Amoéba announces the 2020 financial year results marked by the continued
development of its biocidal and biocontrol applications
Chassieu (France), March 26, 2021 - 8.15 am- AMOEBA (FR0011051598 - ALMIB),
producer of a biological biocide capable of eliminating the risk in water and
human wounds, and of a biocontrol product for plant protection, still in a
development phase, announces today its 2020 annual results.
The Board of Directors, which met on 25 March 2021, approved the corporate and
consolidated financial statements of the Amoeba Group for the year ended 31
The Statutory Auditors have carried out their audit work and have not
identified any material misstatements that would call into question the
conformity of the financial statements. The certification reports are being
AMOEBA 31/12/2020 31/12/2019
Profit and Loss account (IFRS norms) EUR EUR
Turnover - 122
Grants & subsidies 496 538
Industrial deployment expenses (981) (703)
Research and development costs (1 612) (2 613)
Administration overheads (3 838) (2 576)
Sales and marketing expense (221) (274)
Operating Result (6 156) (5 506)
Financial Result (2 001) (1 744)
Net Result (8 157) (7 250)
2020 results impacted by the cost of regulatory studies
At 31 December 2020, Amoéba's operating profit was -EUR 6,156k compared to -
EUR 5,506k at 31 December 2019.
* The company did not generate any revenue during the 2020 financial year.
* Subsidies remain stable compared to 2019. They consist of the Research Tax
Credit and reflect the efforts made by the company in terms of research and
development on its biocontrol application in 2020.
* Industrial deployment costs are slightly higher than the previous year.
* Research and Development expenses amounted to EUR1,612k, down compared to
2019 (EUR2,634k). This decrease is due to an impairment of development costs
for EUR933k recorded in June 2019 following the withdrawal of the marketing
authorization application in the United States and the subsequent postponement
of production operations (see press release of 19 August 2019).
* Marketing and sales expenses (EUR221k) decreased (EUR274k in 2019).
* General and administrative expenses amounted to EUR3,838k, a EUR1,262k
increase compared to 2019. This variance is due to regulatory studies expenses,
increased fees incurred for financial operations and patents management.
* The financial result mainly includes interest expenses related to bank loans
(EUR1,546k), the OCAPI transaction (EUR359k) and foreign exchange losses.
The net result thus amounts to -EUR8,157k compared to -EUR7,250k at 31 December
At 31 December 2020, the company's shareholders' equity amounted to EUR2m
compared with EUR4.2m as at 31 December 2019.
The Company's financial debt amounts to EUR8.6m and mainly consists of the EIB
loan (EUR5m) and capitalised interest (EUR2.9m), as well as debts related to
lease obligations (EUR0.7m).
The Company's cash position at 31 December 2020 was EUR4,975k compared to
EUR4,761k at 31 December 2019.
A year mainly marked by the development acceleration of the biocontrol
application for plant protection and the regulatory dossiers follow up for the
biocontrol and biocide applications.
During the year 2020, Amoéba focused on the following main areas:
1. Development accelerating of the biocontrol application for the prevention of
plant diseases, in particular through research partnerships with major
* During the year 2020, the Company announced the signature of 8 Material
Transfer Agreements (MTA) with De Sangosse, Certis Europe, Stähler
Switzerland, BASF, Philagro France & Nichino Europe, Evergreen Garden Care,
Syngenta and Bayer.
The purpose of these agreements was to supply these companies with various
formulations of experimental products containing Amoeba's active substance: the
amoeba lysate Willaertia magna C2c Maky. In return, the agrochemical groups
financed and conducted their own field trials to evaluate the performance of
these products in preventing diseases on different crops.
At the end of the testing period, 2 term sheets were signed with Philagro and
Sthäler for the development and marketing of our biocontrol product against
grapevine downy mildew in France and Switzerland respectively.
* The Company confirmed the efficacy of its amoeba lysate Willaertia Magna C2c
Maky against grapevine downy mildew during the second field test campaign (see
press release of 27 July 2020).
It also announced the first efficacy results of its biocontrol solution on
several major wheat diseases in its field trials (see press release dated 22
* On August 11, 2020, the Company announced the publication of a first
peer-reviewed scientific paper on its biocontrol application
(https://www.mdpi.com/2223-7747/9/8/1013/pdf) in the special issue of Plants
"Natural Products for Plant Pest and Disease Control".
