Veloxis Pharmaceuticals announces financial results for the first three months of 2016


Company Announcement no. 9/2016

 

To: NASDAQ OMX Copenhagen A/S                                                 Hørsholm, Denmark, 18 May, 2016

 

 

Veloxis Pharmaceuticals announces financial results for the first three months of 2016

 

Highlights:

 

  • First quarter revenue totaled 1,500 tUSD compared with 647 tUSD in first quarter 2015, reflecting the US market launch in December 2015 and the successful adoption of Envarsus® XR.  Likewise, Chiesi, under its license for European commercialization, continues to grow European sales and to launch Envarsus® XR in additional European countries.

 

  • Veloxis has entered into a five-year loan and security agreement with Lundbeckfond invest A/S and Novo A/S for up to USD 20 million in financing.  The facility may be utilized in tranches and repaid without penalty.  It carries a 9.25% interest rate, payable annually in arrears.  On 31 March, 2016, Veloxis had cash and cash equivalents of 6,650 tUSD.

 

  • Alastair McEwan has been appointed as Chief Operating Officer. Alastair McEwan has been involved in pharmaceutical development and commercialization for over twenty years and brings substantial operational and financial experience to the Company.

 

  • Veloxis moves all activities to the U.S. where most of the company’s current activities are already located. The process is expected to be completed during the second half of 2016.

                                                                                                                                                                 

  • Veloxis reported a net loss of 7,109 tUSD for the first quarter of 2016 compared to a net loss of 4,077 tUSD for the same period in 2015. The reported net loss is in line with expectations and the financial outlook for 2016 is maintained.

  

Outlook for 2016

Veloxis maintains its 2016 outlook of an operating and net loss of DKK 120 – 160 million, as noted in the 2015 Annual Report.  This translates to an operating and net loss of USD 17.6 – 23.4 million for the financial year 2016 based on an assumed average exchange rate of 1 USD = 6.83 DKK.

 

Reporting Currency

Effective January 2016 the presentation currency of Veloxis has been changed to USD from DKK. All comparative numbers from previous periods have been converted by using the period average currency rates for profit and loss numbers and the period end currency rate for balance sheet numbers.  The rates applied are 1 USD = 6.62 DKK for Q1 2015, and 1 USD = 6.94 DKK as at 31st March 2015. 1 USD = 6.73 DKK for total 2015 and 1 USD = 6.83 DKK as at 31st December 2015.
 

Conference call

A conference call will be held tomorrow, 19 May, 2016 at 3:00 PM CET (Denmark); 2:00 PM GMT (London), 9:00 AM EST (New York).

 

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

+45 32 71 16 59 (Denmark)

+44 (0) 20 3427 1910 (UK)

+1 646 254 3362 (USA)

Access code 8446996

 

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


Attachments

180516 Veloxis Result First Three Months 2016.pdf