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Heidelberg (euro adhoc) - SYGNIS announces financial results for fiscal year
Heidelberg, 29 June 2011 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN
DE000A1E9B74; Prime Standard) today announced its financial results for the
2010/2011 fiscal year, which ended on 31 March 2011.
Financial figures for the 2010/2011 fiscal year
Cash including marketable securities was reduced by EUR8.7 million to
EUR6.8 million (2009/2010: EUR15.5 million). Long-term financial liabilities
amount to EUR8.0 million resulting from a loan that will not become payable
Net loss for the 2010/2011 fiscal year is -EUR12.4 million compared to
-EUR10.3 million in the previous year.
Operational expenditure increased to EUR13.0 million (2009/2010:
EUR9.2 million) due to higher expenses for the increased rate of patient
recruitment in the AXIS 2 study.
The net financial result amounted to -EUR0.1 million (2009/2010: -EUR1.8
million) due to unrealised losses on marketable securities.
Positive trend of the AXIS 2 Study: In March 2011 the Data Safety
Monitoring Board (DSMB) held its third and final interim review of the
clinical efficacy study using AX200 for the treatment of acute stroke
(AXIS 2 Study) and confirmed there was no indication of any undesired or
safety-related findings. Recruitment for the study continued to improve
during second half of 2010/2011 as a result of the amendment to the study-
protocol and on 31 March 2011, 75% of the 328 patients were enrolled.
Currently more than 90% of the patients have been enrolled.
Expanded IP-position for AX200: In February 2011, SYGNIS acquired the
exclusive rights for a European patent, which has strengthened and
prolonged the protection of AX200 for the treatment of acute stroke until
at least 2022; in addition it provides protection with regards to the
early regeneration phase after acute stroke.
Screening for KIBRA Modulators: The Company has launched a programme to
identify suitable compounds that could have an effect on the KIBRA
pathway, which plays a key role in memory disorders, following the results
from the in vitro and in vivo "proof of principle" studies.
Focusing on Research and Development: In the course of a corporate
restructuring process, SYGNIS decided to focus on the development of its
two main projects, AX200 and KIBRA. Furthermore, the execution of the
capital reduction by consolidating the SYGNIS shares at a ratio of 3:1 in
December 2010 improved the Company´s capital market viability.
Significant events post balance sheet date
On 15 June 2011, the Company executed a loan agreement with its main
shareholder, dievini Hopp, amounting to EUR 6.0 million. On the basis of
the current planning, these additional funds secure the financing of
SYGNIS´ operations until the end of calendar year 2012.
At the beginning of May 2011, the European Patent Office and the US Patent
and Trademark Office have given notice that they expect to issue
elementary KIBRA patents. The issuing of the first patents in this
important future field for the treatment of memory disorders improves the
patent position of SYGNIS and thus strengthens the value of the KIBRA
Peter Willinger, SYGNIS CFO, said, "The current year will be key for SYGNIS and
we have entered it in a stronger position on a number of fronts. Enrolment for
the AX200 efficacy-study for the treatment of acute stroke should complete soon
and we expect to report the top-line results towards the year end. According to
our present plans and including the committed financing of EUR6 million
by dievini Hopp we are in a good financial position from which to progress
the further development of our core projects."
With respect to the research and development activities regarding the two main
projects AX200 and KIBRA, SYGNIS expects to report a net loss and a liquidity
outflow of around EUR9 million for the current 2011/2012 fiscal year.
The key operational focus for the upcoming months is the completion of the
ongoing AXIS 2 Study and the analysis of the related study results. Initial
substantiated results are expected to be available by the end of 2011.
Dependent on these results, the Company will then evaluate the options for any
further development of AX200. This will include a possible out-licensing or the
further development of the project with its own resources.
SYGNIS expects to receive first results of potential candidates from the KIBRA
project in the third quarter of calendar year 2011. These results will form the
basis for upcoming research activities.
|Financial figures for financial year 2010/11 ended March 31, 2011 |
|and corresponding figures (IFRS) |
|Numbers in million EUR |2010/11 |2009/10 |
|Revenues |0.2 |0.3 |
|Total costs |13.0 |9.2 |
|EBIT |-12.8 |-8.9 |
|Result of the period |-12.4 |-10.3 |
|Intangible assets |20.8 |21.9 |
|Liquidity at year end |6.8 |15.5 |
|Equity |17.7 |30.1 |
|(equity ratio in %) |(55) |(70) |
|Long-term financial liabilities |8.0 |8.0 |
|Operational Cash Flow |-8.3 |-8.7 |
For the annual report for the fiscal year ended 31 March 2011, please visit
About SYGNIS Pharma
SYGNIS Pharma AG, headquartered in Heidelberg, is a specialty pharmaceutical
company listed in the Prime Standard of the Frankfurt Stock Exchange. The
Company is focused on the research and development of innovative therapies for
the treatment of disorders of the Central Nervous System. SYGNIS´ core projects
are currently Acute Stroke for which SYGNIS´ lead clinical programme is AX200,
as well as the preclinical KIBRA-project for the treatment of different forms
of dementia. All these disorders are characterized by the fact that, as the
disease progresses, nerve cells are damaged and die. Although there is great
medical demand, there are currently no or only inadequate treatment options
available. Furthermore, a key element of the sustainable value creation of the
Company is the expansion of the product pipeline, which will be secured through
its own developments as well as in-licensing and acquisitions.
For further information please contact:
SYGNIS Pharma AG:
|Dr. Franz-Werner Haas |
|Senior Vice President Operations |
|+49 (0) 6221 454 812 |
Tel.: +44 (0) 20 7269 7187
Some statements included in this press release, relating neither to proven
financial results nor other historical data, should be viewed as forward-
looking, i.e. not definite. Such statements are mainly predictions of future
results, trends, plans or goals. These statements should not be considered to
be total guarantees since given their very nature they are subject to known and
unknown risks and imponderability and can be affected by other factors as a
consequence of which the actual results, plans and goals of SYGNIS Pharma AG
may deviate greatly from the established conclusions or implied predictions
contained in such statements. SYGNIS does not undertake to publicly update or
revise these statements in the light of new information or future results or
for any other reason.
Further inquiry note:
Telefon: +49 (6221) 454 - 6
end of announcement euro adhoc
company: SYGNIS Pharma AG
Im Neuenheimer Feld 515
phone: +49 (0)6221 454-6
FAX: +49 (0)6221 454-777
indexes: CDAX, Prime All Share
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