EANS-News: SYGNIS Pharma AG SYGNIS announces three months results of fiscal
year 2011/2012
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
3-month report
Heidelberg (euro adhoc) - SYGNIS announces three months results of fiscal year
2011/2012
Financing secured until end of 2012
Patient recruitment of AXIS Study is now finalised
Patent rights for the KIBRA project further strengthened
Heidelberg, August 11, 2011 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN
DE000A1E9B74; Prime Standard) today reports its financial results for the first
quarter of the fiscal year 2011/2012 ended June 30, 2011.
Financials
The net loss in the first quarter decreased to EUR-1.3 million
(EUR-2.3 million Q1 2010/2011). Financial result was EUR0.7 million
(EUR0.1 million Q1 2010/2011).
Total operating expenses for the first quarter were down at EUR2.2
million (EUR2.5 million Q1 2010/2011).
Cash including marketable securities amounted to EUR4.8 million as of
June 30, 2011 (EUR13.1 million Q1 2010/2011).
Mid June 2011, SYGNIS secured additional funds of EUR6.0 million through
the subordinated loan of dievini Hopp BioTech holding GmbH & Co. KG.
These funds have been invested as part of the capital increase resolved
in July 2011. Accordingly, dievini´s commitment to pay out the loan was
dissolved in full. At the end of the subscription period, 3,076,623 new
shares have been subscribed and thus the share capital increased from
EUR13,752,881 to EUR16,829,504.
Long term financial liabilities amounted to EUR8.0 million resulting
from a loan which is not due for repayment before 2015.
Significant events after the balance sheet date
During the first quarter, the patient recruitment for the AXIS 2 Study
performed well. On 8 August 2011, the last patient was recruited and
SYGNIS thus completed the patient enrolment successfully.
Within the KIBRA project SYGNIS has taken meaningful steps with regard to
the patent situation. The European Patent Office and the US Patent and
Trademark Office have now issued elementary KIBRA patents. Both Patent
Offices have thus realised their announcements of May 2011.
Outlook
SYGNIS confirms its expectations of a net loss and a liquidity outflow of
around EUR9 million for the current 2011/2012 fiscal year. Including
the financial funds of EUR6.2 million from the capital increase, SYGNIS is
financed until the end of calendar year 2012.
The key operational focus for the upcoming months is the analysis of the AXIS 2
Study data. First substantial results are expected to be available by the end
of calendar year 2011. Dependent on these results, the Company will then
evaluate the options for any further development of AX200 and take necessary
measures. This will include a possible out-licensing or the further development
of the project with its own resources.
Within the KIBRA project, SYGNIS will continue its screening activities, with
the first possible drug candidates expected to be identified in the 2011
calendar year. These results should enable SYGNIS to enter into a research
partnership or to further develop suitable drug candidates with its own
resources.
In addition the Company continues to evaluate opportunities to extend its
product pipeline through partnerships or strategic transactions.
|Key financial figures for the first quarter of fiscal year |
|2011/2012 ended June 30, 2011 and corresponding figures (IFRS) |
|Numbers in million euros |Q1 2011/2012 |Q1 2010/2011 |
|Revenues |0.1 |0.1 |
|Total expenses |2.2 |2.5 |
|EBIT |-2.1 |-2.4 |
|Net results for the period |-1.3 |-2.3 |
|Intangible assets |20.6 |21.8 |
|Liquidity at end of quarter |4.8 |13.1 |
|Equity |15.6 |27.7 |
|(equity ratio in %) |(52) |(69) |
|Long-term financial liabilities |8.0 |8.0 |
|Operating Cash Flow |-2.0 |-2.3 |
The report on the first quarter which ended on June 30, 2011 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 in the Prime Standard of the Frankfurt 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. Furthermore, a key element of the sustainable value creation of the
Company is the expansion of the product pipeline, which will be secured through
its own developments as well as in-licensing and acquisitions.
For further information please contact:
SYGNIS Pharma AG:
|Dr. Franz-Werner Haas |
|Senior 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.
###
Further inquiry note:
Michael Wolf
Telefon: +49 (6221) 454 - 6
E-Mail: Michael.Wolf@sygnis.de
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: SYGNIS Pharma AG
Im Neuenheimer Feld 515
D-69120 Heidelberg
phone: +49 (0)6221 454-6
FAX: +49 (0)6221 454-777
mail: contact@sygnis.de
WWW: http://www.sygnis.de
sector: Biotechnology
ISIN: DE000A1E9B74
indexes: CDAX, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English