Announcement no. 20/2007
To the OMX Nordic Exchange
Copenhagen, August 30, 2007
Interim report for the period January 1 to June 30, 2007 (unaudited)
Curalogic's pipeline is progressing as planned
The development of Curalogic's three products for the treatment of allergy to
ragweed, grass and house dust mites is progressing as planned. All patients
have been enrolled in the Phase III clinical trial (RPE 04) of the ragweed
product. The preparations for a Phase III trial (GPE 03) of the grass product
are well under way, and the clinical protocol has been filed with the
regulatory authorities and ethical committees in a number of countries in
Europe. Curalogic expects to initiate the GPE 03 trial in the end of 2007 which
is a quarter earlier than the expectations stated in the Prospectus dated June
8, 2007. In the house dust mite project, a clinical protocol has been filed
with the regulatory authorities and the ethical committee in Germany.
Financial performance during the period April 1 to June 30, 2007
Curalogic recorded an operating loss (EBIT) of DKK 34.7 million in Q2 2007
compared to an operating loss of DKK 5.3 million in Q2 2006. The result is in
line with the expectations of the company. The main driver behind the
difference in operating loss compared to Q2 2006 is the increase in research
and development costs on DKK 28.6 millions due to increased clinical
development activities. The Company's cash amounted to DKK 397.8 million as of
June 30, 2007 compared to DKK 193.5 million as of June 30, 2006.
Outlook for the financial year 2007
Curalogic retains its expectations for the full year.
Events during the period April 1 to June 30, 2007
• Results from Phase II clinical trial of the grass product
In May, Curalogic announced the results from a Phase II clinical trial (GPE 02)
of its grass product. The results showed that the grass product is well
tolerated, both with and without prior updosing, and that the side effects
observed at very high doses are similar to those observed for the ragweed
product.
• All patients have now been enrolled in the Phase III clinical trial of the
ragweed product
On June 4, Curalogic completed the enrolment of a total of 545 patients in a
Phase III clinical trial (RPE 04) of its ragweed product. The ragweed pollen
season begins in mid-August, which means that all patients in the RPE 04 trial
can be sure to receive at least ten weeks of treatment before the ragweed
pollen season.
• Equity offering in June 2007
Curalogic made an offering of 18 million new shares in June 2007, and in July
2007 an overallotment option for 2 million shares was exercised in full,
bringing the gross proceeds to the Company from the offering to DKK 340
million. The net proceeds from the offering totaled DKK 323 million net of
transaction costs of DKK 17 million. The proceeds from the offering allow
Curalogic, among other things, to accelerate the development of the grass
product, so that the product can be launched one year earlier than previously
planned, and the Company will have the financial resources to conduct an US
Phase III trial (RPE 06) of the ragweed product in the 2009 season. After the
exercise of the overallotment option, Curalogic's share capital consists of
56,428,816 shares of DKK 0.50 nominal value each.
Key events after June 30, 2007
• Preparations for Phase III clinical trial (GPE 03) of the grass product
The preparations for the Phase III clinical trial of the grass product is well
under way, including the production of trial material. The clinical protocol
has been filed with the regulatory authorities and ethical committees in the
countries where the trial is planned to be conducted. Based on the progress in
the project Curalogic expects to initiate the GPE 03 trial in the end of 2007
which is a quarter earlier than the expectations stated in the Prospectus dated
June 8, 2007.
• Protocol filed for Phase II clinical trial (DME 01) of the house dust mite
product
In the house dust mite project, a clinical protocol has been filed with the
regulatory authorities and the ethical committee in Germany.
• Issuance of warrants
Curalogic intends to issue 975,000 warrants to new employees, current
employees, the Management Board and Board of Directors.
Statement by the Management Board and the Board of Directors on the interim
report
We have today considered and adopted the interim report of Curalogic A/S for
the six-month period January 1 to June 30, 2007.
The interim report has been prepared in accordance with IAS 34, the Company's
accounting policies for the financial year 2006 and additional Danish
disclosure requirements for interim reports of listed companies. The interim
report is unaudited.
We consider the accounting policies to be appropriate. Accordingly, the interim
report gives a true and fair view of the Company's financial position as of
June 30, 2007 and of the results of operations and cash flows for the six-month
period January 1 to June 30, 2007.
Copenhagen, August 30, 2007
Curalogic A/S
Board of Directors
Jakob Schmidt Christian Karsten Hansen
Pamela J. Kirby Alf A. Lindberg
Carl Spana
Management Board
Peter Moldt
For additional information, please contact:
Peter Moldt, President and CEO Tel +45 3311 4101, mobile +45 2625 0422
Helle Busck Fensvig, EVP and CFO Tel +45 3311 4101, mobile +45 2070 5537
