DGAP-News: PAION AG / Key word(s): Half Year Results
PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2011
10.08.2011 / 08:05
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PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2011
- PAION receives USD 3 million milestone payment from Ono Pharmaceutical
for start of Japanese Phase II with Remimazolam in the indication
anaesthesia
- Revenues increased by 26.4% to EUR 2.8 million and the loss for the
period decreased by 33.2% to EUR -2.9 million (year-on-year)
- Ongoing partnering discussions with potential licensees for
out-licensing of Remimazolam and M6G
- Positioning of Solulin in the indications haemophilia and radiation
injury
Aachen (Germany), 10 August 2011 - The biopharmaceutical company PAION AG
(ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today
reports its consolidated financial result according to International
Financial Reporting Standards (IFRS) for the first half-year 2011.
Revenues in the first half-year 2011 increased by EUR 0.6 million (26.4%)
to EUR 2.8 million compared to the prior-year period due to USD 3 million
milestone payment received in the second quarter 2011 from Ono
Pharmaceutical. The loss for the first half year of 2011 amounted to EUR
2.9 million meaning a decrease of EUR 1.4 million (33.2%) compared to the
prior-year period.
Dr Wolfgang Söhngen, CEO of PAION commented, 'Next to the active
discussions with potential licensing partners for the partnering of
Remimazolam, a deep analysis of the market potential of Remimazolam as well
as the development of Solulin in our new lead indication haemophilia was
the focus of all activities of the first half-year 2011. We are excited
about the progress of Remimazolam in Japan. Due to the milestone payment by
our licensing partner Ono, we were able to considerably improve our
financial situation.'
Overview H1 2011
Development & Commercialisation Activities
In the first half year of 2011 the partnering process for Remimazolam and
M6G was continued on an intensive basis. Based on the excellent results of
the Phase IIb trial with Remimazolam in colonoscopy, PAION is currently in
discussion with a selected number of interested parties. Findings from a
marketing study conducted early 2011 confirm the market potential of
Remimazolam and the current significant need for anaesthetics/sedatives
with an excellent safety profile and a fast onset of action. Among the
interested companies are both globally operating pharmaceutical companies
as well as companies having an interest in either the US or EU market. In
May 2011 Ono initiated the first Phase II trial with Remimazolam in Japan,
which triggered a milestone payment of USD 3 million.
Regarding the substance M6G for the treatment of peri-operative pain
discussions are also ongoing to continue the development together with
several partners in regional deal structures.
Following the announcement of positive preclinical data in the indication
haemophilia in December 2010, PAION has selected haemophilia as the new
lead indication for Solulin. In the first half year of 2011 a number of
activities were undertaken to substantiate the safety and efficacy profile
of Solulin in preclinical and ex vivo studies. Apart from the positioning
in this indication, the possible use of Solulin for the treatment of
radiation injury is being further evaluated.
Finance
Revenues in the first half-year 2011 increased by EUR 0.6 million (26.4%)
to EUR 2.8 million compared to the prior-year period. Research and
development expenses of EUR 3.0 million in the first half-year of 2011
decreased by EUR 1.3 million (30.3%) compared to the prior-year period.
This decrease is mainly caused by the Phase IIb study conducted with
Remimazolam in the previous year. The main research and development focus
in the first half-year 2011 was on Remimazolam and Solulin. General
administrative and selling expenses increased in the first six months of
2011 by EUR 0.3 million (14.3 %) to EUR 2.6 million. The increase results
from higher selling expenses in connection with partnering activities. The
loss for the first half-year of 2011 amounted to EUR 2.9 million meaning a
decrease of EUR 1.4 million (33.2%) compared to the prior-year period. Cash
and cash equivalents decreased by EUR 2.8 million in the first six months
2011 and amounted to EUR 12 million. As of 30 June 2011 PAION's remaining
equity facility amounted to EUR 13.2 million.
