WILEX AG / Quarter Results 14.04.2010 07:24 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 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|]]]|] --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-News: WILEX AG publishes 3-month Financial Report 2010 and reports improved result for the period
| Source: EQS Group AG