Algeta Results for the Fourth Quarter and Full Year 2009
(Thomson Reuters ONE) -
Oslo, Norway, 19 February 2010 - Algeta ASA (OSE: ALGETA), the focused oncology
company, today announces its results for the fourth quarter and full year 2009.
A meeting for investors, analysts and press will take place in Oslo today at
08:00 CET and a conference call will take place at 14.30 CET (details below).
Commenting on today's results, Andrew Kay, Algeta's President and CEO, said:
"2009 was a transformational year for Algeta during which we successfully
delivered a number of major milestones in progressing towards our objective of
creating a focused oncology company. As a result of these achievements, Algeta
now has sufficient financial resources to bring Alpharadin to market together
with its world-class oncology partner, Bayer Schering Pharma. Importantly, we
retain an option to co-promote Alpharadin in the US market. We plan to use this
option to establish a US commercial organization, which is intended to be fully
operational at the anticipated time of launch so that Algeta may share directly
in Alpharadin's blockbuster sales potential.
"Our cash position of NOK 514 million (USD 89 million) at year-end will also
enable us to devote more resources to researching innovative technologies with
the goal of developing new, targeted cancer product candidates based on our
preclinical thorium alpha-pharmaceutical platform. We have now created a solid
foundation from which to advance our strategy for creating shareholder value and
we look forward to the year ahead with great enthusiasm."
Highlights of the fourth quarter 2009:
* The ALSYMPCA study, a phase III trial of Alpharadin in hormone-refractory
(castration-resistant) prostate cancer patients with bone metastases,
progressed well
* The first patients were enrolled in the USA at Tulane Cancer Center, New
Orleans in December 2009
* Over 100 clinical centers worldwide were recruiting as at year end
* Patient recruitment progressed according to plan during the fourth
quarter 2009 and 500 patients were enrolled by end January
* Recruitment of 750 patients is anticipated on schedule during the second
half of 2010
* Clinical trial program with Alpharadin expanded
* The first phase II study of Alpharadin to treat bone metastases in
endocrine-refractory breast cancer began screening during the fourth
quarter and has now started recruiting patients. This is the second
tumor type under investigation with Alpharadin
* Clinical trial protocol combining Alpharadin with docetaxel chemotherapy
in hormone-refractory prostate cancer patients with bone metastases
finalized and phase I/II study scheduled to start enrolling patients in
the first half of 2010
* Teams from Algeta and Bayer have begun working closely together on the
development, manufacturing, commercialization strategies and on medical
congress activity for Alpharadin after the signing of a major development
and global commercialization agreement in September
Selected highlights for the full year 2009 include:
* In September 2009, Algeta entered into an USD 800 million agreement with
Bayer, a major pharmaceutical company, for the development and global
commercialization of Alpharadin to treat bone metastases in patients with
prostate and other major cancers.
* Algeta received USD 61 million in upfront cash and may also receive
additional milestones amounting to USD 161 million until first sales
* Algeta has the option to retain up to 50% of the US market and will also
receive tiered double-digit royalties on worldwide sales outside the US
* Bayer will fund the substantial majority of clinical development work
for Alpharadin
* USD 37 million (NOK 250 million) raised in a private placement in February,
involving new and existing investors
* Commercial and clinical development capabilities strengthened in 2009 with
two key appointments to the senior management:
* Andrew Kay joined the company in January as President and Chief
Executive Officer
* Dr Gillies O'Bryan-Tear was appointed Chief Medical Officer in July
Key financials:
* Revenue of NOK 24 million in the fourth quarter 2009 primarily represented a
recognised portion of the actual upfront payment from the Bayer deal.
