WILEX AG / Final Results
24.02.2010 07:17
Dissemination of a Corporate News, transmitted by
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WILEX reports on the successful financial year 2009
- Significant progress of all clinical projects
- Income quadrupled to EUR 13.0 million
- Result improved by 38%
Munich, 24 February 2010. The biopharmaceutical company WILEX AG (ISIN
DE0006614720/ Frankfurt Stock Exchange / Prime Standard) announced today
its financial results and annual report for the financial year 2009 (1
December 2008 - 30 November 2009).
Peter Llewellyn-Davies, Chief Financial Officer of WILEX AG commented: 'Our
Company took a decisive step forward in 2009. Our product candidates
delivered positive clinical data and REDECTANE(R) is getting closer to
market. At the same time, we fully met our forecasts for the 2009 financial
year. Income quadrupled compared to last year and we were able to improve
our result significantly.'
Developments in financial year 2009
WILEX was successful in making significant progress in all its operations:
its clinical trials, the expansion of its product portfolio and the
development of its income.
REDECTANE(R): Patient recruitment in the Phase III trial of the diagnostic
antibody REDECTANE(R) was successfully completed in September 2009.
Preliminary data from this trial, which were announced at the end of
November 2009, showed that PET/CT with REDECTANE(R) provides a better
diagnosis of clear cell renal cell carcinoma than CT alone.
RENCAREX(R): The last patient in the Phase III ARISER trial with the
therapeutic antibody RENCAREX(R) in the indication of clear cell renal cell
cancer, completed the 24-week treatment in February 2009. The independent
interim analysis for efficacy of RENCAREX(R) requires 343 relapses. A total
of 303 patients had relapsed by the end of January 2010.
MESUPRON(R): The small molecule drug candidate MESUPRON(R) generated
encouraging, preliminary data when administered in combination with the
chemotherapeutic agent gemcitabine in a Phase II trial with pancreatic
cancer patients. The trial endpoints tumour response rate, one-year
survival rate and median survival time improved following combination
therapy with MESUPRON(R).
Strategic alliance: WILEX and UCB Pharma S.A. (UCB) signed a strategic
alliance at the start of the 2009 financial year, which saw WILEX taking
over UCB's preclinical oncology portfolio. WX-554, the first product
candidate from this partnership, was successfully transitioned to a Phase I
trial in 2009. Consequently, milestone payments from UCB totalling EUR 10
million became payable.
Capital measures: A capital increase was executed in February 2009 as part
of the UCB deal using authorised capital in return for contributions
in-kind. A rights issue using authorised capital was completed after the
end of the reporting period in December 2009. The Company received total
proceeds of EUR 18.5 million.
Key financial figures for financial year 2009
In the 2009 financial year, WILEX posted a pre-tax loss of EUR 12.7 million
(previous year: loss of EUR 20.4 million). The net loss for the year fell
by 37.7% to EUR 12.7 million (from EUR 20.4 million the previous year)
thanks to the revenue generated. This corresponds to earnings per share of
EUR -0.95 (previous year: EUR -1.71).
The Company posted sales revenue for the very first time in 2009, resulting
from the UCB milestone payments totalling EUR 10 million. Other income fell
by 6.1% from EUR 3.2 million the previous year to EUR 3.0 million. This
income comprises advance prepayments from our cooperation partners deferred
and recognised at the time the relevant services are rendered.
The operating expenses rose from EUR 24.6 million by approximately 5.2% to
EUR 25.9 million. Research and development costs rose by 8.3% to EUR 21.8
million (2008: EUR 20.2 million) compared to last year as a result of the
increase in the number of project. Administrative costs fell from EUR 4.4
million by 8.8% to EUR 4.1 million compared to last year.
The equity at the end of the reporting period was EUR 3.0 million (30
November 2008: EUR 5.8 million), which corresponds to an equity ratio of
25.3% as of 30 November 2009 (30 November 2008: 37.8%).
WILEX's cash and cash equivalents totalled EUR 3.4 million (previous year:
EUR 12.1 million) as at the close of the 2009 financial year. WILEX's
liquidity and equity situation has improved since the reporting date thanks
to both the milestone payment of EUR 5.0 million and the net proceeds of
about EUR 8.5 million from the cash capital increase completed in December
2009. Based on current planning, WILEX is financed until the third quarter
of 2010.
Outlook for the 2010 financial year
WILEX expects its operational successes to continue in 2010 and anticipates
a succession of key operating and commercial milestones. The Phase III
trial of REDECTANE(R) is expected to be reported in the second quarter and
could serve as the basis for submitting a marketing application to the FDA
in Q4 2010. Final data on the Phase II trial of MESUPRON(R) in pancreatic
cancer are expected in first half of the year. At the same time, the
Company expects to conclude a commercial deal with MESUPRON(R).
