EANS-News: SYGNIS announces six month results of fiscal year 2010/2011
Heidelberg (euro adhoc) -
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6-month report
SYGNIS announces six month results of fiscal year 2010/2011
Heidelberg, 11 November 2010 - 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 2010/2011 ended 30 September 2010.
Financials
Cash including marketable securities amounted to EUR 11.2 million (EUR
18.3
million Q2 2009/2010). Long term financial liabilities amounted to EUR
8.0
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 2010/2011
increased by EUR 0.7 million to EUR 3.1 million compared to the same
period of
the last fiscal year.
The net loss for the first half of the fiscal year 2010/2011 amounted to
EUR -5.3 million (EUR -6.9 million first half 2009/2010).
SYGNIS proposed a reduction in share capital from EUR 41,258,643 to
EUR
13,752,881 to consolidate the shares in a 3:1 ratio primarily to improve
the Company´s ability to interact on the capital markets, to be voted on
at SYGNIS´ Annual General Meeting on 30 November 2010.Operational Summary
SYGNIS recently executed a comprehensive restructuring to significantly
reduce costs and optimally position the Company for future strategic
transactions.
AX200:
o Patient recruitment for the phase II efficacy study of the Company´s
lead compound AX200, for the treatment of acute ischemic stroke, was
accelerated following the implementation of modification to the AXIS
2 study protocol. SYGNIS expects to report top-line data in the
second half of 2011.
o 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.
The KIBRA project is ongoing and SYGNIS has, as previously reported,
established both in vitro and in vivo proof of principle for the role of
KIBRA in learning and memory. The outcome of these proof of principle
studies supports SYGNIS´ strategy to use the KIBRA signalling pathway in
pharmacological therapy and to develop it further as a new approach for
improving the cognitive performance of patients with cognitive
deficiencies. Importantly, by deciphering the mode-of-action of KIBRA
SYGNIS has also secured crucial intellectual property.Outlook
Following the strategic restructuring in October, SYGNIS is focused on completing the ongoing clinical development of AX200, its lead compound for the treatment of acute stroke, currently in a phase II efficacy trial (AXIS 2). Ahead of the restructuring, Dr Alfred Bach stepped down as CEO with Peter Willinger, CFO, and Dr Frank Rathgeb, Chief Medical Officer, assuming responsibility for the operations of the Company.
The Company is currently continuing the internal research on KIBRA while intensifying its discussions with potential pharma partners.
Operating expenses and the liquidity outflow for the current fiscal year 2010/2011 will be lower than originally expected. Additional non-cash related expenses of up to EUR 2.5 million could occur with regard to an impairment of intangible assets as a consequence of the restructuring.
In order to maximise capital market opportunities the Company is proposing to reduce its share capital from EUR 41,258,643 to EUR 13,752,881 and consolidate the shares in a 3:1 ratio. The proposal will be voted on at the Company´s Annual General Meeting on 30 November 2010.
It is the intent of the Board and Management of SYGNIS to optimally position
the Company so that it can take timely advantage of strategic opportunities to create shareholder value.
|Key financial figures for the second quarter of fiscal year | |2010/2011 ended September 30, 2010 and corresponding figures (IFRS)| |Numbers in million euros |Q2 2010/2011 |Q2 2009/2010 | |Revenues |0.0 |0.0 | |Total expenses |3.1 |2.4 | |EBIT |-3.0 |-2.3 | |Net results for the period |-3.0 |-4.6 | |Intangible assets |21.8 |22.1 | |Liquidity at end of quarter |11.2 |18.3 | |Equity |25.0 |33.2 | |(equity ratio in %) |(65) |(72) | |Long-term financial liabilities |8.0 |8.0 | |Operating Cash Flow |-2.0 |-2.0 |
|Key figures for the first six months of fiscal year 2010/11 ended | |September 30, 2010 and comparables (IFRS) | |Numbers in million euros |H1 2010/11 |H1 2009/10 | |Revenues |0.1 |0.1 | |Total expenses |5.6 |4.8 | |EBIT |-5.4 |-4.7 | |Net results for the period |-5.3 |-6.9 | |Operating cash flow |-4.3 |-4.9 |
The report on the second quarter which ended on 30 September 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 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. SYGNIS´ strategy for growth includes the development of new products from its own research and through in-licensing and acquisitions.
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
### 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
Vice President Operations
+49 (0) 6221 454 812
franz-werner.haas@sygnis.de
Branche: Biotechnology
ISIN: DE0005043509
WKN: 504350
Index: CDAX, Prime All Share
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