Tokyo, Japan and Cambridge, UK, 11 November 2021 – Sosei Group Corporation (“the Company”; TSE: 4565) provides an update on operational activities during the third quarter 2021 and reports its consolidated results for the nine months ended 30 September 2021. The full report can be found by clicking here.
Shinichi Tamura, President and CEO of Sosei Heptares, commented: “The third quarter has been a period of continued progress. The fund raising that we completed successfully in July has put us in a strong financial position to drive forward our growth strategy. This has seen us focusing on advancing our inhouse and partnered programs, as well as enhancing our powerful platform for identifying and exploiting new druggable target opportunities, including applying AI-based approaches.
In addition, we continue to invest in our portfolio of muscarinic agonists for schizophrenia and other neurological disorders and engage with potential partners around re-licensing the rights to this exciting portfolio to accelerate its development.
As we approach the end of 2021, we can look back and be proud of the achievements we have made during the year and look forward to continued success in 2022.”
Operational Highlights for Q3 2021
o repurchase of existing convertible bonds due 2025
o to finance, together with current cash, strategic growth initiatives including (1) funding acquisitions of or investments in companies or technologies including in the areas of neurology, gastroenterology, immunology and rare diseases, that complement and strengthen Sosei’s existing business foundation for drug candidate discovery and early development; and (2) funding potential introduction of drug products in the Japanese domestic market.
o To finance research and development of new pipeline programs and working capital.
Financial Highlights for the Nine-month Period ended 30 September 2021
*Convenience conversion to US$ at the following rates: YTD 2021: 1US$ =108.86 JPY; YTD 2020: 1US$ =107.57 JPY, 31 Dec 2020: 1US$ = 103.52 JPY; 30 Sept 2021: 1US$ = 111.98 JPY