EANS-News: SYGNIS Pharma AG
SYGNIS announces three months results of fiscal
year 2011/2012
11.08.2011 – 09:03
-------------------------------------------------------------------------------- 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