WILEX AG / Quarter Results
14.04.2010 07:24
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WILEX publishes 3-month Financial Report 2010 and reports improved result
- Capital increase generates EUR 8.5 million
- Milestone payment of EUR 5.0 million received
- Standby equity distribution agreement for up to EUR 20.0 million signed
Munich, Germany, 14. April 2010. The biopharmaceutical company WILEX AG
(ISIN DE0006614720 /Frankfurt Stock Exchange/Prime Standard) today
published its results and the 3-month Financial Report 2010 (1 December
2009 - 28 February 2010).
'Whilst the Company's financing was the most important topic in the first
months of the financial year, eventful months with data from three clinical
trials now lie ahead. Nevertheless, the long-term funding of both the
Company and its ongoing trials remains a top priority. Thanks to its
existing pipeline, WILEX is extremely well positioned to further advance
the commercialisation of its product candidates', Peter Llewellyn-Davies,
Chief Financial Officer of WILEX AG, commented.
In December 2009, the capital increase generated net proceeds of EUR 8.5
million and WILEX received the second milestone payment of EUR 5.0 million
from UCB. A standby equity distribution agreement with funds of up to EUR
20.0 million was signed in March 2010, i.e. after the end of the first
quarter.
Projects and milestones
The final trial report for the Phase III registration trial with
REDECTANE(R) for the diagnosis of renal masses is planned for the second
quarter of 2010. WILEX will discuss the next steps with the FDA based on
these data. The preparation of the filing for approval is expected to take
three to six months so that the application could be submitted in the
fourth quarter.
In the Phase III ARISER trial of RENCAREX(R) in patients with clear cell
renal cell cancer, a total of 317 relapses were reported to WILEX by the
local trial centres as of the end of March. The next milestone - the
occurrence of the 343rd relapse - is expected to be achieved in 2010. The
data of all 864 patients will be analysed once this milestone is reached.
Subsequently, an independent interim analysis of the efficacy of
RENCAREX(R) will be initiated.
WILEX is expecting final data from the Phase II trial of the oral uPA
inhibitor MESUPRON(R) involving patients with pancreatic cancer in the
second quarter of 2010. In the Phase II trial with MESUPRON(R) in patients
with breast cancer a total of 75 out of 114 patients had been recruited up
to the end of March 2010.
The final data of the clinical Phase I trial with the MEK inhibitor WX-554
are expected in the second quarter of 2010.
Results of the first three months of 2010
WILEX posted earnings before taxes of EUR -5.4 million (previous year: EUR
-5.7 million) in the first three months of the 2010 financial year. At EUR
5.4 million, the net loss for the period was 5.7% below the previous year's
figure (EUR 5.7 million). This corresponds to earnings per share of EUR
-0.34 (previous year: EUR -0.48). At EUR 0.6 million, other income was
19.9% up year on year (EUR 0.5 million). As in the previous year, WILEX did
not recognise any sales revenue.
Operating expenses including depreciation, amortisation and impairment
losses amounted to EUR 6.0 million, down approximately 5.0% from the
previous year (EUR 6.3 million). This figure includes research and
development costs of EUR 4.8 million, which is a decrease of 10.8% compared
to the previous year (EUR 5.4 million). Whilst the costs for the ARISER
trial of RENCAREX(R) and the REDECT trial of REDECTANE(R) have declined as
expected due to the projects' degrees of completion, the costs for the
breast cancer trial of MESUPRON(R) have risen as planned due to increasing
patient recruitment. Further costs came up from the Phase I trial of WX-554
and preclinical trials. Administrative costs were EUR 1.2 million, up 29.1%
from the previous year (EUR 0.9 million). The increase is essentially due
to the rise in staff costs triggered by the revaluation of the stock
options.
As of 28 February 2010, the Company had cash and cash equivalents of EUR
10.7 million (30 November 2009: EUR 3.4 million). Adjusted for the effects
of both the cash capital increase and the milestone payment, WILEX's
average use of cash per month was EUR 2.1 million (previous year: EUR 1.9
million). Equity as of the end of the reporting period was EUR 6.4 million
(30 November 2009: EUR 3.0 million). This corresponds to an equity ratio of
45.7% (30 November 2009: 25.3%).
|[![CDATA[|[pre|]]]|]
Key figures Q1 20101) Q1 20091) Change
Earnings EUR '000 EUR '000 in %
Sales revenue 0 0 n/a
Other income 564 470 19.9
Operating expenses (5,969) (6,281) (5.0)
of which research and development (4,777) (5,357) (10.8)
Operating result (5,405) (5,811) (7.0)
Earnings before tax (5,394) (5,720) (5.7)
Net loss for the period (5,400) (5,725) (5.7)
Earnings per share in euros (0.34) (0.48) (28.6)
Balance sheet as of end of period
Total assets 14,001 19,730 (29.0)
Cash and cash equivalents 10,659 16,489 (35.4)
Equity 6,397 9,948 (35.7)
Equity ratio2) in % 45.7% 50.4% (9.4)
Cash flow
from operating activities (1,228) (5,718) (78.5)
from investing activities (1) (22) (95.4)
from financing activities 8,472 10,006 (15.3)
Employees
Employees as of end of period3) 70 64 9.4
Employees - average for reporting
period3) 70 65 7.7
|[![CDATA[|[/pre|]]]|]
1) The reporting period begins on 1 December and ends on 28 February
2) Equity / total assets
3) Including members of the Executive Management Board
The 3-month Financial Report including the single-entity financial
statements prepared in accordance with IFRS has been published on the
Company's website: www.wilex.com.
Invitation to the conference call
On 14 April 2010, WILEX will hold a conference call for media
representatives, analysts and investors in English at 3:00 p.m. CET. Please
dial in ten minutes before the conference call using the following dial-in
numbers:
Dial in numbers
Germany +49 (0) 69 6677 75756
UK +44 (0) 2030032666
USA +1 212 999 6659
You will be welcomed by an operator taking your name and company. The
presentations for the conference (in English) will be available for
download at the website from 14:00 p.m. CET. A replay of the conference
will be available on 15 April on the website
http://www.wilex.de/IR/Presentations.php.
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
Contact
Katja Arnold (CIRO)
WILEX AG
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
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.
14.04.2010 07:24 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 AG publishes 3-month Financial Report 2010 and reports improved result for the period
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