EANS-News: SYGNIS Pharma AG SYGNIS announces six months results of fiscal year
2011/2012
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
6-month report
Heidelberg (euro adhoc) - SYGNIS announces six months results of fiscal year
2011/2012
Capital increase of EUR6.2 million successfully completed
AX200: results of the AXIS 2 trial by the end of 2011 and
strengthened patent position in H1
KIBRA: substantial progress of the compound-screening and first
patents granted in Europe and the USA
Heidelberg, November 14, 2011 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN
DE000A1E9B74; Prime Standard) today reports its financial results for the
second quarter and the first half of the fiscal year 2011/2012 ended September
30, 2011.
Financials
The net loss in the second quarter decreased to EUR-2.0 million (EUR-3.0
million Q2 2010/2011). The net loss for the first half of the fiscal year
2011/2012 amounted to EUR-3.3 million (EUR-5.3 million first half
2010/2011).
Total operating expenses for the first half were down at EUR4.3 million
(EUR5.6 million H1 2010/2011). Financial result was EUR0.8 million (EUR0.0
million H1 2010/2011).
Cash including marketable securities amounted to EUR8.1 million as of
September 30, 2011 (EUR11.2 million H1 2010/2011).
In mid August 2011 SYGNIS completed a capital increase. At the end of the
subscription period, 3,076,623 new shares have been subscribed and
correspondingly the share capital increased from EUR13,752,881 to
EUR16,829,504. As a result, the Company received gross proceeds of EUR6.2
million.
Operational summary
On 8 August 2011, SYGNIS completed the patient enrolment for the AXIS 2
Study when the last patient was successfully recruited. 328 patients were
treated in eight European countries as part of the study, which tested the
efficacy of AX200 for the treatment of acute stroke.
In September 2011 the European Patent Office provided two notices
regarding their imminent intention to issue two additional AX200-patents.
The respective patent applications cover the use of AX200 for the acute
and chronic stage of a stroke.
The patent situation for the KIBRA project has also been improved. In
September 2011 SYGNIS filed new patent applications, which include new
pharmacological pathways to KIBRA.
Significant events after the balance sheet date
On 3 November 2011, SYGNIS reported the completion of treatment for the AXIS 2
Study. All of the required patient investigations have now been completed in
order to allow the finalization of data collection and the evaluation of the
study data.
Outlook
SYGNIS confirms its earlier expectations of a net loss and a liquidity outflow
of around EUR8-9 million for the current 2011/2012 fiscal year. The Company is
financed approximately until the end of calendar year 2012.
The key operational focus for the upcoming weeks is the analysis of the AXIS 2
Study data. As planned, results are expected to be reported by the end of
calendar year 2011. Dependent on these results, the Company will then evaluate
the options for further development and marketing of AX200. Possibilities
include continuing development by the Company itself or through out-licensing
to external parties. In addition, SYGNIS will consider developing AX200 in
cooperation with a partner.
SYGNIS expects first results of its screening activities of the KIBRA project
at the end of the 2011 calendar year. The identified drug candidates should
enable SYGNIS to either enter into a research partnership or further develop
the compounds with its own resources.
In addition the Company continues to evaluate opportunities to extend its
product pipeline through partnerships or strategic transactions.
|Key financial figures for the second quarter of fiscal year |
|2011/2012 ended September 30, 2011 and corresponding figures (IFRS)|
|Numbers in million euros |Q2 2011/2012 |Q2 2010/2011 |
|Revenues |0.0 |0.0 |
|Total expenses |2.1 |3.1 |
|EBIT |-2.1 |-3.0 |
|Net results for the period |-2.0 |-3.0 |
|Intangible assets |20.5 |21.8 |
|Liquidity at end of quarter |8.1 |11.2 |
|Equity |19.4 |25.0 |
|(equity ratio in %) |(59) |(65) |
|Long-term financial liabilities |8.0 |8.0 |
|Operating Cash Flow |-2.5 |-2.0 |
|Key figures for the first six months of fiscal year 2011/12 ended |
|September 30, 2011 and comparables (IFRS) |
|Numbers in million euros |H1 2011/12 |H1 2010/11 |
|Revenues |0.2 |0.1 |
|Total expenses |4.3 |5.6 |
|EBIT |-4.2 |-5.4 |
|Net results for the period |-3.3 |-5.3 |
|Operating cash flow |-4.5 |-4.3 |
The report on the second quarter which ended on September 30, 2011 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 in the Prime Standard of the Frankfurt 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. Furthermore, a key element of the sustainable value creation of the
Company is the expansion of the product pipeline, which will be secured through
its own developments as well as in-licensing and acquisitions.
For further information please contact:
SYGNIS Pharma AG:
|Dr. Franz-Werner Haas |
|Senior Vice President Operations |
|+49 (0) 6221 454 812 |
|franz-werner.haas@sygnis.de |
Media-Contact:
Julia Phillips
FTI Consulting
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. ###
Further inquiry note:
Michael Wolf
Telefon: +49 (6221) 454 - 6
E-Mail: Michael.Wolf@sygnis.de
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: SYGNIS Pharma AG
Im Neuenheimer Feld 515
D-69120 Heidelberg
phone: +49 (0)6221 454-6
FAX: +49 (0)6221 454-777
mail: contact@sygnis.de
WWW: http://www.sygnis.de
sector: Biotechnology
ISIN: DE000A1E9B74
indexes: CDAX, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English