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AGENNIX AG

EANS-News: AGENNIX AG /

Heidelberg (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet/6-month report
Agennix AG Reports Financial Results for
                   Second Quarter and First Six Months of 2010
Planegg/Munich (Germany), Princeton, NJ  and  Houston,  TX,  August  
5,  2010  - Agennix AG (Frankfurt Stock Exchange: AGX)  today  
announced  financial  results for the second quarter and first six 
months ended June 30, 2010.
Agennix AG was formed by the business combination of  Agennix  
Incorporated  and GPC Biotech AG, which became effective on November 
5, 2009,  and  in  which  GPC Biotech AG was identified as the 
acquirer for accounting purposes.  Accordingly, the comparative 
historical financial information of Agennix AG is  that  of  GPC 
Biotech AG for the respective comparative periods.
First six months of 2010 compared to first six months of 2009 The 
Company recognized revenue of EUR 0 and EUR  0.1  million  for  the  
six months ended June 30, 2010 and 2009, respectively. Revenue for  
the  six  months  ended June  30,  2009,  was  attributable  to  the 
services  agreement  with Agennix Incorporated prior to the 
effectiveness of the business combination.
Research and development (R&D) expenses for the six months ended June
30,  2010, increased 364% to EUR 11.6 million compared to EUR 2.5 
million for the  same period in 2009. The increase in R&D expenses 
was primarily due  to  increased clinical trial costs related to both
of the Company´s Phase 3 trials  with talactoferrin (FORTIS-M and 
FORTIS-C) as a result of the inclusion of  Agennix Incorporated´s 
operations for the first six months of 2010 and a credit  to 
compensation  cost of EUR (1.5) million that was recognized for the 
first six months  of  2009  as  a result of the forfeiture of 
convertible bonds and stock options, which  did  not occur in 2010.
Despite the inclusion of Agennix Incorporated´s operations for  the  
six  months ended June 30, 2010, administrative expenses decreased  
31%  to  EUR  4.4 million compared  to  EUR  6.4  million  for  the  
same  period  in  2009. Included   in administrative expenses as of 
June 30, 2009, were approximately EUR  3.0  million in one-time 
merger related costs (banking fees, legal services, audit and  other 
related services) and a credit to compensation cost of  EUR  (1.8)  
million  as  a result of the forfeiture of convertible bonds and 
stock options. There  were  no such charges or credits in the six 
months ended June 30, 2010.
Net loss for the six months ended  June  30,  2010,  decreased  4%  
to  EUR (8.2) million compared to EUR (8.5) million for the same 
period in 2009.
Basic and diluted loss per share was EUR (0.42) for the six months 
ended June 30, 2010, compared to EUR (1.15) for the same period in 
2009.  The  per  share amounts for 2009 have been retrospectively 
adjusted to  reflect  the  effect  of the 5 to 1 merger exchange 
ratio related to the merger of GPC  Biotech  AG  into Agennix AG.
Second quarter of 2010 compared to second quarter of 2009 Revenues 
for the three months ended June 30, 2010 were EUR 0  compared  to  
EUR 0.1 million for the same period in 2009. R&D expenses increased 
371% for the second quarter of 2010 to EUR 6.6 million compared to 
EUR 1.4 million for the same  period in 2009. Administrative expenses
for the second quarter of 2010 decreased 4%  to EUR 2.3 million 
compared to EUR 2.4 million for the same quarter in 2009.  Net loss 
for the second quarter of 2010 was EUR (3.9) million compared to EUR 
(4.2)  million for the second quarter of 2009. Basic and diluted loss
per share  was EUR  (0.19) and EUR (0.57) for the second quarter of 
2010 and 2009, respectively.
Quarter over quarter results:  second quarter 2010  compared  to  
first  quarter 2010 The Company did not recognize any revenue in the 
first  or  second  quarter  of 2010. R&D expenses increased 32% to 
EUR 6.6 million  for  the  second  quarter of 2010, compared to EUR 
5.0 million in the first quarter  of  2010.  Administrative expenses 
for the second quarter of 2010 increased 10% to EUR 2.3 million  
compared to EUR 2.1 million for the previous quarter.  The Company´s 
net loss was  EUR  (3.9) million for the second quarter of 2010, 
compared to EUR  (4.3)  million  for  the previous quarter.  Basic 
and diluted loss per share was EUR (0.19) for the  second quarter of 
2010 compared to EUR (0.23) for the previous quarter. 
Cash position As of June 30, 2010, cash, cash equivalents and 
restricted cash  totaled  EUR 4.0 million (December 31, 2009: EUR 
11.5 million). Net cash burn for  the  six months ended June 30, 
2010, was EUR 17.5 million (June 30, 2009:  EUR  11.4 million).  The 
increase in net  cash  burn  is  primarily  due  to  the inclusion  
of  Agennix Incorporated´s operations for  the  first  six  months of
2010  and  increased clinical trials costs due to the progression of 
both of the  Company´s  Phase  3 trials with talactoferrin. Net cash 
burn is derived by adding net cash  used  in operating  activities  
and  purchases  of  property, equipment  and  intangible assets. The 
figures used to  calculate  net  cash burn  are  contained  in  the 
Company´s interim consolidated cash flow statement for the respective
periods.
Following the end of the second quarter, in July  2010,  the  Company
announced that it had entered into an  agreement  with  one  of  its 
major  shareholders, dievini Hopp BioTech holding GmbH & Co.  KG,  
pursuant  to  which  dievini  Hopp BioTech provided a EUR 15.0 
million loan to Agennix.  The loan bears  an interest rate of 6% per 
annum, is unsecured and  is  repayable  on  thirty  days  advance 
notice, but not before October 15, 2010.
"We continue to make good progress in advancing our business," said 
Torsten Hombeck, Ph.D., Chief Financial Officer. "We have decided on 
a development path for talactoferrin in severe sepsis that should 
enable us to initiate a Phase 3 trial in early 2011.  We also are 
