Intercell AG

EANS-Adhoc: Intercell AG
Intercell AG announces Q4 and preliminary full year 2011 financial results

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
quarterly report


2011 marked by significant financial performance and successful strategic

» Strong year-on-year IXIARO®/JESPECT® sales growth of 68% rounded up by solid
Q4 product sales of EUR 6.1m compared to 3.4m in Q4 2010

» Better than expected net loss of EUR 29.3m for the full year 2011; further
significant loss reduction expected for 2012 - striving towards profitability in

» R&D pipeline prioritization completed - focus on advancement of key clinical
candidates and most promising pre-clinical activities 

Preliminary FY 2011 financial results
» Total revenues of EUR 32.9m in 2011 compared to EUR 34.2m in 2010, due to
lower collaboration revenues
» Reduction of R&D expenses by 60.0% to EUR 29.9m and reduction of SG&A expenses
by 20.1% to EUR 15.8m
» Net loss of EUR 29.3m in the year 2011, compared to EUR 255.2m in 2010
» Cash position of EUR 50.9m at year-end 

Key Financial Figures 

Key Financial Information (EUR in thousands)

Year ended December 31,          2011      2010               

Revenues                        32,884     34,215      

Net profit/(loss)              (29,265)   (255,182)     

Net operating cash flow        (42,858)    (65,120)             

Cash, short-term deposits,
and marketable securities, 
end of the year                 50,859      86,182           

Financial outlook 2012

» Intercell expects an additional EUR 8-10m sales growth of IXIARO®/JESPECT® for
» Driven by a lower cost base and significant revenue growth, the Company is
aiming for a reduction of its net loss from approximately EUR 30m in 2011 to EUR
15-20m in 2012, and is striving towards profitability in 2014
» Cash conservation to secure funding into financial self-sustainability remains
a key management focus - Several funding opportunities have been progressed over
the last months - A decision and implementation is expected mid 2012

Strong IXIARO®/JESPECT® sales growth performance
IXIARO®/JESPECT® product sales increased by EUR 8.8m to EUR 21.6m in 2011. This
is a growth of 68.4% compared to the prior year and additional strong sales
growth is expected for 2012. 

Following the approval of a vaccine to protect small children and adults from
Japanese Encephalitis (JE) by the Drugs Controller General of India (DCGI)
market introduction in India by Intercell´s partner Biological E.
expected in H1 2012.

The submission of applications to major regulatory agencies for the approval of
the IXIARO®/JESPECT® pediatric label extension in the travel markets is expected
in Q2 2012. 

R&D pipeline prioritization completed - focus on advancement of key clinical
candidates and most promising pre-clinical activities

Pseudomonas aeruginosa vaccine candidate - The forthcoming Phase II/III efficacy
trial initiation is expected for March 2012. First interim data are expected mid

Clostridium difficile vaccine candidate - On March 1, Intercell announced the
start of the second part of a Phase I clinical trial (Phase Ib), which will
enroll 80 healthy elderly subjects above 65 years of age. Results are expected
in Q2 2013.

Tuberculosis: Intercell and Statens Serum Institut (SSI) started the first Phase
II study within their collaboration to develop vaccines against Tuberculosis
(TB). First results are expected in 2013. 

Pandemic Influenza Vaccine Enhancement Patch (VEP): Enrollment for the
confirmatory Phase I trial is completed. Final data are expected by mid 2012.

IC31® adjuvant: Intercell has entered into further research collaborations to
evaluate IC31® in new vaccine formulations with different partners.  

Hepatitis C: In the absence of timely receipt of regulatory clearance for study
initiation by Intercell´s partner Romark, the planned clinical trial to
investigate a combination therapy of a vaccine and an antiviral drug against
Hepatitis C will not proceed. The program has thus been removed from Intercell´s
clinical pipeline However, the Company will continue to evaluate the possibility
of partnering its therapeutic vaccine approach in the rapidly changing field of
Hepatitis C therapies. 

Pre-clinical activities consolidated: Focus on lead candidate against Borrelia,
antibody platform eMAB® and patch technology.

Thomas Szucs was elected chairman of Intercell´s Supervisory Board effective as
of January 1, 2012. He takes over the function from Michel Gréco, who resigned
as chairman but still remains a member of the Supervisory Board. 

After six years with Intercell, as a member of the Supervisory Board and, more
recently, as Chief Business Officer, Staph Leavenworth Bakali has expressed his
intent to leave the Company and to join the Clinton Health Access Initiative as
President and COO within a two months transition period. Continuing its efforts
to create a most cost efficient and lean organization, the Company will not
refill the position for the time being. Intercell´s well established
relationships with its distribution partners and the US military for
IXIARO®/JESPECT® will continue to be handled by an experienced marketing and
sales team, led by Jeff Hackman, President and CEO of Intercell´s US subsidiary.

The report can be downloaded at

Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222

end of announcement                               euro adhoc 

issuer:      Intercell AG
             Campus Vienna Biocenter  3
             A-1030 Wien 
phone:       +43 1 20620-0
FAX:         +43 1 20620-800
sector:      Biotechnology
ISIN:        AT0000612601
indexes:     ATX Prime
stockmarkets: official market: Wien 
language:   English

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