Revenue in the fourth quarter 2008 was zero
* Operating expenses for the fourth quarter 2009 amounted to NOK 57 million
compared with NOK 53 million in the fourth quarter 2008. Operating expenses
for 2009 were NOK 194 million, compared to NOK 186 million in 2008
* Liquid funds amounted to NOK 514 million as of 31 December 2009, compared to
NOK 558 million at the end of September 2009 and NOK 133 million at the end
of 2008
* Algeta's share price increased by over 700% in 2009, closing at NOK 68.25 on
the last trading day of 2009, making Algeta one of the best performing
stocks in Europe for the year
* Upfronts, milestones and royalty payments according to the agreement between
Bayer and Algeta will be in EUR. USD amounts provided in this release have been
translated at 1 Euro: USD 1.43
Presentation and conference call
A presentation to analysts, investors and press will take place today in Oslo at
08:00 CET and a conference call will take place at 14:30 CET (08:30 EST).
Algeta's President & Chief Executive Officer, Andrew Kay, EVP and Chief
Technology Officer, Thomas Ramdahl and Chief Financial Officer, Øystein Soug
will participate in the presentation and the call.
The presentation will take place at 08:00 CET at:
Hotel Continental
Stortingsgaten 24/26
0117 Oslo
Norway
Breakfast will be served from 07:45 CET.
A conference call for analysts, investors and press will take place today at
14:30 CET.
To participate in the conference call, please dial the appropriate number below:
800 80 119 (in Norway)
+47 23 18 45 01 (from abroad)
The results report and the presentation will be made available on www.algeta.com
To access the replay, please dial +47 23 18 45 02. Enter account no. 1428
followed by #, then conference no. 428 followed by #. A replay version of the
conference call will also be available at www.algeta.com
###
For further information, please contact
Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)
Øystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob)
post(at)algeta.com
International media enquiries: +44 207 638 9571
Mark Swallow/Helena Galilee/David mark.swallow(at)citigatedr.co.uk
Dible
Citigate Dewe Rogerson
US investor enquiries: +1 646 378 2928
Jessica Lloyd jlloyd(at)troutgroup.com
The Trout Group
About Algeta
Algeta is a focused oncology company developing novel targeted therapies for
patients with cancer based on its alpha-pharmaceutical platform.
Algeta's lead product Alpharadin (based on radium-223) is a first-in-class,
highly targeted alpha-pharmaceutical under clinical evaluation to improve
survival in patients with bone metastases from advanced cancer. Its localized
action helps preserve the surrounding healthy tissue thereby limiting
side-effects.
The development of bone metastases represents a serious development for cancer
patients as they are associated with a dramatic decline in patient health and
quality of life, ultimately leading to death. Bone metastases represent a major
unmet medical need, occurring in up to 90% of certain late-stage cancers, e.g.
prostate, breast and lung.
Alpharadin is partnered with Bayer Schering Pharma AG, a major pharmaceutical
company, and is in a global phase III clinical trial (ALSYMPCA) to treat bone
metastases resulting from hormone-refractory (castration-resistant) prostate
cancer. Alpharadin is also under investigation in phase II clinical trials as a
potential new treatment for bone metastases in endocrine-refractory breast
cancer patients.
Algeta also aims to develop a future pipeline of tumor-targeting
alpha-pharmaceutical candidates based on the alpha particle emitter thorium-227,
through selective in-licensing and/or acquiring innovative technologies and
tumor-targeting molecules.
The Company is headquartered in Oslo, Norway, and was founded in 1997. Algeta
listed on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).
Alpharadin and Algeta are trademarks of Algeta ASA.
Forward-looking Statement
This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of operations and the financial condition of Algeta. There are a number of
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements. Theses
factors include, among other things, risks associated with technological
development, the risk that research & development will not yield new products
that achieve commercial success, the impact of competition, the ability to close
viable and profitable business deals, the risk of non-approval of patents not
yet granted and difficulties of obtaining relevant governmental approvals for
new products.
###
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1386307]
Presentation of 4th Quarter: http://hugin.info/134655/R/1386307/344958.pdf
Report for Fourth Quarter and Full Year 2009: http://hugin.info/134655/R/1386307/344957.pdf
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Datum: 19.02.2010 - 02:04 Uhr
Sprache: Deutsch
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