EANS-News: SYGNIS announces three months results of fiscal year 2010/2011
Heidelberg (euro adhoc) -
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3-month report
Press release
Heidelberg, August 12, 2010 - SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today reports financial results for the first quarter of the fiscal year 2010/2011 ended June 30, 2010.
Financials
Cash including marketable securities amounted to EUR13.1 million as of June 30, 2010 (EUR19.4 million Q1 2009/2010). Long term financial liabilities amounted to EUR8.0 million resulting from a loan which is not due for repayment before 2015.
Total operating expenses for the quarter was EUR2.5 million, which was the same as the first three months of 2009/2010.
The net loss in the first quarter was EUR-2.3 million, which was the same as the previous year.
Milestones
Patient recruitment for the phase II efficacy study of the Company´s lead
compound AX200, for the treatment of acute ischemic stroke, has
significantly increased following the implementation of the modification
of the AXIS 2 study protocol.
At its first meeting on 2 August 2010, the Data Safety Monitoring Board
(DSMB) reviewed the data on the safety and tolerability of the AXIS 2
study medication and advised on the continuation of the study without
changes.Outlook
SYGNIS confirms its expectations of a net loss of around EUR15 million for the current 2010/2011 fiscal year and a liquidity outflow of some EUR14 million.
Due to the modification to the AXIS 2 study protocol and the acceleration of patient recruitment, the Company expects to present its initial findings of the study by mid-2011.
In addition the Company continues to evaluate opportunities to extend its product pipeline and is working towards concluding a research alliance for the KIBRA project.
|Key financial figures for the first quarter of fiscal year | |2010/2011 ended June 30, 2010 and corresponding figures (IFRS) | |Numbers in million euros |Q1 2010/2011 |Q1 2009/2010 | |Revenues |0.1 |0.0 | |Total expenses |2.5 |2.5 | |EBIT |-2.4 |-2.4 | |Net results for the period |-2.3 |-2.3 | |Intangible assets |21.8 |22.2 | |Liquidity at end of quarter |13.1 |19.4 | |Equity |27.7 |34.1 | |(equity ratio in %) |(69) |(72) | |Long-term financial liabilities |8.0 |8.0 | |Operating Cash Flow |-2.3 |-3.0 |
The report on the first quarter which ended on June 30, 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, development and marketing of innovative therapies for the treatment of disorders of the Central Nervous System. These include Stroke, Amyotrophic Lateral Sclerosis and neurological disorders resulting from injuries to 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 expansion of the existing product pipeline. This is achieved by the development of new products as a result of SYGNIS´ own research and the inorganic growth through in-licensing agreements and acquisitions. By means of specific R&D programs at SYGNIS, new pre-clinical drug candidates are identified and evaluated as well as preclinical projects initiated, which are offered for inlicensing.
### 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:
For further information please contact:
SYGNIS Pharma AG:
|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
Branche: Biotechnology
ISIN: DE0005043509
WKN: 504350
Index: CDAX
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