EANS-Adhoc: Intercell AG announces Q4 and preliminary full year 2012 financial results and business update
05.03.2013 – 07:31
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The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Financial Figures/Balance Sheet/quarterly report 05.03.2013 » Further increase in product sales and reduction of net loss in 2012 » Pediatric approval of Intercell's Japanese Encephalitis vaccine in Europe » Merger between Intercell AG and Vivalis SA to create Valneva SE progressing well Q4 and preliminary full year 2012 financial results » Total revenues in 2012 increased by 8.5% to EUR 35.7m » R&D expenses reduced by 33.9% to EUR 19.8m » SG&A expenses stable at EUR 15.8m despite increase in sales and marketing costs and one-time expenses due to announced merger » Revenue growth and further cost savings led to reduction of full year 2012 net loss to EUR 25.3m compared to EUR 29.3m in 2011 » Cash position of EUR 44.9m at year-end » Further growth in JEV product sales expected in 2013; financial strategy of targeted R&D spending and reduction of net loss to be continued as part of Valneva Key Financial Figures (EUR in thousands) Year ended December 31, 2012 2011 Revenues 35,665 32,884 Net profit/(loss) (25,337) (29,265) Net operating cash flow (21,726) (42,858) Cash, short-term deposits, and marketable securities, end of the year 44,933 50,859 Thomas Lingelbach, CEO of Intercell, commented: "This is an exciting time for the Company and its shareholders. The solid sales growth for the JEV vaccine along with positive news of pediatric approval in Europe and the launch of the vaccine in India, demonstrates the potential for this important vaccine. Following Intercell's shareholder approval of the merger with Vivalis to form Valneva, we can build a leading European biotechnology company with greater scale and diversification, strengthened financial profile, complementary talent and capabilities, and most importantly, to deliver shareholder value." Vienna (Austria), March 5, 2013 - Today, Intercell AG (VSE: ICLL) announced its financial results for preliminary Q4 and the results for the full financial year 2012 and provided a business update. Business Highlights Solid IXIARO®/JESPECT® sales growth performance Full year product sales of IXIARO®/JESPECT®, a vaccine to protect against Japanese Encephalitis (JE), increased to EUR 26.8m in 2012 compared to EUR 21.6m in 2011. This corresponds to a growth of 24.2% for the full year and 41.6% in Q4 2012 (EUR 8.6m) compared to Q4 2011 (EUR 6.1m). The continuous sales growth of IXIARO®/JESPECT® confirms the strong potential of the product. In February 2013, the European Medicines Agency (EMA) and the European Commission (EC) granted Marketing Authorisation for the pediatric indication for IXIARO®. The EC decision ratifies the positive opinion from the European Committee for Human Medicinal Products (CHMP) in December 2012. The approval in the European Union provides formal Marketing Authorisation for the pediatric indication of IXIARO® in all 27 member states as well as Norway, Liechtenstein and Iceland. Intercell's next-generation vaccine to protect travelers against JE has been licensed in more than 30 countries world-wide, and is the Company's first product on the market. Extension of the approved indications to include the pediatric age segment in the EU allows the vaccine to be administered to adults and children aged 2 months and above who travel to, or live in, endemic areas. Intercell and its marketing and distribution partners are committed to introducing the IXIARO® product for administration in all approved age groups as soon as possible. In the U.S. the pediatric label extension is currently under review by the FDA. R&D pipeline progression Pre-clinical proof of concept for vaccine candidate against Lyme borreliosis The Company's pre-clinical lead vaccine candidate against Lyme borreliosis is progressing towards pre-clinical proof of concept studies according to plan. The proprietary vaccine candidate, based on a novel technology, has passed all pre-clinical research steps and is moving towards pre-clinical development in preparation for clinical entry in 2014. Corporate/Other In December 2012, the Management Boards of Vivalis and Intercell announced that they have agreed the terms of a merger to create the newly-named Valneva, a leading European biotechnology company in vaccines and antibodies. The merger will create an integrated company with greater scale and diversification, strengthened financial profile, and complementary talent and capabilities. On February 27, 2013 the Extraordinary General Meeting of Intercell AG approved the proposed merger of equals between Intercell AG and Vivalis SA to create Valneva SE. The Extraordinary General Meeting of Vivalis SA will take place on March 7, 2013. The merger is expected to close in May 2013, after which Valneva SE intends to launch a EUR 40m capital increase, subject to regulatory approval. At the time of the announcement of the proposed merger of equals between Vivalis SA and Intercell, Michel Greco, a member of both Intercell's and Vivalis' Supervisory Boards, resigned from the Supervisory Board of Intercell. Upon closing of the merger, he will be a Supervisory Board member of the newly created company Valneva SE. The report can be downloaded at http://www.intercell.com/main/investors/financial-reports-presentations/quarterly-reports/ Further inquiry note: Intercell AG Nina Waibel Corporate Communications Tel. +43 1 20620-1222 communications@intercell.com end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Intercell AG Campus Vienna Biocenter 3 A-1030 Wien phone: +43 1 20620-0 FAX: +43 1 20620-800 mail: investors@intercell.com WWW: www.intercell.com sector: Biotechnology ISIN: AT0000612601 indexes: ATX Prime stockmarkets: official market: Wien language: English