* On October 1, 2020, the company filed an application for approval of the
biocontrol active substance, "Willaertia magna C2c Maky lysate" and products
containing it, with the US Environmental Protection Agency (EPA).
* On 7 December 2020, the Company announced the signature of a research
partnership with Gowan, a leading supplier of agricultural inputs (crop
protection products, seeds and fertilizers) in the United States. Amoéba and
the Gowan group are thus embarking on a targeted research phase which, if
successful, could promote the commercial development of Amoéba's biocontrol
solutions in the United States.
2. Follow up of the application for the biocidal application marketing
* In Europe: continued discussions with the Maltese authorities and Dutch
Following regular discussions and exchanges with the authorities and their
experts, the Company expects to receive their evaluation report mid-2021.
* In the United States: finalization of studies and drafting of conclusions for
a submission of the Biocide application planned for April 2021
At the request of the American authorities, additional studies were carried out
in 2020. These studies, conducted according to an EPA protocol - in addition to
the OECD studies already carried out - have once again demonstrated the
harmlessness of the amoeba Willaertia magna C2c Maky.
The application for marketing authorisation should be submitted to the EPA on
3. Continued research into the knowledge of the amoeba Willaertia Magna C2c
During the year 2020, the company published several scientific articles
relating to the knowledge of the Willaertia magna C2c maky amoeba.
* February 2020: publication of scientific results reconfirming the direct
predation and elimination effect of legionella by the amoeba Willaertia magna
C2c Maky (https://www.mdpi.com/2076-0817/9/2/105).
* May 2020: publication on the transcriptome and proteome analysis of the
amoeba when grown in a high-throughput bioreactor
* June 2020: publication providing further evidence of the safety of the amoeba
for use in combating legionella risk
* November 2020: publication on the development and behaviour of the amoeba
when industrially produced in bioreactors
4. Transfer of the Company's shares from the regulated market of Euronext in
Paris to Euronext Growth.
At the General Meeting of 24 June 2020, the Company submitted to the vote of
its shareholders, who approved it, a project to transfer the listing of its
shares from the regulated market of Euronext Paris (compartment C) to the
multilateral trading facility Euronext Growth Paris.
This transfer, which was completed on 14 September 2020, aims to enable Amoéba
to be listed on a market more suited to its size and market capitalisation, to
simplify the Company's operations and to reduce the costs related to its
listing, while allowing it to continue to benefit from the attractions of the
5. Securing the company's financing
* Renegotiation of the bank financing with the European Investment Bank (EIB)
and signature of a contract for the issuance of Warrants to the EIB:
On 31 March 2020, the Company signed an amendment to the loan agreement entered
into on 6 October 2017 with the EIB for a proposed issuance of 200,000 Share
Subscription Warrants (SSW) to the EIB.
Under the terms of the amendment, the EIB has agreed to definitively remove the
covenant to maintain the initially set up ratio between the amount of its
equity capital and that of its assets.
The issue of these warrants was approved by the General Meeting of Shareholders
on 24 June 2020 and decided on 29 July 2020.
The amendment signed between the EIB and Amoéba does not change the
contractual maturity of the EIB loan scheduled for 2022.
* Bond financing:
o OCAPI 2020 plan
The Combined General Meeting of Shareholders of March 13, 2020 approved the
implementation of a new contract for the issuance of bonds convertible into
shares with an incentive program (OCAPI) between Amoéba and Nice & Green SA.
As of December 31, 2020, 234 bonds out of 312 initially planned have already
been issued and fully converted, representing the creation of 2,783,957 new
o New 2021-2022 OCAPI plan
On December 16, 2020, the Company signed a new bond financing agreement with
Nice & Green for an amount of EUR23 million. In accordance with the terms of
the contract, the Investor has undertaken, except in the case of usual
defaults, to subscribe to OCAs in tranches to be quarterly issued according to
the following schedule
- six (6) initial tranches consisting of sixty (60) OCAs;
- one (1) tranche consisting of forty (40) OCAs; and
- an additional optional tranche of eighty (80) OCAs.
This timescale allows for a regular financing of the Company while limiting the
impact on the share price.
