Highlights of 2006:
* EUR 66.6 million in cash and cash equivalents as of December 31,
2006
* Increase in revenues to EUR 13.1 million from EUR 9.6 million in
2005
* Anticipated filing of FDA and EMEA marketing authorization
applications for Icatibant in HAE in third quarter 2007
BERLIN, March 29, 2007 (PRIME NEWSWIRE) -- Jerini AG (FSE:JI4) reported financial results for fiscal year ended December 31, 2006 at a press conference today in Frankfurt. "We made significant progress in Icatibant's clinical development for the subcutaneous treatment of hereditary angioedema (HAE). Based on the outcome of our two Phase III clinical trials, we plan to complete U.S. and European regulatory submissions in the third quarter of this year and anticipate product launch in 2008," said Jens Schneider-Mergener, CEO of Jerini.
Financial Review for Fiscal Year 2006
Under International Financial Reporting Standards (IFRS), revenues in 2006 increased by 36 percent to EUR 13.1 million from EUR 9.6 million in 2005, due to revenues generated from collaboration agreements with US-based pharmaceutical companies Alcon Research Ltd., Baxter AG, and Kos Pharmaceuticals, Inc. (now Abbott), along with higher revenues in its peptide services unit (JPT Peptide Technologies). Research and development expenses increased as planned to EUR 23.2 million (EUR 18.9 million in 2005), largely attributable to expenses from the Phase III clinical trials for hereditary angioedema (HAE). The loss from operations (EBIT) of EUR 25.1 million (compared to EUR 19.8 million in 2005) was in line with the company's forecast. The net loss increased to EUR 22.9 million (compared to EUR 15.3 million in 2005) as expected. Net cash burn (calculated as cash used in operating activities plus cash for investment in property and equipment) amounted to EUR 30.4 million in 2006, compared to EUR 7.0 million in 2005.
As of December 31, 2006, cash and cash equivalents amounted to EUR 66.6 million (December 31, 2005: EUR 96.5 million). "Our solid cash position provides us with the means to achieve our goal of launching Icatibant in Europe with our own sales and marketing teams. In preparation, we have increased our employee headcount by approximately 25 percent this year to 140, mainly in the sales and marketing areas," said Berndt Modig, Jerini CFO.
Outlook
Based on Icatibant's HAE clinical trial progress to date and the positive development of its other drug candidates, Jerini intends to concentrate in the future on developing of its own drug candidates. For 2007, the company forecasts a rise in operating expenses. Higher research and development expenses are anticipated as a result of the further development of Icatibant in at least one other indication, along with the start of clinical trials of JSM 6427, Jerini's integrin antagonist for the treatment of age-related macular degeneration (AMD). The development of Jerini's AMD program along with other ophthalmology compounds will be carried out by the company's newly established wholly-owned U.S. subsidiary, Jerini Ophthalmic, Inc. Further expansion in the sales area for the planned market launch of Icatibant in 2008 will also add expenses in 2007. As a result, an overall increase in losses from operations is to be expected in 2007.
About Jerini AG
Jerini is a pharmaceutical company based in Berlin, Germany, focusing on the discovery, development, and commercialization of novel peptide-based drugs. The company pursues disease indications that have limited or no treatment options and has built a drug pipeline composed of its own programs, as well as others in collaboration with established partners. In September 2006, Jerini reported Phase III clinical results of Icatibant in the subcutaneous treatment of hereditary angioedema. Based on its technology platform, Jerini has also established several in-house development programs, which address indications within the therapeutic areas of ophthalmology, oncology, and inflammatory disease.
ISIN: DE0006787476