EANS-News: SYGNIS Pharma AG
SYGNIS announces nine month results of fiscal year
2010/2011
Heidelberg (euro adhoc) -
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
quarterly report
SYGNIS announces nine month results of fiscal year 2010/2011
Heidelberg, 14 February 2011 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN DE000A1E9B74; Prime Standard) today published its financial results for the third quarter and the first nine months of the fiscal year 2010/2011 ended 31 December 2010.
Financials
Cash including marketable securities amounted to EUR 9.0 million (EUR
16.4 million Q3 2009/2010). Long term financial liabilities amounted to EUR 8.0
million resulting from a loan which is not due for repayment before 2015.
As a result of the Company´s expanded research and development activities,
total operating expenses in the third quarter of the fiscal year 2010/2011
increased by EUR 1.3 million to EUR 3.7 million compared to the same
period of the last fiscal year. These expenses include one-time restructuring
costs of EUR 0.2 million.
The net loss for the first nine months of the fiscal year 2010/2011
amounted to EUR -9.0 million (EUR -9.2 million first nine months
2009/2010).
On the basis of the resolution of the Annual General Meeting held on
30 November 2010 SYGNIS reduced the share capital from EUR 41,258,643 to
EUR 13,752,881 and consolidated the shares in a 3:1 ratio. The
released capital of EUR 27.5 million was used to reduce the accumulated loss.Operational Summary
SYGNIS is primarily focused on the completion of the AXIS 2 clinical trial
and research on the KIBRA pathway. Following restructure of the business
and the resulting long-term reduction in costs, the Company is optimally
positioned for future strategic transactions.
AXIS 2:
o On 9 December 2010, the Data Safety Monitoring Board (DSMB) held its
second interim review regarding the safety and tolerability of
AXIS 2. Based on the data of 50% of the AXIS 2-patients, the DSMB
recommended the continuation of the study without any modification
or restriction.
o Patient recruitment significantly improved during the third quarter.
Currently, more than two-thirds of the total AXIS 2 patients have
been enrolled and SYGNIS expects to report top-line data in the
second half of 2011.
Based on the already established in vitro and in vivo proof of principle
for the role of KIBRA in learning and memory, SYGNIS has begun a screening
program, applying its proprietary assay, for the identification of
suitable compounds, which could have an effect on the KIBRA activity.
SYGNIS expects to have a nominated candidate during the third quarter of
2011.Outlook
Following the strategic restructuring, SYGNIS is focused on completing the ongoing clinical development of AX200, its lead compound for the treatment of acute stroke, currently in a phase II efficacy trial and the internal research on KIBRA. SYGNIS aims to expand its research data on KIBRA and to identify strong drug candidates that will attract potential pharma partners.
Operating expenses (without any extraordinary write downs) and the liquidity outflow for the current fiscal year 2010/2011 will be lower than originally expected.
On 9 February 2011 SYGNIS announced that it has licensed the exclusive rights of a European patent with regard to its lead candidate AX200. The licence covers an issued patent which provides broad protection with regard to the use of G-CSF for the reorganisation of neural tissue affected by neurodegenerative diseases, especially stroke or trauma. The patent has a scheduled expiry date of 2022, not including any potential extensions. This licence strengthens the
Company´s IP-position around AX200 and enables it to maximise the market potential of the drug.
|Key financial figures for the third quarter of fiscal year | |2010/2011 ended December 31, 2010 and corresponding figures (IFRS) | |Numbers in million euros |Q3 2010/2011 |Q3 2009/2010 | |Revenues |0.0 |0.0 | |Total expenses |3.7 |2.4 | |EBIT |-3.7 |-2.3 | |Net results for the period |-3.7 |-2.3 | |Intangible assets |21.7 |22.0 | |Liquidity at end of quarter |9.0 |16.4 | |Equity |21.2 |30.8 | |(equity ratio in %) |(59) |(71) | |Long-term financial liabilities |8.0 |8.0 | |Operating Cash Flow |-2.1 |-1.7 |
|Key figures for the first nine months of fiscal year 2010/11 ended | |December 31, 2010 and comparables (IFRS) | |Numbers in million euros |9 months 2010/11|9 months 2009/10| |Revenues |0.2 |0.2 | |Total expenses |9.3 |7.2 | |EBIT |-9.1 |-7.1 | |Net results for the period |-9.0 |-9.2 | |Operating cash flow |-6.4 |-6.6 |
The report on the third quarter which ended on 31 December 2010 is available at the SYGNIS webpage at www.sygnis.de.
About SYGNIS Pharma SYGNIS Pharma AG, headquartered in Heidelberg, is a specialty pharmaceutical company listed on the Prime Standard of the German stock exchange. The Company is focused on the research and development of innovative therapies for the treatment of disorders of the Central Nervous System. SYGNIS´ core projects are currently Acute Stroke for which SYGNIS´ lead clinical programme is AX200 as well as the preclinical KIBRA-project for the treatment of different forms of dementia. All these disorders are characterized by the fact that, as the disease progresses, nerve cells are damaged and die. Although there is great medical demand, there are currently no or only inadequate treatment options available. SYGNIS´ strategy for growth includes the development of new products from its own research and through in-licensing and acquisitions.
For further information please contact:
SYGNIS Pharma AG: Dr. Franz-Werner Haas sen. Vice President Operations +49 (0) 6221 454 812 franz-werner.haas@sygnis.de
Media-Contact: Julia Phillips Financial Dynamics Tel.: +44 (0) 20 7269 7187
### Disclaimer Some statements included in this press release, relating neither to proven financial results nor other historical data, should be viewed as forward- looking, i.e. not definite. Such statements are mainly predictions of future results, trends, plans or goals. These statements should not be considered to be total guarantees since given their very nature they are subject to known and unknown risks and imponderability and can be affected by other factors as a consequence of which the actual results, plans and goals of SYGNIS Pharma AG may deviate greatly from the established conclusions or implied predictions contained in such statements. SYGNIS does not undertake to publicly update or revise these statements in the light of new information or future results or for any other reason. ###
end of announcement euro adhoc
Contact:
Dr. Franz-Werner Haas
sen. Vice President Operations
+49 (0) 6221 454 812
franz-werner.haas@sygnis.de
Branche: Biotechnology
ISIN: DE000A1E9B74
WKN: A1E9B7
Index: CDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade