Copenhagen, Denmark – 17 August 2011 – Topotarget A/S (NASDAQ OMX: TOPO.CO) announced today that the Board of Directors has reviewed and approved the company’s interim report for the period 1 January to 30 June 2011.
- Topotarget recognized revenues of DKK 62.6 million during the period (DKK 62.8 million in the same period 2010)
- A pre-tax profit of DKK 2.3 million (2010: Profit of DKK 7.6 million) was recorded for the period
- The Group’s net cash and cash equivalents as of 30 June 2011 totaled DKK 151.7 million (DKK 205.1 million at year-end 2010)
- Topotarget is still expecting the pre-tax loss to be within the guidance given on 5 April 2011, of DKK 20-40 million for 2011
The complete report is attached as a PDF-file or can be found on www.topotarget.com
Topotarget A/S
For further information, please contact:
Francois Martelet, CEO Direct: +45 39 17 83 41; Mobile: +45 51 32 83 41
Anders Vadsholt, CFO Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55
Annette Lykke, IR Direct: +45 39 17 83 44; Mobile: +45 23 28 98 14
Background information
About Topotarget
Topotarget (NASDAQ OMX: TOPO.CO) is an international biotech company headquartered in Denmark, dedicated to improve cancer therapies. In collaboration with Spectrum Pharmaceuticals, Inc. Topotarget currently focuses on the development in clinical studies of its lead drug candidate, belinostat, which has demonstrated an anti-neoplastic effect in both hematological malignancies and solid tumors. Belinostat can be used in combination with full doses of other chemotherapeutic agents, and is currently in a pivotal trial within PTCL (peripheral T-cell lymphoma) and phase II in cancer of other unknown primary site (CUP). Topotarget’s cancer drug target is HDAC. Totect® is a product on the market developed from Topotarget’s drug discovery technology. Totect® is marketed by the company’s own sales specialists 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 pre-clinical 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 enrollment 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.
