SYGNIS AG

EANS-News: SYGNIS Pharma AG
SYGNIS announces nine months results of fiscal year 2011/2012


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9-month report


Heidelberg (euro adhoc) - SYGNIS announces nine months results of fiscal year
2011/2012

Heidelberg, February  14,  2012  -  SYGNIS  Pharma  AG  (Frankfurt:  LIOK;  ISIN
DE000A1E9B74; Prime Standard) today reports its financial results for the  third
quarter and the first nine months of the fiscal year  2011/2012  ended  December
31, 2011.

Financials


    • The net loss in the third quarter was EUR-18.4  million  (EUR-3.7
      million Q3 2010/2011). The net loss for the first nine  months  of  the
      fiscal  year 2011/2012  amounted  to  EUR-21.7  million  (EUR-9.0
      million nine months 2010/2011).
    • The increase of net loss is due  to  non-cash  write-downs  of  the  AX200
      development project for the treatment of acute stroke and goodwill with  a
      total amount of EUR18.7 million. The reduction of deferred tax liabilities
      led to a tax income of EUR2.0 million.
    • Total operating expenses (without write-downs) for the first  nine  months
      were  significantly  down  at  EUR6.0  million  (EUR9.3  million  nine
      months 2010/2011). Financial result was EUR0.8 million (EUR0.0  million
      nine months 2010/2011).
    • Cash including marketable securities amounted  to  EUR5.6  million as  of
      December 31, 2011 (EUR9.0 million December 31, 2010).
    • In mid August 2011 SYGNIS completed a capital increase. At the end of  the
      subscription  period,  3,076,623  new  shares  have  been  subscribed  and
      correspondingly  the  share  capital increased   from   EUR13,752,881   to
      EUR16,829,504. As a result, the Company received gross proceeds of EUR6.2
      million.


Operational summary


    • Even after a thorough analysis of the AXIS 2 data, which have  been  first
      published in mid December 2011, no hints for efficacy have been found with
      regard to a clinical improvement of stroke  patients  treated  with  AX200
      relative  to  placebo-treated  patients.  The  study  missed  all  of  its
      endpoints. As a  result,  the  activities  with  regard  to  the  clinical
      development of AX200 for the treatment of stroke will be ceased.
    • Based on  its  "proof  of  concept"  studies  and  by  using  one  of  its
      proprietary assays, SYGNIS completed  a  programme  designed  to  identify
      suitable compounds that could  have  an  effect  on  KIBRA  activity.  The
      results  of  this  screening  programme  are   currently   under   further
      development in order to identify drug candidates which can be protected by
      new intellectual property rights  and  optimized  chemically  as  well  as
      pharmacologically. Furthermore, the patent situation for the KIBRA project
      has also  been  improved.  In  September  2011  SYGNIS  filed  new  patent
      applications, which include new pharmacological pathways to KIBRA.



Outlook

Due to the write-downs of the AX200 development project  and  Goodwill  the  net
loss for the current 2011/2012 fiscal  year  is  expected  to  be  significantly
higher than originally planned.  With  the  current  liquidity  the  Company  is
financed approximately until the end of calendar year 2012.

Considering the termination  of  the  clinical  development  of  AX200  for  the
treatment of acute stroke, the key operational focus for the upcoming months  is
the protection as well as the sustainable expansion of the remaining  assets  of
the Company. Accordingly, the Company actually evaluates  potential  M&A-options
and financing opportunities.

With regard to the KIBRA project the results of the substance-screening will  be
further optimized. The  identified  drug  candidates  should  enable  SYGNIS  to

either enter into a research partnership or further develop the  compounds  with
its own resources.


|Key financial figures for the third quarter of fiscal year         |
|2011/2012 ended December 31, 2011 and corresponding figures (IFRS) |
|Numbers in million euros          |Q3 2011/2012    |Q3 2010/2011    |
|Revenues                          |0.1             |0.0             |
|Total expenses                    |1.7             |3.7             |
|EBIT                              |-1.6            |-3.7            |
|Net results for the period        |-18.4           |-3.7            |
|Intangible assets                 |2.6             |21.7            |
|Liquidity at end of quarter       |5.6             |9.0             |
|Equity                            |1.1             |21.2            |
|(equity ratio in %)               |(9)             |(59)            |
|Long-term financial liabilities   |8.0             |8.0             |
|Operating Cash Flow               |-2.4            |-2.1            |


|Key figures for the first nine months of fiscal year 2011/12 ended |
|December 31, 2011 and comparables (IFRS)                           |
|Numbers in million euros          |9 months 2011/12|9 months 2010/11|
|Revenues                          |0.3             |0.2             |
|Total expenses                    |6.0             |9.3             |
|EBIT                              |-5.7            |-9.1            |
|Net results for the period        |-21.7           |-9.0            |
|Operating cash flow               |-7.0            |-6.4            |

The report on the third quarter which ended on December 31,  2011  is  available
at the SYGNIS webpage at www.sygnis.de.


About SYGNIS Pharma
SYGNIS Pharma AG (Heidelberg, Germany) is a specialty drug development  company,
focusing on innovative treatments for underserved human diseases. In  the  field

of cognitive disorders, the company is exploring compounds targeting  the  KIBRA
pathway, a novel approach to treat different forms of dementia. There  is  great
medical demand for new treatments as there are currently no or  only  inadequate
options available. SYGNIS Pharma AG is listed  on  the  Prime  Standard  of  the
Frankfurt Stock Exchange under the ticker: LIOK; and ISIN: DE000A1E9B74.


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




### 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: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
             Stuttgart, regulated dealing/prime standard: Frankfurt 
language:   English
 

 

 



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