EANS-News: Sygnis Pharma AG reports on second quarter 2009/2010
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Accounting and Audits/Company Information/Financial Figures/Balance Sheet/quarterly report/6-month report
Heidelberg, November 10, 2009 - SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today published its financial results for the second quarter and the first half of the fiscal year 2009/2010, which ended on 30 September 2009.
Q2 2009/2010 Financials
Cash including marketable securities amounted to EUR18.3 million
(EUR11.1 million Q2 08/09), i.e. EUR 2.5 million better than planned.
With the commitment of the US fund YA Global, SYGNIS secures up to
EUR 10 million through a 3 year Standby Equity Distribution Agreement
("SEDA"). Long term financial liabilities amounted to EUR8.0 million
resulting from a loan which is not due for repayment before 2015.
As a result of expanded research and development activities, total
operating expenses in the second quarter of the fiscal year 2009/2010
increased by EUR0.2 million to EUR2.4 million compared to the same
period of the last fiscal year, i.e. EUR 1.1 million less than
planned. The net loss in the first half of the fiscal year
2009/2010 amounted to EUR -6.9 million (EUR -3.6 million first half
08/09). Due to the fall in the market value of the debt securities
unrealized exchange rate losses of EUR 2,6 million have been posted
through profit or loss; these unrealized exchange rate losses were
recorded under equity in the past without effecting income and do not
result in any additional outflow of liquidity.Operational Highlights
With the SEDA closed with Yorkville in October, SYGNIS secured up to EUR 10 million, which SYGNIS has the right to request from Yorkville within the next 3 years.
The phase II efficacy study of SYGNIS´ lead compound AX200 is being advanced and the development of the preclinical projects, in particular regarding KIBRA and the neural stem cell program (NSD), is proceeding during the first half of the fiscal year as planned. SYGNIS is confident that, based on the results achieved so far, the anticipated milestones and project goals will be fulfilled providing a sound basis for further discussions on potential cooperation and licensing opportunities.
Outlook
With the current financial situation and with regard to the recent commitment from Yorkville to invest up to EUR 10 million, SYGNIS has a good financial basis for its focused development. For the ongoing fiscal year 2009/2010 SYGNIS expects operational costs and net loss to be lower than originally anticipated. The net loss for the fiscal year 2009/2010 is expected to be within the original expectations due to the recognition of unrealized exchange rate losses of available-for-sale securities through profit or loss.
The report on the first quarter which ended on June 30, 2009 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, development and marketing of innovative therapies for the treatment of disorders of the Central Nervous System. These include Stroke, Amyotrophic Lateral Sclerosis (ALS) and neurological disorders resulting from injuries of the brain or spinal cord. 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.
One of the central elements in this value-creation chain is the
continued development of the existing product pipeline. This is
achieved by testing the Company´s proprietary compounds, which are
already under development in a number of further CNS indications
("line extension"). Within specific R&D programs at SYGNIS, new
pre-clinical drug candidates are identified and evaluated as well as
early-stage projects are initiated for the purpose of partnering.For further information, please contact:
Dr. Franz-Werner Haas 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
Further inquiry note:
Dr. Franz-Werner Haas
VP Operations / General Counsel
Tel: +49 (0) 6221-454 812
Email: franz-werner.haas@sygnis.de
Branche: Biotechnology
ISIN: DE0005043509
WKN: 504350
Index: CDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
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München / free trade