SYGNIS announces nine months results of fiscal year 2009/2010
Heidelberg (ots)
SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today reports financial results for the third quarter and the first nine months of the fiscal year 2009/2010 ended December 31, 2009.
Financials
- Cash including marketable securities amounted to EUR16.4
million as of December 31, 2009 (EUR26.0 million Q3
2008/2009). Long term financial liabilities amounted to
EUR8.0 million resulting from a loan which is not due for
repayment before 2015
- Total operating expenses decreased to EUR2.4 million in
the third quarter 2009/2010 (EUR3.2 million Q3 08/09); in
the first nine months they amounted to EUR7.2 million (9
months 2008/2009: EUR7.3 million)
- Revenues in the first nine months of fiscal year 2009/2010
amounted to EUR0.2 million (9 months 2008/2009: EUR0.4
million)
- The net result for the first nine months of 2009/2010
amounted to EUR-9.2 million (9 months 2008/2009: EUR-6.7
million)
- Due to the fall in the market value of the debt securities
unrealized exchange rate losses of EUR 2,6 million had
already been posted through profit or loss as of September
30, 2009; 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 Projects
- Since all regulatory and ethical committee approvals have
been obtained to execute the AX200 phase II efficacy trial,
patients can be enrolled in all 7 countries. The initiation
of centres proceeded as planed; however until December 31,
2009 enrolment of patients was slower than expected.
- In October SYGNIS entered into a three year Standby Equity
Distribution Agreement (SEDA) of up to EUR 10 million with
the US investor Yorkville Advisors. The agreement commits
Yorkville to subscribe to tranches of up to EUR500,000 of
newly issued SYGNIS' shares at the sole and exclusive
discretion of SYGNIS.
- SYGNIS has made significant progress in strengthening its
IP-position on the KIBRA pathway for drug development. In
preclinical in vivo studies the company has achieved proof of
concept that the modulation of the KIBRA pathway affects
cognitive functions and improves working memory.Outlook
Based on its financial position, especially taking the additional flexibility of the SEDA into account, SYGNIS' management believes the company is well-placed to achieve all anticipated milestones in 2010. The company expects the net loss and liquidity outflow for fiscal year 2009/2010 to be lower than originally expected. On the operational front, in the upcoming months SYGNIS will be focusing on the acceleration of patient recruitment in order to execute the AX200 phase II efficacy trial within the planned time frame. The additional focus of the company's operational activities will be on increasing its business development activities.
The report on the third quarter which ended on December 31, 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. Within specific R&D programs at SYGNIS, new preclinical drug candidates are identified and evaluated as well as early-stage projects for the purpose of partnering.
MediaContact Dr. Franz-Werner Haas Vice President Operations +49 (0) 6221 454 812 franz-werner.haas@sygnis.de
MediaContact: Julia Phillips Financial Dynamics Tel.: +44 (0) 20 7269 7187