Agennix AG Reports Financial Results For Fiscal Year 2009
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Agennix AG / Agennix AG Reports Financial Results For Fiscal Year 2009 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Martinsried/Munich (Germany), Princeton, NJ and Houston, TX, March 24, 2010 -
Agennix AG (Frankfurt Stock Exchange: AGX) today announced financial results for
the fourth quarter and fiscal year ended December 31, 2009.
Agennix AG was formed by the combination of Agennix Incorporated and GPC Biotech
AG. The accounting for the business combination was based on the acquisition
method specified in IFRS 3 (Revised 2008), Business Combinations. Based on that
accounting treatment, GPC Biotech AG was identified as the acquirer and Agennix
Incorporated as the acquiree in this transaction. Therefore, the historical
financial information of Agennix AG is that of GPC Biotech AG. The net results
of Agennix Incorporated's operations from the acquisition date of November
5, 2009 to December 31, 2009, as well as its financial position as of December
31, 2009, are included in the 2009 fiscal year results.
Fiscal year 2009 compared to fiscal year 2008
Revenues decreased 38% to ? 7.7 million for the fiscal year ended December
31, 2009 compared to ? 12.4 million in 2008. The decrease in revenues is
primarily due to a decline in payments received under the co-development and
license agreement for satraplatin with Celgene Corporation, which was terminated
in 2008. The decrease in revenue was offset by the recognition of ? 7.4 million
previously deferred revenue from the agreement with Yakult Honsha Co. Ltd. for
the development of satraplatin in Japan.
Research and development (R&D) expenses decreased 60% to ? 6.7 million for 2009
compared to
? 16.8 million for 2008. The decrease in 2009 was primarily due to staff
reductions as a result of the restructuring plan implemented in the first
quarter of 2008, as well as a decrease in clinical trial costs due to reduced
clinical trial volumes related to satraplatin.
In 2009, administrative expenses decreased 14% to ? 13.1 million compared to ?
15.2 million for 2008. The decrease in administrative expenses was mainly due to
staff reductions and other associated activities as a result of the
restructuring plans implemented in 2008. This reduction, primarily in personnel
costs, was largely offset by one-time costs associated with the business
combination of Agennix Incorporated and GPC Biotech. Of the ? 13.1 million in
administrative expenses, approximately ? 8.6 million are one-time costs relating
to the business combination, which includes legal and advisory fees for banks,
legal counsel and auditors, and severance.
Net loss for 2009 decreased 44% to ? 11.9 million compared to ? 21.3 million for
2008. Net loss before tax was ? 13.1 million in 2009 (2008: ? 21.3 million).
In 2009, a non-cash income tax benefit of ? 1.1 million was recognized in
connection with the accounting for the business combination of Agennix
Incorporated and GPC Biotech; no such tax benefit was recognized by the Company
for 2008. Basic and diluted loss per share was ? 1.31 for 2009 compared to ?
2.89 for 2008. Loss per share amounts for 2008 have been retrospectively
adjusted to reflect the effect of the 5-to-1 exchange ratio related to the
merger.
Cash position
As of December 31, 2009, cash, cash equivalents and available-for-sale
investments totaled ? 11.5 million (December 31, 2008: ? 32.0 million),
including ? 0.1 million in restricted cash. Net cash burn for fiscal year 2009
was ? 21.4 million (December 31, 2008: ? 33.1 million), with net cash burn of ?
4.9 million in the first quarter, ? 6.5 million for the second quarter, ? 4.1
million for the third quarter and ? 5.9 million for the fourth quarter. Net cash
burn is derived by adding net cash used in operating activities and purchases of
property, equipment and intangibles. The figures used to calculate net cash
burn are contained in the Company's consolidated cash flow statement for the
fiscal year ended December 31, 2009.
Comparison to previous year: fourth quarter 2009 compared to fourth quarter
2008
Revenues for the three months ended December 31, 2009 increased 241% to ? 7.5
million compared to
? 31,000 for the same period in 2008. The increase in revenues is due to the
recognition of ? 7.4 million previously deferred revenue from the agreement with
Yakult for the development of satraplatin in Japan. R&D expenses for the fourth
quarter of 2009 decreased 15% to ? 2.9 million compared to ? 3.4 million for the
fourth quarter of 2008. Administrative expenses increased 6% for the fourth
quarter of 2009 to ? 5.2 million compared to ? 4.9 million for the same quarter
in 2008. Net loss for the fourth quarter of 2009 was ? 1.3 million compared to
? 9.0 million for the fourth quarter of 2008. Net loss before tax was ? 2.5
million for the fourth quarter of 2009 compared to ? 9.0 million for the fourth
quarter of 2008. Basic and diluted loss per share was ? 0.15 for the fourth
quarter of 2009 compared to ? 1.23 for the same period in 2008.
Quarter over quarter results: fourth quarter 2009 compared to third quarter
2009
Revenues for the fourth quarter of 2009 were ? 7.5 million compared to ? 0.2
million for the previous quarter. R&D expenses were ? 2.9 million for the
fourth quarter of 2009 compared to ? 1.3 million for third quarter of 2009.
