EANS-Adhoc: Intercell AG
Intercell AG announces Q4 and preliminary full year
2011 financial results
06.03.2012 – 07:34
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The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report 06.03.2012 2011 marked by significant financial performance and successful strategic resetting » 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 2014 » 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 2012 » 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. Ltd.is 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 2013. 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. CORPORATE/OTHER 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 http://www.intercell.com/main/forinvestors/downloads/quarterly-reports/ Further inquiry note: Intercell AG Nina Waibel Corporate Communications Tel. +43 1 20620-1222 communications@intercell.com 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 mail: investors@intercell.com WWW: www.intercell.com sector: Biotechnology ISIN: AT0000612601 indexes: ATX Prime stockmarkets: official market: Wien language: English