Intercell AG

EANS-Adhoc: Intercell AG announces Q4 and preliminary full year 2012 financial results and business update

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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  announcement.
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Financial Figures/Balance Sheet/quarterly report
05.03.2013


» Further increase in product sales and reduction of net loss in 2012
» Pediatric approval of Intercell's Japanese Encephalitis vaccine in Europe
» Merger between Intercell AG and Vivalis SA to create Valneva SE progressing
well


Q4 and preliminary full year 2012 financial results

» Total revenues in 2012 increased by 8.5% to EUR 35.7m 
» R&D expenses reduced by 33.9% to EUR 19.8m 
» SG&A expenses stable at EUR 15.8m despite increase in sales and marketing
costs and one-time expenses due to announced merger
» Revenue growth and further cost savings led to reduction of full year 2012 net
loss to EUR 25.3m compared to EUR 29.3m in 2011
» Cash position of EUR 44.9m at year-end
» Further growth in JEV product sales expected in 2013; financial strategy of
targeted R&D spending and reduction of net loss to be continued as part of
Valneva


Key Financial Figures 
(EUR in thousands)


Year ended December 31,              2012          2011         

Revenues                           35,665        32,884 

Net profit/(loss)                  (25,337)     (29,265)        

Net operating cash flow            (21,726)     (42,858)             


Cash, short-term deposits,
and marketable securities, 
end of the year                     44,933       50,859


Thomas Lingelbach, CEO of Intercell, commented:
"This is an exciting time for the Company and its shareholders. The solid sales
growth for the JEV vaccine along with positive news of pediatric approval in
Europe and the launch of the vaccine in India, demonstrates the potential for
this important vaccine. Following Intercell's shareholder approval of the merger
with Vivalis to form Valneva, we can build a leading European biotechnology
company with greater scale and diversification, strengthened financial profile,
complementary talent and capabilities, and most importantly, to deliver
shareholder value."

Vienna (Austria), March 5, 2013 - Today, Intercell AG (VSE: ICLL) announced its
financial results for preliminary Q4 and the results for the full financial year
2012 and provided a business update.


Business Highlights 

Solid IXIARO®/JESPECT® sales growth performance

 
Full year product sales of IXIARO®/JESPECT®, a vaccine to protect against
Japanese Encephalitis (JE), increased to EUR 26.8m in 2012 compared to EUR 21.6m
in 2011. This corresponds to a growth of 24.2% for the full year and 41.6% in Q4
2012 (EUR 8.6m) compared to Q4 2011 (EUR 6.1m). The continuous sales growth of
IXIARO®/JESPECT® confirms the strong potential of the product. 

In February 2013, the European Medicines Agency (EMA) and the European
Commission (EC) granted Marketing Authorisation for the pediatric indication for
IXIARO®. The EC decision ratifies the positive opinion from the European
Committee for Human Medicinal Products (CHMP) in December 2012. The approval in
the European Union provides formal Marketing Authorisation for the pediatric
indication of IXIARO® in all 27 member states as well as Norway, Liechtenstein
and Iceland.

Intercell's next-generation vaccine to protect travelers against JE has been
licensed in more than 30 countries world-wide, and is the Company's first
product on the market. Extension of the approved indications to include the
pediatric age segment in the EU allows the vaccine to be administered to adults
and children aged 2 months and above who travel to, or live in, endemic areas.
Intercell and its marketing and distribution partners are committed to
introducing the IXIARO® product for administration in all approved age groups as
soon as possible. In the U.S. the pediatric label extension is currently under
review by the FDA.


R&D pipeline progression

Pre-clinical proof of concept for vaccine candidate against Lyme borreliosis 
The Company's pre-clinical lead vaccine candidate against Lyme borreliosis is
progressing towards pre-clinical proof of concept studies according to plan. The
proprietary vaccine candidate, based on a novel technology, has passed all
pre-clinical research steps and is moving towards pre-clinical development in
preparation for clinical entry in 2014. 


Corporate/Other 

In December 2012, the Management Boards of Vivalis and Intercell announced that
they have agreed the terms of a merger to create the newly-named Valneva, a
leading European biotechnology company in vaccines and antibodies. The merger
will create an integrated company with greater scale and diversification,
strengthened financial profile, and complementary talent and capabilities.

On February 27, 2013 the Extraordinary General Meeting of Intercell AG approved
the proposed merger of equals between Intercell AG and Vivalis SA to create
Valneva SE. The Extraordinary General Meeting of Vivalis SA will take place on
March 7, 2013. 

The merger is expected to close in May 2013, after which Valneva SE intends to
launch a EUR 40m capital increase, subject to regulatory approval.

At the time of the announcement of the proposed merger of equals between Vivalis
SA and Intercell, Michel Greco, a member of both Intercell's and Vivalis'
Supervisory Boards, resigned from the Supervisory Board of Intercell. Upon
closing of the merger, he will be a Supervisory Board member of the newly
created company Valneva SE.

The report can be downloaded at
http://www.intercell.com/main/investors/financial-reports-presentations/quarterly-reports/


Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222
communications@intercell.com

end of announcement                               euro adhoc 
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issuer:      Intercell AG
             Campus Vienna Biocenter  3
             A-1030 Wien 
phone:       +43 1 20620-0
FAX:         +43 1 20620-800
mail:     investors@intercell.com 
WWW:      www.intercell.com
sector:      Biotechnology
ISIN:        AT0000612601
indexes:     ATX Prime
stockmarkets: official market: Wien 
language:   English
 



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