EANS-Adhoc: Intercell AG announces Q2 and H1 2012 financial results and provides operational update
07.08.2012 – 07:33
-------------------------------------------------------------------------------- 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 announcement. -------------------------------------------------------------------------------- 6-month report 07.08.2012 » 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 securities, 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 2013. 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 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