BRAIN Biotech AG receives major milestone payment and stays on-track to achieve year end targets
Parent company BRAIN Biotech AG, a leading provider of integrated solutions for the biologisation of industry, today published its half year results, 6M 2023/2024.
- Major milestone payment from pharma-project of € 1.5 million received
- BioProducts business growth accelerated in Q2, further acceleration expected throughout H2
- On-track to meet fiscal year end targets
- Significantly strengthened cash position
BRAIN Biotech AG, a leading provider of integrated solutions for the biologisation of industry, today published its half year results, 6M 2023/2024. BRAIN received a significant milestone payment of € 1.5 million in its second quarter for the successful development progress in the out-licensed active pharmaceutical ingredient program with deucrictibant (formerly PHA121). Overall cash on hand almost doubled to € 10.2 million compared to September 30, 2023. The company stays fully on track to meet its business year targets for FY 2023/24.
Read the rest of the press release here.
“The significant € 1.5 million milestone payment from our licensee Pharvaris clearly demonstrates that we are starting to harvest the fruits of our past investments and that our BioIncubator pipeline increasingly creates value.
