Thallion Announces 2011 Year End Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 02/22/12 -- Thallion Pharmaceuticals Inc. (TSX: TLN) today announced its operational and financial results for the three-month and twelve-month periods ended November 30, 2011.
Fourth Quarter Operational Highlights
2011 Operational Highlights
"With the completion of patient enrollment in our Phase II SHIGATEC trial, we anticipate announcing top line results in the second quarter of 2012," said Dr. Allan Mandelzys, Chief Executive Officer of Thallion Pharmaceuticals Inc. "STEC infection continues to be a public health concern, highlighted in particular, by last summer's German outbreak that infected more than 4,000 individuals, and Thallion remains committed to advancing the development of Shigamabs® to address this unmet medical need."
Financial Highlights
Collaboration and licensing revenues for the three-month period ended November 30, 2011, were $578,177 compared to $1,513,550 for the corresponding period in 2010. Collaboration and licensing revenues for the twelve-month period ended November 30, 2011, were $3,205,428 compared to $3,843,654 for the same period last year. The decreases in revenues are primarily due to the Company's revised cost estimates for both Phase II and Phase III SHIGATEC studies which directly impacted the percentage of completion calculation used to recognize revenues.
Research and development (R&D) expenses before tax credits for the three-month period ended November 30, 2011, were $1,569,188 compared with $1,941,406 for the three-month period ended November 30, 2010. R&D expenses for the twelve-month period ended November 30, 2011, were $4,869,071 compared with $5,516,648 for the corresponding period in 2010. The change in fiscal 2011 is due to savings realized from the phase-out of the TLN-4601 and TLN-232 programs in 2010, reduced operating expenses as a result of the Company's change in headquarters, as well as $519,017 in milestone payments due to Sunol Molecular Corporation in 2010. These decreases were partially offset by an increase in R&D activities related to Shigamabs in 2011.
General and administrative (G&A) expenses for the three-month period ended November 30, 2011, were $1,048,940 compared with $903,026 for the corresponding period last year. General and administrative expenses for the twelve-month period ended November 30, 2011, were $2,992,744 compared with $4,204,104 for the corresponding period last year. The change in fiscal 2011 is due to reduced severance costs and reductions in G&A personnel, as well as cost savings from the relocation of head office and lease related expenses, partially offset by a $250,000 provision for a contingent loss pursuant to the arbitration proceedings.
The net loss for the three-month period ended November 30, 2011, was $1,732,618 or $0.05 per share compared to $1,128,252 or $0.04 per share in the fourth quarter of 2010. The net loss for the twelve-month period ended November 30, 2011, was $4,447,118 or $0.14 per share compared to $4,880,232 or $0.15 per share for the corresponding period in 2010. The changes in net loss were mainly attributable to a reduction in G&A and R&D expenses partially offset by lower collaboration and licensing revenues.
As at November 30, 2011, the Company's unrestricted cash position amounted to $8,290,115, which consists of cash and short-term investments. The Company's liquidity availability amounted to $8,533,803 compared with $10,981,096 on November 30, 2010. The decrease in liquidity is primarily due to the reduction of accounts payable and accrued liabilities in addition to cash expenses relating to operations for the year ended November 30, 2011, offset by Shigamabs® development funding received from LFB.
As of February 22, 2012, the Company had 32,194,566 common shares outstanding and a total of 2,768,450 stock options outstanding.
About Thallion Pharmaceuticals Inc.
Thallion Pharmaceuticals Inc. (TSX: TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company's clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® is a dual antibody product being evaluated in a Phase II clinical trial for the treatment of Shiga toxin producing E. coli bacterial infections. Additional information about the Company can be obtained at .
Forward-Looking Statements
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect Thallion's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, the satisfaction of conditions provided in the development and commercialization agreement with LFB, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in Thallion's ongoing filings with the Canadian securities regulatory authorities which filings can be found at . Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Thallion undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
Financial results included below:
Contacts:
Thallion Pharmaceuticals Inc.
Michael Singer
Chief Financial Officer
(514) 940-3610
(514) 336-2343 (FAX)
Investor Relations
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Media Relations
Leonard Zehr
Kilmer Lucas Inc.
Office: (905) 486-1158
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Datum: 22.02.2012 - 16:00 Uhr
Sprache: Deutsch
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