Administrative expenses for the fourth quarter of 2009 were ? 5.2 million
compared to ? 1.6 million for the previous quarter. The Company had a net loss
of ? 1.3 million in the fourth quarter of 2009 compared to ? 2.1 million for the
previous quarter. Net loss before tax was ? 2.5 million for the fourth quarter
of 2009 compared to ? 2.1 million for the previous quarter. Basic and diluted
loss per share was ? 0.15 for the fourth quarter of 2009 compared to ? 0.29 for
the previous quarter.
Torsten Hombeck, Ph.D., Chief Financial Officer, said: "We are excited about
what we have already achieved since the close of the merger, including positive
results from a Phase 2 trial in severe sepsis, expansion of the FORTIS-M trial
beyond the U.S. into Europe and other parts of the world, and the completion of
a private placement raising ? 9.8 million."
Dr. Hombeck continued: "Ensuring that Agennix has sufficient funding to get to
the next major milestone with talactoferrin, which we expect to be Phase 3 data
in non-small cell lung cancer at the end of 2011, is a high priority. We also
look forward to advancing talactoferrin in the development of severe sepsis and
are pleased that more details from the Phase 2 trial in that indication will be
presented at the American Thoracic Society International Conference in May."
Financial guidance
With the recently completed financing, the Company expects to have sufficient
cash to fund operations into the third quarter of 2010. The Company plans to
raise additional funds during 2010 to have sufficient capital to complete the
FORTIS-M trial and continue other key development and corporate activities
beyond the third quarter of 2010. The Company is also actively seeking a
partnership for oral talactoferrin, which would provide a non-dilutive source of
funding.
2010 financial calendar
The Company announced dates for its 2010 quarterly results as follows:
First quarter: May 6, 2010
Second quarter: August 5, 2010
Third quarter: November 4, 2010
Conference call scheduled
As previously announced, the Company has scheduled a conference call to which
participants may listen via live webcast, accessible through the Agennix Web
site at www.agennix.com or via telephone. A replay will be available via the Web
site following the live event. The call, which will be conducted in English,
will be held on March 24(th) at 14:00 CET/9:00 AM EDT. The dial-in numbers for
the call are as follows:
Participants from Europe: 0049 (0)69 667775756
0044 (0)20 3003 2666
Participants from the U.S.: 1-646-843-4608
Please dial in 10 minutes before the beginning of the meeting.
About Agennix
Agennix AG is a publicly traded biopharmaceutical company that is developing
novel therapies in areas of major unmet medical need to improve the length and
quality of life of seriously ill patients. The Company's most advanced program
is talactoferrin, an oral targeted therapy that has demonstrated activity in
randomized, double-blind, placebo-controlled Phase 2 studies in non-small cell
lung cancer as well as in severe sepsis. Talactoferrin is currently in Phase 3
clinical trials in non-small cell lung cancer. Other clinical development
programs include RGB-286638, a multi-targeted kinase inhibitor in Phase 1
testing; the oral platinum-based compound satraplatin; and a topical gel form of
talactoferrin for diabetic foot ulcers. Agennix's registered seat is in
Heidelberg, Germany. The Company has three sites of operation:
Martinsried/Munich, Germany; Princeton, New Jersey and Houston, Texas. For
additional information, please visit the Agennix Web site at www.agennix.com.
This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of Agennix AG, including
statements about the Company's future cash position. Such statements are based
on current expectations and are subject to risks and uncertainties, many of
which are beyond the control of the Company, that could cause future results,
performance or achievements to differ significantly from the results,
performance or achievements expressed or implied by such forward-looking
statements. Actual results could differ materially depending on a number of
factors, and management cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. Forward-looking
statements speak only as of the date on which they are made and Agennix
undertakes no obligation to update these forward-looking statements, even if new
information becomes available in the future.
For further information, please contact:
Agennix
AG
Investor Relations & Corporate Communications
Phone: +49 (0)89
8565 2693
ir(at)agennix.com
In the U.S.: Laurie
Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 609 524 5884
laurie.doyle(at)agennix.com
Additional media contacts for Europe:
MC Services
AG
Phone: +49 (0)89 210 228 0
Raimund
Gabriel
raimund.gabriel(at)mc-services.eu
Hilda
Juhasz
hilda.juhasz(at)mc-services.eu
Additional investor contact for Europe:
Trout International
LLC
Lauren Williams, Vice President
Phone: +44 207 936 9325
lwilliams(at)troutgroup.com
- Financials follow -
For the full management report and condensed consolidated financial statements
and accompanying notes for the fiscal year ended December 31, 2009, please see
the Investor Relations section of the Agennix website at
http://www.agennix.com/index.php?option=com_content&view=article&id=14&Itemid=33
&lang=en.
[HUG#1396950]
--- End of Message ---
Agennix AG
Im Neuenheimer Feld 515 Heidelberg Germany
ISIN: DE000A1A6XX4;
Listed: Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release including Financial Tables: http://hugin.info/142386/R/1396950/353075.pdf
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Datum: 24.03.2010 - 02:29 Uhr
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