Cassiopea announces results for first half of 2017

Lainate – 21 July, 2017 – Cassiopea SpA (SIX: SKIN), a clinical stage specialty pharmaceutical company focused on developing innovative and differentiated medical dermatology products, announced today its half-year results for the period ended 30 June 2017.


  • Winlevi® phase III acne trial 74% of planned subjects enrolled
  • Breezula® phase II alopecia dose ranging trial recruited first patients
  • CB-06-02 phase II proof of concept trial for topical genital warts treatment 73% enrolled

Diana Harbort, CEO of Cassiopea SpA, commented:” We expect to recruit the last patient in the Winlevi® phase III clinical trial for acne in H2 2017 and then have the data report in H1 2018. By that time, we should be having the interim analysis report for the Breezula® phase II dose ranging trial which should then give us a solid basis for the planning of the next steps of the Company. Though we have had some slight delays in the clinical trials because we have increased our supervision effort in the enrollment process, I am pleased with our progress towards creating four valuable innovative products in the dermatology market and I am convinced that we continue to be on track to establish ourselves as a key player in the dermatology field”.


Key financial figures 

In EUR thousands (with the exception of the share data in EUR) 1H 2017 1H 2016
Cost of sales
Research and development expenses (6.452) (6.602)
Selling, general and administrative expenses (818) (1.035)
Net operating expenses (7.270) (7.637)
Operating result (7.270) (7.637)
Profit (Loss) before taxes (9.267) (8.478)
Profit (Loss) after taxes for the period (9.267) (8.478)
Profit (Loss) per share (0,927) (0,848)



In EUR thousands (with the exception of the share data in EUR) 30.06.2017  31.12.2016 
Non current assets 5.391 5.941
Other current assets 2.555 2.328
Cash and cash equivalents 25.083 33.656
Total assets 33.029 41.925
Non-current liabilities
Current Liabilities 2.744 2.776
Total Equity 30.285 39.149
Total Equity & Liabilities 33.029 41.925


  • No revenues were generated in H1 2017 since all products are still under development
  • No goods were manufactured for sale so there were no COGS
  • R&D costs consisted primarily of outsourced preclinical and clinical expenses of EUR 4.821 thousand of which 90% were for the phase III trials for Winlevi®, because the Breezula® trial started late in H1 2017.
  • Personnel expenses were decreased to EUR 627 thousand because total directly employed personnel declined from 9 to 7 persons.
  • Cash and cash equivalents declined to EUR 25.083 thousand. These funds are held primarily in US$.
  • Total equity declined to EUR 30.285 thousand; 92% of assets were financed by equity.


Half-year 2017 results conference call at 08:00 CEST today on July 21, 2017 

Diana Harbort, CEO, Luigi Moro, CSO, and Chris Tanner, CFO, will present the half-year results and discuss the outlook for 2017 at a conference call to be held today at 08:00 CEST.

From Italy: +39 02 805 88 20
Switzerland / Europe: +41 (0) 58 310 50 00
From UK: +44 (0) 203 059 58 62
From USA: +1 (1) 631 570 56 13

The Half-Year Report 2017 and the presentation with further information were published on July 21, 2017, 7:00 am CEST.

About Cassiopea
Cassiopea is a clinical-stage specialty pharmaceutical company focused on developing and commercializing innovative and differentiated medical dermatology products. Initial focus is on the topical treatment of acne, androgenic alopecia (or AGA) and genital warts. The portfolio comprises four unencumbered clinical candidates, for which Cassiopea owns the worldwide rights. The company plans to commercialize the products directly in the US and partner the products outside of the US. For further information on Cassiopea, please visit

Next events
Investora Conference, Zurich, September 20, 2017
Jefferies London Health Care Conference, November 16, 2017
Full-year results 2017 reporting, February 2018

Cassiopea SpA
Dr. Chris Tanner, CFO & Head of Investor Relations
Tel: +39 02 868 91 124

Some of the information contained in this press release may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Cassiopea has no obligation to publicly update or revise any forward-looking statements.