April 11, 2017 / 4:43 PM / 4 months ago

BRIEF-Asit Biotech FY net loss widens to 12.3 million euros

April 11 (Reuters) - Asit Biotech SA:

* Cash position at year end 2016 was 13.4 million euros ($14.2 million)

* No FY revenue versus 4,000 euros year ago

* FY operating loss 12.3 million euros versus loss 7.6 million euros year ago

* FY net loss 12.3 million euros versus loss 7.7 million euros year ago

* In 2017, intends to continue preclinical and clinical development of its drug candidates in accordance with planned timeline

* Obtained positive clinical phase III data with its GP-asit+™ product candidate for grass pollen induced allergic Rhinitis

* Says GP-ASIT+ induced a 15 percent to 21 percent reduction in combined clinical symptom and medication score (CSMS), which is only slightly below originally defined 20 percent threshold

* Safety and tolerability profile for HDM-ASIT+ has been confirmed in a recent Phase I/IIa trial

* Received 6 million euros grant from Walloon government to support development program to design, develop and clinically test new product candidates targeting various food allergies Source text for Eikon: Further company coverage: ($1 = 0.9428 euros) (Gdynia Newsroom)

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