Intercell AG

EANS-Adhoc: Intercell AG announces Q2 and H1 2012 financial results and provides operational update

  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
6-month report


» IXIARO®/JESPECT® product sales of EUR 10.1m mark best quarterly sales since
  product launch
» Net profit of EUR 1.0m in Q2 - solid execution on financial plan
» Cash position strengthened through recent financing 

Vienna (Austria), August 7, 2012 - Intercell AG (VSE: ICLL)announces Q2 and H1
2012 financial results and provides operational update.

Q2 2012 Financial Results
» Total revenues increased by 19.7% to EUR 15.2m in Q2 2012 compared to 
  EUR 12.7m in Q2 2011, driven by strong IXIARO®/JESPECT® sales revenues 
» Strong IXIARO®/JESPECT® sales growth and reduced costs led to a net profit of
  EUR 1.0m in Q2 2012,  compared to a net loss of EUR 1.6m in Q2 2011
» Total net loss in H1 2012 amounted to EUR 7.1m - full year 2012 net loss
  expected towards high end of previously communicated range of EUR 15 to 20m 
» Cash position of EUR 66.6m at the end of Q2 2012, strengthened by a combined
  debt and equity financing of EUR 35.2m to secure Intercell's expected funding
  needs towards financial self-sustainability

Key Financial Information

EUR in thousands     3 months ended          6 months ended     Year ended
                   June 30,   June 30,    June 30,   June 30,      Dec 31,
                       2012       2011        2012       2011         2011
Revenues             15,182     12,686      21,176     18,377       32,884
Net profit/(loss)     1,013     (1,608)     (7,064)   (12,866)     (29,265)
Net operating 
cash flow             (480)     (5,452)     (9,429)   (28,905)     (42,858)
Cash and marketable
end of period        66,574     79,649      66,574     79,649       50,859

IXIARO®/JESPECT® product sales increased by 41.2 % to EUR 14.7m in H1 2012
compared to EUR 10.4m in H1 2011. The growth in sales was mainly driven by
increased adoption in key travel markets and supported by travel seasonality in
the second quarter, which is usually the strongest part of the year.

IXIARO®/JESPECT® is the key driver of revenue growth for Intercell and the
positive sales trend in H1 2012 underpins the growth expectations for 2012.
Intercell's partner Biological E. Ltd. is manufacturing commercial launch stock
at its facility in Hyderabad. Preparations are underway and the product launch
is imminent. 

Intercell filed the submissions for approval of the IXIARO®/JESPECT® pediatric
label extension to EMA and the FDA. The pediatric approval is expected in early

Based on a positive CHMP opinion on the close-out of the EMA Article 20
procedure (Commission Regulation (EC) No 726/2004 Intercell received the formal
satisfactory close-out by the European Commission in Q2 2012.

R&D programs and activities proceeding to next stages of development

Pseudomonas aeruginosa vaccine candidate - Intercell's investigational
Pseudomonas aeruginosa vaccine is currently tested in a pivotal Phase II/III
efficacy trial. The trial follows an exploratory Phase II study in which lower
all-cause mortality rates were observed in the vaccine groups as compared to the
control group. The study enrollment is progressing and first interim data from a
futility analysis are expected in H2 2013.

Tuberculosis - In addition to the Phase II study announced in January 2012, the
Statens Serum Institut (SSI) and Intercell have initiated a second clinical
Phase II study, which assesses the safety and immunogenicity of the vaccine
candidate in healthy adolescents. 

Pandemic Influenza Vaccine Enhancement Patch (VEP)- This ongoing Phase I study
investigates Intercell's adjuvant patch (Vaccine Enhancement Patch - VEP)
containing LT (a heat-labile toxin from E.coli) in combination with GSK's
H5N1-pandemic antigen. Final data are expected in H2 2012.

Pre-clinical vaccine candidate against Borrelia - The pre-clinical lead vaccine
candidate against Borrelia (Lyme Borreliosis) is heading towards pre-clinical
proof of concept by the end of this year.

Corporate/ Other

Intercell successfully completed a financing transaction consisting of a EUR
20.0m secured loan ("Term Loan") provided by BB Biotech and an equity private
placement ("Private Placement") of approximately EUR 15.2m. BB Biotech
participated in the Private Placement with an investment of EUR 5.0m,
corresponding to a number of 2,173,913 new shares. Intercell's biggest
shareholder Novartis participated in the equity Private Placement pro rata and
maintained its 14.9% stake in the Company.

The capital increase was completed on June 1, 2012 with the issuance of
6,591,742 new shares and trading on the Vienna Stock Exchange. The new shares
represent 11.9% of Intercell's total share capital following the completion of
the capital increase. 

The number of shares of common stock with no par value of Intercell AG, each
representing one vote, has increased to 55,183,961. 

Patch vaccine collaboration with GSK

Intercell and GSK agreed in June 2012 to terminate their collaboration on other
potential patch vaccines concluded in 2009 (except the clinical trial agreement
relating to the ongoing Phase I clinical study for the VEP in Pandemic Flu). GSK
agreed to make a payment to Intercell to resolve a dispute in relation to an
outstanding milestone payment.

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

Weitere Meldungen: Intercell AG

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