Topotarget A/S
Symbion
Fruebjergvej 3
DK 2100 Copenhagen
Denmark
Tel: +45 39 17 83 92
Fax: +45 39 17 94 92
CVR-nr: 25695771
www.topotarget.com
Copenhagen, Denmark - 22 April, 2010 - Topotarget A/S (NASDAQ OMX: TOPO.CO)
announces its financial guidance for 2010. For the 2010 year, Topotarget
expects a pre-tax profit of approximately DKK 0 - 20 million and expects a net
cash position at the end of 2010 of around DKK 175 - 195 million.
Topotarget A/S will present the following financial guidance for 2010 on its
annual general meeting 2010 to be held at 04.00 pm. today:
For the 2010 year, Topotarget expects a pre-tax profit of approximately DKK 0 -
20 million. Topotarget expects a net cash position at the end of 2010 of around
DKK
175 - 195 million.
The expected pre-tax profit for 2010 is positively impacted by the receipt of
an upfront payment of USD 30 million from Spectrum Pharmaceuticals under the
belinostat license agreement as well as by the consideration of EUR 5 million
(with an additional later upside of up to EUR 1 million) from the sale of the
rest-of world rights (outside North and South America) of Savene®. In line with
the company's accounting policies, 61% of the upfront payment from Spectrum
Pharmaceuticals will be recognized in 2010 while 39% will be deferred to 2011
(with approximately one 18th of the amount per month during the period February
2010 to July 2011). However, the full cash effect of the upfront payment of USD
30 million was booked in the first quarter of 2010.
Topotarget A/S
For further information, please contact:
Francois Martelet, CEO: Direct: +45 39 17 94 99; Mobile: +45 31 36 83 41
Anders Vadsholt, CFO: Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55
Background information
About Topotarget
Topotarget (NASDAQ OMX: TOPO) is an international biotech company headquartered
in Denmark, dedicated to improve cancer therapies. Topotarget currently
focuses, in collaboration with Spectrum Pharmaceuticals, Inc., on the
development in pivotal studies of its lead drug candidate, belinostat, which
has shown proof-of-concept as monotherapy in treating haematological
malignancies and positive results in solid tumours. Belinostat can be used in
combination with full doses of chemotherapy, and is currently in a pivotal
trial within PTCL (peripheral T-cell lymphoma). Topotarget's key cancer drugs
target HDAC, NAD+, mTOR, Fas ligand and topoisomerase II. The company's first
marketed product, Savene®/Totect®, was approved by EMEA in 2006 and the FDA in
2007, and is marketed by Topotarget's own sales force in the US. For more
information, please refer to www.topotarget.com.
Topotarget Safe Harbour Statement
This announcement may contain forward-looking statements, including statements
about our expectations of the progression of our preclinical and clinical
pipeline including the timing for commencement and completion of clinical
trials and with respect to cash burn guidance. Such statements are based on
management's current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Topotarget cautions investors that
there can be no assurance that actual results or business conditions will not
differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: The risk that any one or more of the drug development programs of
Topotarget will not proceed as planned for technical, scientific or commercial
reasons or due to patient enrolment issues or based on new information from
non-clinical or clinical studies or from other sources; the success of
competing products and technologies; technological uncertainty and product
development risks; uncertainty of additional funding; Topotarget's history of
incurring losses and the uncertainty of achieving profitability; Topotarget's
stage of development as a biopharmaceutical company; government regulation;
patent infringement claims against Topotarget's products, processes and
technologies; the ability to protect Topotarget's patents and proprietary
rights; uncertainties relating to commercialization rights; and product
liability exposure; We disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise, unless required by law.
