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EANS-News: SYGNIS Pharma AG
SYGNIS announces financial results for fiscal year
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- annual result Heidelberg (euro adhoc) - SYGNIS announces financial results for fiscal year 2010/2011 Heidelberg, 29 June 2011 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN DE000A1E9B74; Prime Standard) today announced its financial results for the 2010/2011 fiscal year, which ended on 31 March 2011. Financial figures for the 2010/2011 fiscal year Cash including marketable securities was reduced by EUR8.7 million to EUR6.8 million (2009/2010: EUR15.5 million). Long-term financial liabilities amount to EUR8.0 million resulting from a loan that will not become payable until 2015. Net loss for the 2010/2011 fiscal year is -EUR12.4 million compared to -EUR10.3 million in the previous year. Operational expenditure increased to EUR13.0 million (2009/2010: EUR9.2 million) due to higher expenses for the increased rate of patient recruitment in the AXIS 2 study. The net financial result amounted to -EUR0.1 million (2009/2010: -EUR1.8 million) due to unrealised losses on marketable securities. Operational Highlights Positive trend of the AXIS 2 Study: In March 2011 the Data Safety Monitoring Board (DSMB) held its third and final interim review of the clinical efficacy study using AX200 for the treatment of acute stroke (AXIS 2 Study) and confirmed there was no indication of any undesired or safety-related findings. Recruitment for the study continued to improve during second half of 2010/2011 as a result of the amendment to the study- protocol and on 31 March 2011, 75% of the 328 patients were enrolled. Currently more than 90% of the patients have been enrolled. Expanded IP-position for AX200: In February 2011, SYGNIS acquired the exclusive rights for a European patent, which has strengthened and prolonged the protection of AX200 for the treatment of acute stroke until at least 2022; in addition it provides protection with regards to the early regeneration phase after acute stroke. Screening for KIBRA Modulators: The Company has launched a programme to identify suitable compounds that could have an effect on the KIBRA pathway, which plays a key role in memory disorders, following the results from the in vitro and in vivo "proof of principle" studies. Focusing on Research and Development: In the course of a corporate restructuring process, SYGNIS decided to focus on the development of its two main projects, AX200 and KIBRA. Furthermore, the execution of the capital reduction by consolidating the SYGNIS shares at a ratio of 3:1 in December 2010 improved the Company´s capital market viability. Significant events post balance sheet date On 15 June 2011, the Company executed a loan agreement with its main shareholder, dievini Hopp, amounting to EUR 6.0 million. On the basis of the current planning, these additional funds secure the financing of SYGNIS´ operations until the end of calendar year 2012. At the beginning of May 2011, the European Patent Office and the US Patent and Trademark Office have given notice that they expect to issue elementary KIBRA patents. The issuing of the first patents in this important future field for the treatment of memory disorders improves the patent position of SYGNIS and thus strengthens the value of the KIBRA project. Peter Willinger, SYGNIS CFO, said, "The current year will be key for SYGNIS and we have entered it in a stronger position on a number of fronts. Enrolment for the AX200 efficacy-study for the treatment of acute stroke should complete soon and we expect to report the top-line results towards the year end. According to our present plans and including the committed financing of EUR6 million by dievini Hopp we are in a good financial position from which to progress the further development of our core projects." Outlook With respect to the research and development activities regarding the two main projects AX200 and KIBRA, SYGNIS expects to report a net loss and a liquidity outflow of around EUR9 million for the current 2011/2012 fiscal year. The key operational focus for the upcoming months is the completion of the ongoing AXIS 2 Study and the analysis of the related study results. Initial substantiated results are expected to be available by the end of 2011. Dependent on these results, the Company will then evaluate the options for any further development of AX200. This will include a possible out-licensing or the further development of the project with its own resources. SYGNIS expects to receive first results of potential candidates from the KIBRA project in the third quarter of calendar year 2011. These results will form the basis for upcoming research activities. |Financial figures for financial year 2010/11 ended March 31, 2011 | |and corresponding figures (IFRS) | |Numbers in million EUR |2010/11 |2009/10 | |Revenues |0.2 |0.3 | |Total costs |13.0 |9.2 | |EBIT |-12.8 |-8.9 | |Result of the period |-12.4 |-10.3 | |Intangible assets |20.8 |21.9 | |Liquidity at year end |6.8 |15.5 | |Equity |17.7 |30.1 | |(equity ratio in %) |(55) |(70) | |Long-term financial liabilities |8.0 |8.0 | |Operational Cash Flow |-8.3 |-8.7 | For the annual report for the fiscal year ended 31 March 2011, please visit www.sygnis.de. About SYGNIS Pharma SYGNIS Pharma AG, headquartered in Heidelberg, is a specialty pharmaceutical company listed in the Prime Standard of the Frankfurt 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. Furthermore, a key element of the sustainable value creation of the Company is the expansion of the product pipeline, which will be secured through its own developments as well as in-licensing and acquisitions. For further information please contact: SYGNIS Pharma AG: |Dr. Franz-Werner Haas | |Senior Vice President Operations | |+49 (0) 6221 454 812 | |email@example.com | 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. ### Further inquiry note: Michael Wolf Telefon: +49 (6221) 454 - 6 E-Mail: Michael.Wolf@sygnis.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: SYGNIS Pharma AG Im Neuenheimer Feld 515 D-69120 Heidelberg phone: +49 (0)6221 454-6 FAX: +49 (0)6221 454-777 mail: firstname.lastname@example.org WWW: http://www.sygnis.de sector: Biotechnology ISIN: DE000A1E9B74 indexes: CDAX, Prime All Share stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, Hannover, München language: English