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

@@start.t1@@--------------------------------------------------------------------------------   Corporate news transmitted by euro adhoc. The issuer/originator is solely   responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

6-month report

Heidelberg (euro adhoc) - 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.


@@start.t2@@• Cash including marketable securities amounted to EUR 11.2  million  (EUR
         million Q2 2009/2010). Long term financial liabilities amounted to  EUR
         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
         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.@@end@@

Operational Summary

@@start.t3@@• SYGNIS recently executed a comprehensive  restructuring  to  significantly
         reduce costs and optimally  position  the  Company  for  future  strategic
      • 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.@@end@@


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

@@start.t4@@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

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@@end@@

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 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.  ###

@@start.t5@@end of announcement                                                 euro adhoc

Further inquiry note: Dr. Franz-Werner Haas Vice President Operations +49 (0) 6221 454 812

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

Weitere Meldungen: SYGNIS AG

Das könnte Sie auch interessieren: