Veloxis Pharmaceuticals announces financial results for the first nine months of 2012

        Print
| Source: Veloxis Pharmaceuticals A/S
multilang-release

Company Announcement no. 21/2012

Hørsholm, Denmark, 14 November, 2012

 

To: NASDAQ OMX Copenhagen A/S                                                                                        

    

Veloxis Pharmaceuticals announces financial results for the first nine months of 2012

Highlights:

  • Veloxis has in October 2012 entered into an exclusive distribution agreement with Chiesi Farmaceutici S.p.A, a fully integrated European Pharmaceutical company focused on respiratory disease and special care products, for the commercialization and distribution of its novel formulation immunosuppressant drug candidate LCP-Tacro in certain countries, including Europe, Turkey and CIS countries (Russia and former USSR republics). Under the terms of the agreement, Veloxis will receive up-front and milestone payments of up to USD 47.5 million (in aggregate). The milestone payments are subject to the achievement of certain regulatory milestones and sales targets.
  • Fully subscribed offering of 1,206,779,946 new shares at DKK 0.35 per share yielding approximately DKK 405 million in net proceeds.
  • Veloxis reported an operating loss before restructuring costs of DKK 195.5 million for the first nine months of 2012 compared to a loss of DKK 196.7 million for the same period in 2011.
  • For the first nine months of 2012, Veloxis’ research and development costs amounted to DKK 168.8 million compared to DKK 160.3 million during the same period in 2011.
  • On 30 September, 2012, Veloxis had cash and cash equivalents of DKK 86.7 million. The fully subscribed offering will increase the cash position with approximately DKK 405 million.

Outlook for 2012

Veloxis maintains its 2012 outlook with an operating and net loss of DKK 240-270 million for the financial year 2012.

As at 30 September 2012, the Company’s cash position equaled DKK 87 million, and as at 31 December 2012, the Company’s cash position is expected to be in the range of DKK 490-530 million, including the proceeds from the completed offering.

Conference call

A conference call will be held tomorrow, 15 November, 2012 at 2:00 PM CET (Denmark); 1:00 PM GMT (London), 8:00 AM EST (New York),

To access the live conference call, please dial one of the following numbers:

+45 32 72 80 18 (Denmark)

+44 (0) 1452 555 131 (UK)

+1 866 682 8490 (USA)

Access code 64372811

Following the conference call, a recording will be available on the company’s website http://www.veloxis.com