The annual report including the annual financial statements in accordance
with International Financial Reporting Standards (IFRS) and the annual
financial statements pursuant to the German Commercial Code (HGB) were
published at www.wilex.com.
|[![CDATA[|[pre|]]]|]
Key figures 20091) 20081) Change
Earnings EUR '000 in %
Sales revenue 10,000 0 n/a
Other income 3,013 3,208 (6.1)
Operating expenses (25,878) (24,601) 5.2
of which research and development costs (21,823) (20,157) 8.3
Operating result (12,864) (21,394) (39.9)
Earnings before tax (12,714) (20,433) (37.8)
Net loss for the period (12,729) (20,448) (37.7)
Earnings per share in Euros (0.95) (1.71) (44.2)
Balance sheet as of 30 November in EUR '000
Total assets 12,013 15,327 (21.6)
Cash and cash equivalents 3,411 12,137 (71.9)
Equity 3,045 5,790 (47.4)
Equity ratio2) in % 25.3 37.8 (32.9)
Cash flow statement in EUR '000
Cash flow from operating activities (18,638) (22,830) (18.4)
Cash flow from investing activities (71) 14,932 (100.5)
Cash flow from financing activities 9,794 (89) n/a
Employees
Employees as of 30.11.3) 71 66 7.6
Employees - average for the reporting period
3) 66 62 6.6
|[![CDATA[|[/pre|]]]|]
1) The reporting period begins on 1 December and ends on 30 November.
2) Equity / total assets.
3) Including members of the Executive Management Board.
Invitation to the conference calls:
On 24 February 2010, WILEX will hold a public conference call for media at
10:30 a.m. CET, and for analysts and investors at 3:00 p.m. CET.
Press conference (in English)
Time: 10.30 a.m. CET
1. Dial-in number: +49 69 20 17 44 210
2. When asked, please enter the PIN code 400404#.
Analyst conference (in English)
Time: 3:00 p.m. CET
1. Dial-in number:
Germany: +49 69 20 17 44 210
UK: +44 207 153 9154
USA: +1 877 423 0830
2. When asked, please enter the PIN code 265704#.
Please dial in ten minutes before the conference and state your name and
company when asked to do so. The presentations for the conference (in
English) will be available for download at www.wilex.com from 9:00 a.m.
CET.
Contact
WILEX AG
Katja Arnold (CIRO)
Grillparzerstr. 10
81675 Munich
Germany
Tel.: +49 (0)89-41 31 38-126
Fax: +49 (0)89-41 31 38-99
E-mail: investors@wilex.com
Additional media contact for Europe:
MC Services AG
Raimund Gabriel
Tel.: +49 (0)89-210 228 0
E-mail: raimund.gabriel@mc-services.eu
About WILEX AG:
WILEX AG is a biopharmaceutical company based in Munich and is listed at
the Frankfurt Stock Exchange at the Regulated Market / Prime Standard.
WILEX's mission is to develop drugs with a low side effect profile and
targeted treatment of different types of cancer as well as diagnostic
agents for specific detection of tumours. The Company's product candidates
are based on antibodies and small molecules. WILEX has an attractive
product pipeline which includes both drug and diagnostic candidates: The
candidates RENCAREX(R) and REDECTANE(R) are undergoing Phase III
registration trials. MESUPRON(R) is in Phase II trials in two indications.
The MEK inhibitor WX-554 is in a Phase I trial, and the other four oncology
projects (PI3K inhibitor WX-037 and three antibody programmes) are in
preclinical development. WILEX aims within a few years to be able to
finance its research and development programmes from its operating cash
flow.
Website: http://www.WILEX.com; ISIN DE0006614720/WKN 661472/Symbol WL6
This communication contains certain forward-looking statements relating to
the Company's business, which can be identified by the use of
forward-looking terminology such as 'estimates', 'believes', 'expects',
'may', 'will' 'should' 'future', 'potential' or similar expressions or by a
general discussion of the Company's strategy, plans or intentions. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors, which may cause our actual results of operations,
financial position, earnings, achievements, or industry results, to be
materially different from any future results, earnings or achievements
expressed or implied by such forward-looking statements. Given these
uncertainties, prospective investors and partners are cautioned not to
place undue reliance on such forward-looking statements. We disclaim any
obligation to update any such forward-looking statements to reflect future
events or developments.
24.02.2010 07:17 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: WILEX AG
Grillparzerstr. 10
81675 München
Deutschland
Phone: +49 (0)89 41 31 38 - 0
Fax: +49 (0)89 41 31 38 - 99
E-mail: info@wilex.com
Internet: www.wilex.com
ISIN: DE0006614720
WKN: 661472
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: WILEX reports on the successful financial year 2009
| Source: EQS Group AG