Biotech Idorsia’s results meet expectations

Switzerland-based biotech Idorsia today has announced its Q2 2018 results. The company was established only one year ago after JnJ had acquired Actelion ($30bn), providing its founder  Jean-Paul Clozel the capital to create a new company. The results have reportedly met expectations, indeed the management has not changed the current year guidance. The company’s balance is still negative (-CHF155m) since it has no drugs on the market yet, however it has as many as three treatments undergoing Phase III clinical trials, therefore it could start delivering revenues in 1-2 years. Idorsia, however, counts on a relevant cash amount–indeed, it has reported it has almost one billion Swiss Francs. Its most interesting investigational drug is probably a new insomnia therapy likely to deliver $4-5bn. Idorsia’s shares (Zurich) have risen over 30% since the company was listed on July 1, 2017. Despite growth has recently stopped , CEO Jean-Paul Clozel doesn’t want to raise funds again.

(Source: CNBC)