results for 2023, marked by a turnover of 2 million euros, compared to 674,000 euros in 2022. This increase is attributed to royalties from sales of TWYMEEG® in Japan. Poxel has signed an agreement with OrbiMed to monetize a portion of future royalties, in order to reduce its debt and finance its projects in rare diseases. A bond issue of 50 million dollars resulted.

TWYMEEG®, a treatment for type 2 diabetes, saw its quarterly sales in Japan increase significantly, reaching 1.7 billion yen. Poxel expects increased royalties for 2024, which will be used to repay the loan taken out with OrbiMed. In parallel, the company is exploring development opportunities in Asia, particularly in China.

Poxel reported a net loss of €35.1 million for 2023. Research expenses decreased following the completion of the Phase 2 study of PXL065. General expenses stabilized as the company continues to optimize its expenses to maintain financial viability.