The issuance by Amoéba of the OCAs and the possible issuance of new shares for
which admission to trading will be requested, is intended to ensure the
continuity of operations until September 2023(1) and in particular to
(i) current expenses related to the business over the financing period,
including operating expenses, research and development activities on the
biocontrol application as well as the application processes for the
authorisation of the biocidal active substance and the biocontrol substance in
Europe and the United States
(ii) the repayment of the EIB loan and accrued capitalised interests amounting
to EUR11.8 million scheduled for November 2022.
Impact of the Covid 19 health crisis on the Society's development
From the beginning of April 2020, the production of the Company's active
substance continued under normal operating conditions. The health crisis had no
impact on the preparation and monitoring of ongoing regulatory dossiers. The
company made limited use of the partial activity mechanism and did not apply
for a state guaranteed loan.
The Company does not market its products and does not currently recognise any
significant turnover. The Covid-19 crisis therefore had little impact on its
(1) Subject to the fulfilment of the usual conditions precedent and the absence
of an event of default
Recent developments and prospects
As a reminder, the Company does not currently market any product and is
awaiting marketing authorisations according to the schedules below:
The application procedures for the market authorisation of the biocidal and the
biocontrol applications are detailed in the Universal Registration Document
filed with the "Autorité des Marchés Financiers" on 30 April 2020 under number
D20-0416, in particular in subsection 5.4.3 "Product registration procedures".
The company, in partnership with leading agrochemical companies, is preparing
to carry out a third field tests campaign of its biocontrol product in 2021.
These tests should focus on cereal diseases.
In addition to existing applications (biocide and biocontrol), Amoéba is
receiving numerous requests to integrate its solution into new fields. A strict
scientific evaluation of these opportunities is carried out permanently by our
laboratory and external expert laboratories.
At the date of the accounts closing, the Company has sufficient net working
capital to meet its obligations and cash requirements over the next twelve
months, considering it should respect its commitments until September 2023. The
financial statements for the year ended 31 December 2020 were prepared by the
Board of Directors on a going concern basis in light of the business and cash
Next meeting :
General Meeting of Shareholders: 27 May 2021
Amoéba's ambition is to become a major player in the treatment of bacterial
risk in the fields of water, healthcare and plant protection. Our biological
solution is an alternative to chemical products widely used today. Amoéba is
currently focusing on the market of industrial cooling towers estimated at
EUR1.7Bn (1) on a global chemical biocide market for water treatment, evaluated
at EUR21Bn (2) and on the biocontrol market for plant protection estimated
globally at EUR1.6Bn (4). In the future, the Company is looking at developing
new applications such as chronic wound care, estimated at EUR 751 million (3)
in the USA. Sales of associated products with healthcare, biocides and crop
protection are subject to the Company being granted local regulatory market
authorizations. The Company is currently in a trial phase for biocidal and
plant protection applications and does not market any products.
Created in 2010, based in Chassieu (Lyon, France) with a subsidiary in Canada
and in the United States, Amoéba is quoted on Euronext Growth. The Company is
a member of the BPIfrance Excellence network and is eligible for the PEA-PME
SME equity savings plan setup. More information on www.amoeba-biocide.com.
(1) : Amoéba data combined from sources: DRIRE 2013, Eurostat, ARHIA 2013
(2) : Sources combined by Amoéba from water treaters, Freedonia, Eurostat et
(3): BCC Research, "Markets for Advanced Wound Management Technologies,"
Wellesley, MA, 2017
(4): Biopesticides Worldwide Market 2013, CPL, Wallingford, UK
This press release contains certain forward-looking statements concerning
AMOEBA which are based on its own assumptions and hypothesis and on information
that are available to us. However, AMOEBA gives no assurance that the estimates
contained in such forward-looking statements will be verified, which estimates
are subject to numerous risks including the risks set forth in the Universal
Registration Document of AMOEBA filed with the French Financial Markets
Authority (Autorité des Marchés Financiers) on April 30, 2020 under number
D20-0416 (a copy of which is available on www.amoeba-biocide.com). The
forward-looking statements contained in this press release are also subject to
risks not yet known to AMOEBA or not currently considered material by AMOEBA.
The occurrence of all or part of such risks could cause actual results,
financial conditions, performance or achievements of AMOEBA to be materially
different from such forward-looking statements.
Adresse : 38 Avenue des Frères Montgolfier, 69680 CHASSIEU
Société Anonyme au capital de 341 109,20 EUR
RCS Lyon 523 877 215