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SYGNIS AG

EANS-News: SYGNIS announces six month results of fiscal year 2010/2011

Heidelberg (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
6-month report
SYGNIS announces six month results of
fiscal year 2010/2011
Heidelberg,  11  November  2010  -  SYGNIS  Pharma  AG  (Frankfurt:  
LIO;   ISIN DE0005043509; Prime Standard) today published  its  
financial  results  for  the second quarter and the  first  half  of 
the  fiscal  year  2010/2011  ended  30 September 2010.
Financials
• Cash including marketable securities amounted to EUR 11.2  million  (EUR
18.3
      million Q2 2009/2010). Long term financial liabilities amounted to  EUR
8.0
      million resulting from a loan which is not due for repayment before 2015.
    • As a  result  of  expanded  research  and  development  activities,  total
      operating expenses in the second quarter  of  the  fiscal  year  2010/2011
      increased by EUR 0.7 million to EUR 3.1 million compared to the same
period of
      the last fiscal year.
    • The net loss for the first half of the fiscal year 2010/2011 amounted to
      EUR -5.3 million (EUR -6.9 million first half 2009/2010).
    • SYGNIS proposed a reduction in  share  capital  from  EUR  41,258,643  to
EUR
      13,752,881 to consolidate the shares in a 3:1 ratio primarily  to  improve
      the Company´s ability to interact on the capital markets, to be  voted  on
      at SYGNIS´ Annual General Meeting on 30 November 2010.
Operational Summary
• SYGNIS recently executed a comprehensive  restructuring  to  significantly
      reduce costs and optimally  position  the  Company  for  future  strategic
      transactions.
    • AX200:
         o Patient recruitment for the phase II efficacy study of the Company´s
           lead compound AX200, for the treatment of acute ischemic stroke, was
           accelerated following the implementation of modification to the AXIS
           2 study protocol. SYGNIS expects to  report  top-line  data  in  the
           second half of 2011.
         o At its first meeting on 2 August 2010, the  Data  Safety  Monitoring
           Board (DSMB) reviewed the data on the safety and tolerability of the
           AXIS 2 study medication and advised on the continuation of the study
           without changes.
    • The KIBRA project is ongoing  and  SYGNIS  has,  as  previously  reported,
      established both in vitro and in vivo proof of principle for the  role  of
      KIBRA in learning and memory. The outcome  of  these  proof  of  principle
      studies supports SYGNIS´ strategy to use the KIBRA signalling  pathway  in
      pharmacological therapy and to develop it further as a  new  approach  for
      improving  the  cognitive   performance   of   patients   with   cognitive
      deficiencies. Importantly, by  deciphering  the  mode-of-action  of  KIBRA
      SYGNIS has also secured crucial intellectual property.
Outlook
Following  the  strategic  restructuring  in  October,  SYGNIS  is  
focused   on completing the ongoing clinical development of AX200, 
its lead compound for  the treatment of acute stroke, currently in a 
phase  II  efficacy  trial  (AXIS  2). Ahead of the restructuring, Dr
Alfred  Bach  stepped  down  as  CEO  with  Peter Willinger,  CFO,  
and  Dr  Frank  Rathgeb,  Chief  Medical   Officer,   assuming 
responsibility for the operations of the Company.
The Company is  currently  continuing  the  internal  research  on  
KIBRA  while intensifying its discussions with potential pharma 
partners.
Operating expenses and  the  liquidity  outflow  for  the  current  
fiscal  year 2010/2011 will be lower than originally expected.  
Additional  non-cash  related expenses of up to EUR 2.5 million could
occur with  regard  to  an  impairment of intangible assets as a 
consequence of the restructuring.
In order to maximise capital market opportunities the Company  is  
proposing  to reduce its share capital from EUR 41,258,643 to EUR 
13,752,881 and  consolidate the shares in a 3:1 ratio. The proposal 
will be voted on  at  the  Company´s  Annual General Meeting on 30 
November 2010.
It is the intent of the Board and Management of  SYGNIS  to  
optimally  position
the Company so that it can take timely advantage of strategic  opportunities  to
create shareholder value.
|Key financial figures for the second quarter of fiscal year        |
|2010/2011 ended September 30, 2010 and corresponding figures (IFRS)|
|Numbers in million euros          |Q2 2010/2011    |Q2 2009/2010    |
|Revenues                          |0.0             |0.0             |
|Total expenses                    |3.1             |2.4             |
|EBIT                              |-3.0            |-2.3            |
|Net results for the period        |-3.0            |-4.6            |
|Intangible assets                 |21.8            |22.1            |
|Liquidity at end of quarter       |11.2            |18.3            |
|Equity                            |25.0            |33.2            |
|(equity ratio in %)               |(65)            |(72)            |
|Long-term financial liabilities   |8.0             |8.0             |
|Operating Cash Flow               |-2.0            |-2.0            |
|Key figures for the first six months of fiscal year 2010/11 ended  |
|September 30, 2010 and comparables (IFRS)                          |
|Numbers in million euros          |H1 2010/11      |H1 2009/10      |
|Revenues                          |0.1             |0.1             |
|Total expenses                    |5.6             |4.8             |
|EBIT                              |-5.4            |-4.7            |
|Net results for the period        |-5.3            |-6.9            |
|Operating cash flow               |-4.3            |-4.9            |
The report on the second quarter which ended on 30 September 2010  is  available
at the SYGNIS webpage at www.sygnis.de.
About SYGNIS Pharma
SYGNIS Pharma AG, headquartered in Heidelberg,  is  a  specialty  pharmaceutical
company listed on the Prime Standard of the German 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. SYGNIS´ strategy for 
growth includes the development of new  products from its own 
research and through in-licensing and acquisitions.
For further information please contact:
SYGNIS Pharma AG:
Dr. Franz-Werner Haas
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.  ###
end of announcement                               euro adhoc

Further inquiry note:

Dr. Franz-Werner Haas
Vice President Operations
+49 (0) 6221 454 812
franz-werner.haas@sygnis.de

Branche: Biotechnology
ISIN: DE0005043509
WKN: 504350
Index: CDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade

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