Outlook
PAION's major goals for 2011 are the out-licensing of Remimazolam, the
production of Remimazolam study medication in preparation of a Phase III
study programme, the out-licensing of M6G as well as further development of
Solulin. Furthermore, PAION expects in 2011 extensive development
activities by the cooperation partners Lundbeck (Desmoteplase), Ono
(Remimazolam) and Acorda (GGF2). Revenues in 2011 will include the
milestone payment of EUR 2.1 million received from Ono in the first
half-year 2011 for the development progress with Remimazolam and the
systematic release of deferred income related to the non-refundable
milestone payment of EUR 8 million received in 2008 from Lundbeck. This
deferred income is now expected to account for EUR 1.1 million instead of
EUR 1.5 million in 2011. This change reflects the amended timelines and
guidance for the anticipated filing of Desmoteplase (first half of 2014),
which was announced by our partner Lundbeck today. Apart from the change
regarding Desmoteplase, the financial Outlook made on 23 March 2011 with
the publication of the financial results 2010 remains unchanged. The cash
and cash equivalents secure a cash reach until the middle of 2012. This
does not account for further cash inflows from existing and future partners
or from the equity facility.
###
Key Consolidated Financial Figures, IFRS
|[![CDATA[|[pre|]]]|]
(all figures in KEUR unless Q2 Q2 H1 2011 H1 2010
otherwise noted) 2011 2010
Revenues 2,455 1,494 2,824 2,235
Research and development expenses -1,643 -1,870 -3,033 -4,353
General administrative and selling
expenses -1,109 -1,127 -2,550 -2,230
Net result for the period -364 -1,456 -2,892 -4,327
Earnings per share in EUR for the
period (basic) -0.01 -0.06 -0.11 -0.18
Earnings per share in EUR for the
period (diluted) -0.01 -0.06 -0.11 -0.18
H1 2011 H1 2010
Cash flows from operating
activities -3,100 -4,755
Cash flows from investing
activities -36 -14
Cash flows from financing
activities 328 -293
Change in cash and cash equivalents -2,833 -5,020
Average number of group employees 26 29
30 June 31 Dec.
2011 2010
Intangible assets 9,723 10,571
Cash and cash equivalents 12,049 14,882
Equity 9,436 11,968
Non-current liabilities 9,577 10,483
Balance sheet total 22,933 26,836
Equity ratio 41.1% 44.6%
|[![CDATA[|[/pre|]]]|]
The full annual financial report will be available as from 10 August 2011
on our corporate website at http://www.paion.com/en/berichte-2011.
Earnings call and webcast
In addition to the publication of the results, the Management Board of
PAION will host a public conference call (conducted in English) on
Wednesday, 10 August 2011 at 2 p.m. CET (1 p.m. GMT, 8 a.m. US Eastern
Time) to present the financial results of the first half-year 2011,
highlight the most important events of this period and provide further
details on the company's latest developments.
To access the call, participants from Germany may dial +49 69 20 17 44 210,
from the UK +44 207 153 9154 and from the US +1 877 423 0830 (other
countries: please choose from D/UK/US numbers). When prompted, please enter
the PIN 218270 followed by the hash-key (#). To allow for smooth processing
we suggest that you dial in ten minutes before the beginning of the call.
The conference call will be supplemented by a webcast presentation which
can be accessed during the call under the following link:
https://www.anywhereconference.com/. To connect, please enter 137341533 in
the field 'Weblogin' and 218270 in the field 'PIN Code'.
The dial-in details for the conference call and the webcast link will also
available on our website http://www.paion.com on the date of the call. The
conference call will be recorded. Details on how to access the replay will
be posted on the same web page after the call.
About PAION
PAION is a biopharmaceutical company headquartered in Aachen, Germany and
has a second site in Cambridge, UK. The company is specialized in
developing and commercializing innovative drugs for the hospital-based
treatment in indications for which there is a substantial unmet medical
need. PAION has a 'Search & Develop' business model, which is based on its
core expertise in drug development. Where appropriate, particularly during
the late stages of the clinical development, PAION seeks to collaborate
with experienced partners.
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12, 52062 Aachen - Germany
Phone +49 241 4453-152
E-mail r.penner@paion.com
http://www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
End of Corporate News
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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134985 10.08.2011
DGAP-News: PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2011
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