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EANS-News: SYGNIS Pharma AG
SYGNIS announces six months results of fiscal year
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 6-month report Heidelberg (euro adhoc) - SYGNIS announces six months results of fiscal year 2012 Heidelberg, November 14, 2012 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN DE000A1E9B74; Prime Standard) today reports its financial results for the six months period ended September 30, 2012. Financials - The net loss in the second quarter was EUR-1.3 million (EUR-2.0 million Q2 2011/2012). The net loss for the six months period was EUR-2.5 million(EUR-3.3 million H1 2011/2012) - Total operating expenses for the first six months were down at EUR 2.6 million (EUR4.3 million first half 2011/2012). - Cash including marketable securities amounted to EUR1.9 million as of September 30, 2012 (EUR8.1 million September 30, 2011). Operational summary - In July 2012 SYGNIS implemented essential transaction steps as part of the necessary realignment. These steps included the signing of the Term Sheet regarding the merger with X-Pol Biotech S.L. (X-Pol) and the early prolongation of the SEDA agreement. - Moreover SYGNIS was informed in September 2012 about the fact that the German Federal Financial Supervisory Authority (BaFin) has granted Genetrix an exemption from the obligations according to § 35 WpÜG (Securities Acquisition and Takeover Act), in particular to provide a mandatory offer to the shareholders of SYGNIS. This exemption is a prerequisite for the successful implementation of the business combination with X-Pol. - The operating expenses and the liquidity outflow during the first six months of the fiscal year were within the expectations of the Company. - Within the KIBRA project further progress has been achieved on the way of identifying lead compounds. In addition the Company has intensified the partnering process by numerous discussions with potential partners. Significant events after the balance sheet date - In connection with the realignment of the Company, the Board member Dr. Frank Rathgeb has resigned from the Management Board of SYGNIS by mutual agreement with the Supervisory Board on 31 October 2012. - Representing 73% of the voting share capital the shareholders of SYGNIS agreed to all items of the agenda in the Annual Shareholder Meeting. These items primarily include the following measures: - Resolution on the reduction of the share capital of the Company from EUR 16,829,504 to EUR 2,103,688 by consolidating shares in a 8:1 ratio - Capital increase against contribution in kind from EUR 2,103,688 to EUR 9,349,724 by contribution of all shares of X-Pol - Election of the new Supervisory Board - Change of fiscal year to the calendar year and constituting a short year from 1 April to 31 December 2012 - Subsequently to the Shareholders' Meeting on 17 October 2012 the Supervisory Board has appointed Mrs. Pilar de la Huerta to the Management Board of the Company and has nominated her as CEO. Outlook - For the upcoming months emphasis is being placed on securing sufficient funding and the realignment of the Company through the business combination with X-Pol. With the marketing of the DNA amplification technologies and products, SYGNIS is aiming to generate initial revenues and to establish a profitable business in the medium term. - For the KIBRA project, the partnering process is ongoing. However, should the Company not succeed in winning a partner for KIBRA, the Management Board will have to reconsider the future of this project. - The Company's available funds as of 30 September 2012 secure the liquidity of SYGNIS until approximately March 2013. To further finance its business activities, the Company will have to rely on further funding from March 2013 on. |Key financial figures for the second quarter of short fiscal year | |2012 ended September 30, 2012 and corresponding figures (IFRS) | |Numbers in million euros |Q2 2012 |Q2 2011/2012 | |Revenues |0.1 |0.0 | |Total expenses |1.3 |2.1 | |EBIT |-1.2 |-2.1 | |Net results for the period |-1.3 |-2.0 | |Intangible assets |2.2 |20.5 | |Liquidity at end of quarter |1.9 |8.1 | |Equity |3.5 |19.4 | |(equity ratio in %) |(60) |(59) | |Long-term financial liabilities |0.0 |8.0 | |Operating Cash Flow |-1.2 |-2.5 | |Key figures for the first six months of short fiscal year 2012 | |ended September 30, 2012 and comparables (IFRS) | |Numbers in million euros |H1 2012 |H1 2011/12 | |Revenues |0.1 |0.2 | |Total expenses |2.6 |4.3 | |EBIT |-2.5 |-4.2 | |Net results for the period |-2.5 |-3.3 | |Operating cash flow |-2.5 |-4.5 | The report on the first six months of the short fiscal year 2012 which ended on September 30, 2012 is available at the SYGNIS webpage at www.sygnis.de. About SYGNIS Pharma AG: www.sygnis.de SYGNIS Pharma AG (Heidelberg, Germany) is currently a specialty drug development company, focusing on innovative treatments for underserved human diseases. Early in 2012 the company decided to discontinue its Phase II lead program AX200 in stroke. While the company continued research activities in the field of cognitive disorders, it started at the same time a systematic M&A process, to add new operational assets and activities to SYGNIS Pharma AG. SYGNIS Pharma AG is listed in the Prime Standard of the Frankfurt Stock Exchange under the ticker: LIOK; and ISIN: DE000A1E9B74. About X-Pol Biotech, S.L.: www.xpolbiotech.com X-Pol Biotech, S.L. (Madrid, Spain) is a biotechnology company created by Prof. Luis Blanco and GENETRIX in 2008 with a focus on the development of tools and technologies for the DNA amplification and sequencing market. In July 2012 X- Pol has licensed its key product, an improved polymerase for amplifying DNA called "Qualiphi®" to Qiagen for its worldwide commercialisation. For further information please contact: | |Peter Willinger | |CFO | |SYGNIS Pharma AG | |Tel.: +49 6221 454836 |E-mail: email@example.com ### 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 -------------------------------------------------------------------------------- company: SYGNIS Pharma AG Im Neuenheimer Feld 515 D-69120 Heidelberg phone: +49 (0)6221 454-6 FAX: +49 (0)6221 454-777 mail: firstname.lastname@example.org 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