On October 23, 2019 PharmaMar Group (MSE:PHM) reported total revenues of €62.5 million for 2019 up to September 30th, compared to €88.7 million in the same period last year (Press release, PharmaMar, OCT 23, 2019, View Source [SID1234542450]). The variation in revenues between the first nine months of 2019 and 2018 is due to the difference in revenues from license agreements. In 2018, more than €24 million in revenues from different license agreements were recorded. Some of these agreements may lead to new future revenues, but they have not yet reached the milestones that will lead to them.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Yondelis’ cumulative sales up to September 30th were €54 million, compared to €57 million in the same period last year.

In relation to the Group’s operating expenses, during the first nine months of the year these decreased in practically all items. In R&D, total expenditure up to September 30th was €41 million, which represents a 27% reduction in expenditure compared to the same period last year. This cost reduction is mainly due to the oncology area. Last year, in addition to the ATLANTIS Phase III trial with lurbinectedin for the treatment of Small Cell Lung Cancer (SCLC), there were other open and active clinical trials that have not been active during the first nine months of 2019, although they remain open until they can be definitively concluded.

In relation to the clinical trials with lurbinectedin, it is important to point out that on August 19th it was announced that the Company will file lurbinectedin’s NDA for the treatment of relapsed Small Cell Lung Cancer (SCLC) in the United States under the "accelerated approval" program during the last quarter of this year. This would open up the possibility that the FDA could approve lurbinectedin in the U.S. for the treatment of SCLC within the next year.

Up to September 30th 2019, the Group has recorded a net attributable result of €- 26.9 million.

Finally, at the end of the first nine months of this year, PharmaMar Group recorded total cash and cash equivalents of €27 million and reduced its net debt to €57.8 million, compared to €65.6 million at the beginning of the year.