Biotalys Reports 2023 Financial Results; Partnerships, Evoca Trials Among Business Highlights
Biotalys, an agtech company developing protein-based biocontrols for sustainable crop protection, has announced key business achievements and consolidated financial results for 2023, prepared in accordance with IFRS as adopted by the European Union, and an outlook for 2024. The annual report, including the full financial report, will be published on the company’s website on 20 March 2024.
Kevin Helash, Chief Executive Officer of Biotalys, stated: “Biotalys made significant inroads in 2023 by progressing to the second-generation of our technology platform and forging new partnerships and scientific collaborations, while carefully managing our cash position. For 2024, we plan to initiate field trials in grapes with our next pipeline program BioFun-6, building on the promising results in independent field trials with EVOCA. We will also continue to work with the competent authorities to obtain regulatory approval, further expand our product pipeline and optimise our technology platform.”
Operational Highlights
Throughout 2023, Biotalys continued to cement its role of innovator in the biocontrol space and created internal efficiencies while advancing its technology platform and product development pipeline.
AGROBODY 2.0 Technology Platform:
Following a strategic review of the company in Q3 of 2023, the company announced a shift to the AGROBODY 2.0 platform to develop its protein-based biocontrols for crop protection. This next-generation AGROBODY technology is aimed at increasing the potency and efficacy of the company’s bioactive agents with multiple modes of action while lowering cost of goods, allowing for a broader market penetration of our biocontrol products.
Partnerships:
In April 2023, Biotalys entered into a strategic partnership with Syngenta to collaborate on the research, development and commercialization of a new bioinsecticide to counter the threat of pest resistance and advance sustainable agriculture.
The company also entered into various research collaborations with academic institutes to further develop the technology platform and support the pipeline programs BioFun-4 and BioFun-7.
Product Validation:
EVOCA, Biotalys’ first protein-based biocontrol candidate aimed at targeting botrytis bunch rot and powdery mildew in fruits and vegetables, continued to demonstrate its efficacy in extensive global field trials, both in the company’s own trial program as well as in independent academic trials in the U.S. Biotalys now considers its EVOCA field testing complete given the in-depth dossier of supporting independent data comparing its performance with conventional chemical and biological fungicide products.
Pipeline Update:
Now laser-focused on novel biofungicide and bioinsecticide solutions, the company refined its product pipeline in November. The status of the various programs is as follows:
- Biotalys continues to work with the EPA (Environmental Protection Agency) in the U.S. and the CTGB (College voor de Toelating van Gewasbeschermingsmiddelen en Biociden) in Europe on EVOCA’s regulatory review. Pending the decision, the company continues to pave the way for its next generation of the product (EVOCA NG), a biofungicide program with the same bioactive as EVOCA but an optimized production process and formulation, leading to lower production costs which results in an attractive commercial potential. EVOCA NG is expected to be the company’s first margin-generating product in both the US and EU.
- BioFun-4, the biofungicide program targeting Phytophthora infestans, an Oomycete (water mould) that causes late blight/potato blight, a serious disease that particularly affects fruits and vegetable crops and potatoes, is proceeding. The company entered into a research collaboration with the University of Aberdeen (UK), within which the company will sponsor a three-year PhD project in the Oomycete Laboratory of Prof. Pieter van West, Chair in Mycology, a leader in the field, to deepen its expertise in Oomycetes on the molecular level. This fits well with Biotalys’ highly targeted strategy as the core of its AGROBODY™ 2.0 technology platform.
- BioFun-6, the biofungicide program targeting botrytis, powdery mildew and anthracnose in fruits and vegetables, is in the final stages of discovery and lead molecules are expected to be tested in field trials in the course of 2024.
- BioFun-7, the biofungicide program in collaboration with the Bill & Melinda Gates Foundation, targeting leafspot disease in cowpeas and other legumes, is advancing and supported by new academic collaborations with the Instituto Superior de Agronomia (Dr. Filipa Monteiro and Prof. Dora Batista) at the University of Lisbon (Portugal), and the lab of Prof. Ioannis Stergiopoulos at the University of California-Davis (US).
- BioIns-2, the bioinsecticide program in collaboration with Syngenta Crop Protection, targeting key pests, is advancing as planned.
Leadership Updates:
Kevin Helash officially commenced his new role as Chief Executive Officer of Biotalys in October. A results-driven executive with more than 30 years of international experience in commercializing breakthrough technologies in the agricultural industry on a global scale, he immediately began implementing organizational efficiencies to accelerate Biotalys’ growth.
Douglas Minder was officially promoted to CFO in July while Chief Science Officer Dr. Carlo Boutton now drives all research and early development, and Dr. Eva Van Hende heads regulatory, sustainability and field development.
Following a private placement in June 2023, Agri Investment Fund BV (A.I.F.) joined the Biotalys Board of Directors, via its representative Patrik Haesen, Chief Executive Officer of A.I.F..
Outlook for 2024
With its focus now squarely on advancing the second-generation technology platform, AGROBODY 2.0, Biotalys will continue to concentrate resources on core R&D capabilities, as well as on obtaining registration for its first product candidate EVOCA.
Pending the regulatory decision for EVOCA, the company will continue the development of EVOCA NG which is set out to be the first margin-generating product for the company.
Building on its successful field trial program, Biotalys plans to initiate field trials in grapes for BioFun-6 in the course of 2024.
The company will progress its pipeline programs and expects to initiate a new R&D biofungicide program for a new pathogen in the first half of 2024.
Together with the cash and cash equivalents balance of €21.6 million at the end of 2023, the company expects the financial runway to extend until the end of April 2025 without considering any additional financing through equity, newly awarded grants, partnerships or other sources of financing.
Read more at Biotalys.
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