SYGNIS AG

EANS-News: SYGNIS Pharma AG
SYGNIS announces financial results for fiscal year 2010/2011


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annual result


Heidelberg (euro adhoc) - SYGNIS announces financial results for fiscal year
2010/2011

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 
until 2015.
• 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.


 Operational Highlights


    • 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
      project.


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."


Outlook

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
www.sygnis.de.
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                   |
|franz-werner.haas@sygnis.de         |

Media-Contact:
Julia Phillips
Financial Dynamics
Tel.: +44 (0) 20 7269 7187


###
Disclaimer
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:
Michael Wolf
Telefon: +49 (6221) 454 - 6
E-Mail: Michael.Wolf@sygnis.de

end of announcement                               euro adhoc 
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company:     SYGNIS Pharma AG
             Im Neuenheimer Feld 515
             D-69120 Heidelberg
phone:       +49 (0)6221 454-6
FAX:         +49 (0)6221 454-777
mail:     contact@sygnis.de
WWW:      http://www.sygnis.de
sector:      Biotechnology
ISIN:        DE000A1E9B74
indexes:     CDAX, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, Hannover, München 
language:   English
 

 

 



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