BioXell reports financial results for 2009
(Thomson Reuters ONE) -
bioXell S.p.A / BioXell reports financial results for 2009 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Milan, Italy, 29 March 2010- BioXell S.p.A. (SIX Swiss Exchange: BXLN) released
today its 2009 consolidated financial results according to US GAAP. BioXell's
annual report is available at www.bioxell.com
be obtained free of charge from Mr. Alvise Sagramoso (e-mail:
alvise.sagramoso(at)bioxell.com
+39 (0)2 210 49 550).
The Company recorded a total net loss of ? 13.8 million in 2009 versus ? 14.8
million in the previous fiscal year. The 2009 financials (US GAAP) can be
summarised as follows (audited, in millions of ?):
+-----------------------------------+--------------+--------------+
| ? millions | 31 Dec. 2008 | 31 Dec. 2009 |
+-----------------------------------+--------------+--------------+
| Total revenues | 1.5 | 1.3 |
+-----------------------------------+--------------+--------------+
| Research & development expenses | 11.6 | 6.3 |
+-----------------------------------+--------------+--------------+
| General & administrative expenses | 6.6 | 9.4 |
+-----------------------------------+--------------+--------------+
| Total operating expenses | 18.2 | 15.6 |
+-----------------------------------+--------------+--------------+
| Loss from operations | (16.7) | (14.3) |
+-----------------------------------+--------------+--------------+
| Financial income (net) | 1.9 | 0.5 |
+-----------------------------------+--------------+--------------+
| Net loss | (14.8) | (13.8) |
+-----------------------------------+--------------+--------------+
| | | |
+-----------------------------------+--------------+--------------+
| Cash and investment Securities | 43.6 | 32.1 |
+-----------------------------------+--------------+--------------+
| Total assets | 50.4 | 36.5 |
+-----------------------------------+--------------+--------------+
| Shareholders' equity | 42.2 | 27.9 |
+-----------------------------------+--------------+--------------+
| Net cash Burn | 13.7 | 11.5 |
+-----------------------------------+--------------+--------------+
On 4 March 2010, Cosmo Pharmaceuticals announced that 98.96% of all BioXell
shares had been tendered as a result of the public tender offer published by
Cosmo on 8 December 2009. The settlement of the offer took place on 11 March
2010. In accordance with the transaction agreement between Cosmo and BioXell,
the directors of the board of BioXell have resigned at settlement of the offer.
They will remain in office until the general meeting of shareholders, to take
place today on 29 March 2010, elects new directors of the board.
Upon completion of the offer, Cosmo plans to have the BioXell shares delisted
from SIX Swiss Exchange. Further, Cosmo currently intends to liquidate the
assets of BioXell and may subsequently put the Company in liquidation according
to sec. 2484 of the Italian Civil Code. However it may potentially also be an
option for Cosmo to delist the BioXell shares, and keep BioXell as a privately
held affiliated company, even if minority shareholders were to remain invested
in BioXell after the completion of the offer.
For further information, please contact:
BioXell Dynamics Group SA
Alvise Sagramoso, Chief Administrative Christophe Lamps
Officer Tel: +41 (0)22 308 62 22
Tel: +39 (0)2 210 49 550 Fax: +41 (0)22 308 62 36
Fax: +39 (0)2 700 59 926 cla(at)dynamicsgroup.ch
alvise.sagramoso(at)bioxell.com
This press release can be downloaded atwww.bioxell.com
Disclaimer
This document does not constitute, or form part of, any offer to purchase or
sell any shares or other securities and neither it nor any part of it shall form
the basis of, or be relied upon in connection with any contract or commitment
whatsoever. Any decision to tender shares must be based on the official offer
documents. This document does also not constitute a pre-announcement or an
offering prospectus pursuant to Swiss laws or any other laws.
This press release does not constitute or form part, or all, of any offer or
invitation to sell or issue, or any solicitation of any offer to purchase or
subscribe for, any securities, nor shall part, or all, of these materials or
their distribution form the basis of, or be relied on in connection with, any
contract or investment decision in relation to any securities. This press
release contains forward-looking statements based on the currently held beliefs
and assumptions of the management of BioXell, which are expressed in good faith
and, in their opinion, reasonable. Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, financial condition, performance, or achievements of BioXell, or
industry results, to differ materially from the results, financial condition,
performance or achievements expressed or implied by such forward-looking
statements. Given these risks, uncertainties and other factors, recipients of
this document are cautioned not to place undue reliance on these forward-looking
statements. BioXell disclaims any obligation to update these forward-looking
statements to reflect future events or developments.
[HUG#1398462]
--- End of Message ---
bioXell S.p.A
via Olgettina 58 Milan Italy
WKN: A0J3MW;ISIN: IT0004069933 ;
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse,
Freiverkehr in Bayerische Börse München;
English version PDF: http://hugin.info/133681/R/1398462/354278.pdf
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Datum: 29.03.2010 - 01:30 Uhr
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