pleased with the solid enrollment of patients in our Phase 3 FORTIS-M
trial with talactoferrin in non-small cell lung cancer, keeping us on
track with our anticipated timeline to see topline data from the 
trial in late 2011."
Financial guidance
The Company updated its financial guidance as follows:
Management expects no substantial cash generating revenues for the 
remainder  of 2010 or for 2011. This guidance does not consider cash 
revenue  from  potential partnering of the Company´s product 
candidates due to  the  uncertainty  of  the timing of such events.
For the remainder of  2010  and  2011,  the  Company  expects  R&D  
expenses  to significantly increase compared to 2009 due to an 
expected  steady  increase  in clinical trial-related costs as the 
Company´s Phase 3 trials in  non-small  cell lung cancer with 
talactoferrin progress.  In  addition,  the  Company  plans  to 
initiate a Phase 3 program with talactoferrin in severe sepsis in 
early 2011.
Administrative expenses are expected to decrease in 2010  compared  
to  2009  as the one-time costs associated with the merger that were 
incurred  in  2009  will not occur in the following years.
Management believes that, including the EUR 15 million loan from 
dievini Hopp BioTech, the Company currently has sufficient cash to 
fund its operations into the fourth quarter of 2010. The Company is 
pursuing both dilutive and non- dilutive sources of additional 
funding.
Appointment of interim CEO extended to end of 2010 The Company also 
today reported that the appointment of  Friedrich  von  Bohlen, Ph.D.
as interim Chief Executive Officer has been extended to December 31, 
2010 to provide additional time for a permanent CEO to be  put  in  
place.   Dr.  von Bohlen´s appointment was previously scheduled to 
expire on August 5, 2010.
Conference call scheduled As previously announced, the Company has 
scheduled a conference  call  to  which participants may listen via 
live webcast, accessible  through  the  Agennix  Web site at 
www.agennix.com or via telephone. A replay will  be  available  via  
the Web site following the  live  event.  The  call,  which  will  be
conducted  in English, will be held on August 5 at 15:00 CET/9:00 AM 
EST. The dial-in  numbers for the call are as follows:
Participants from Europe:   0049 (0)69 71044 5598
                            0044 (0)20 3003 2666
Participants from the U.S.: 1-646-843-4608
Please dial in 10 minutes before the beginning of the meeting.
About Agennix Agennix AG is a publicly listed biopharmaceutical 
company  that  is  focused  on the development of novel therapies 
that  have  the  potential  to  substantially improve the length and 
quality of life of critically ill patients  in  areas  of major unmet
medical need. The Company´s most advanced program is  talactoferrin, 
an oral therapy that has  demonstrated  activity  in  randomized,  
double-blind, placebo-controlled Phase 2 studies in non-small cell 
lung cancer, as well as  in severe sepsis. Talactoferrin is currently
in Phase 3  clinical  trials  in  non- small cell lung cancer, and 
Agennix plans to develop this  program  further  for the treatment of
severe sepsis. Other clinical development programs include RGB- 
286638, a multi-targeted kinase inhibitor in Phase 1 testing; the 
oral platinum- based compound  satraplatin;  and  a  topical  gel  
form  of  talactoferrin  for diabetic foot ulcers. Agennix´s 
registered seat is in Heidelberg,  Germany.  The Company has three 
sites of operation: Planegg/Munich,  Germany;  Princeton,  New Jersey
and Houston, Texas. For additional information, please visit the  
Agennix Web site at www.agennix.com.
This press  release  contains  forward-looking  statements,  which  
express  the current beliefs and expectations of the  management  of 
Agennix  AG,  including statements about the Company´s future  cash  
position  and  the  status  of  its clinical development programs for
talactoferrin. Such statements  are  based  on current expectations 
and are subject to risks and uncertainties, many  of  which are 
beyond the  control  of  the  Company,  that  could  cause  future  
results, performance  or  achievements  to  differ  significantly   
from   the   results, performance  or  achievements  expressed  or  
implied  by  such  forward-looking statements. There can be no 
guarantee that the Company will  move  talactoferrin forward in 
development for severe sepsis in a timely manner, if at all, or  that
talactoferrin will ultimately be  approved  for  sale  in  any  
country.  Actual results  could  differ  materially  depending  on  a
number  of  factors,   and management cautions investors not  to  
place  undue  reliance  on  the  forward- looking statements 
contained in this press release.  Forward-looking  statements speak 
only as of the date on which they  are  made  and  Agennix  
undertakes  no obligation to update these forward-looking statements,
even if  new  information becomes available in the future.
For the full management report and condensed consolidated financial 
statements and accompanying notes for the second quarter and first 
six months ended June 30, 2010, please see the Investor Relations 
section of the Agennix website at http://www.agennix.com/index.php?op
tion=com_content&view=article&id=122&Itemid=7 7&lang=en.
end of announcement                               euro adhoc

Further inquiry note:

Agennix AG
Investor Relations & Corporate Communications
Phone: +49 (0)89 8565 2693
ir@agennix.com

In the U.S.: Laurie Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 609 524 5884
laurie.doyle@agennix.com

Additional media contact for Europe:

MC Services AG
Raimund Gabriel
Phone: +49 (0)89 210 228 0
raimund.gabriel@mc-services.eu

Additional investor contact for Europe:

Trout International LLC
Lauren Williams, Vice President
Phone: +44 207 936 9325
lwilliams@troutgroup.com

Branche: Pharmaceuticals
ISIN: DE000A1A6XX4
WKN: A1A6XX
Index: CDAX, Prime All Share, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade

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