EANS-News: SYGNIS Pharma AG SYGNIS announces nine months results of fiscal
year 2011/2012
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
9-month report
Heidelberg (euro adhoc) - SYGNIS announces nine months results of fiscal year
2011/2012
Heidelberg, February 14, 2012 - SYGNIS Pharma AG (Frankfurt: LIOK; ISIN
DE000A1E9B74; Prime Standard) today reports its financial results for the third
quarter and the first nine months of the fiscal year 2011/2012 ended December
31, 2011.
Financials
The net loss in the third quarter was EUR-18.4 million (EUR-3.7
million Q3 2010/2011). The net loss for the first nine months of the
fiscal year 2011/2012 amounted to EUR-21.7 million (EUR-9.0
million nine months 2010/2011).
The increase of net loss is due to non-cash write-downs of the AX200
development project for the treatment of acute stroke and goodwill with a
total amount of EUR18.7 million. The reduction of deferred tax liabilities
led to a tax income of EUR2.0 million.
Total operating expenses (without write-downs) for the first nine months
were significantly down at EUR6.0 million (EUR9.3 million nine
months 2010/2011). Financial result was EUR0.8 million (EUR0.0 million
nine months 2010/2011).
Cash including marketable securities amounted to EUR5.6 million as of
December 31, 2011 (EUR9.0 million December 31, 2010).
In mid August 2011 SYGNIS completed a capital increase. At the end of the
subscription period, 3,076,623 new shares have been subscribed and
correspondingly the share capital increased from EUR13,752,881 to
EUR16,829,504. As a result, the Company received gross proceeds of EUR6.2
million.
Operational summary
Even after a thorough analysis of the AXIS 2 data, which have been first
published in mid December 2011, no hints for efficacy have been found with
regard to a clinical improvement of stroke patients treated with AX200
relative to placebo-treated patients. The study missed all of its
endpoints. As a result, the activities with regard to the clinical
development of AX200 for the treatment of stroke will be ceased.
Based on its "proof of concept" studies and by using one of its
proprietary assays, SYGNIS completed a programme designed to identify
suitable compounds that could have an effect on KIBRA activity. The
results of this screening programme are currently under further
development in order to identify drug candidates which can be protected by
new intellectual property rights and optimized chemically as well as
pharmacologically. Furthermore, the patent situation for the KIBRA project
has also been improved. In September 2011 SYGNIS filed new patent
applications, which include new pharmacological pathways to KIBRA.
Outlook
Due to the write-downs of the AX200 development project and Goodwill the net
loss for the current 2011/2012 fiscal year is expected to be significantly
higher than originally planned. With the current liquidity the Company is
financed approximately until the end of calendar year 2012.
Considering the termination of the clinical development of AX200 for the
treatment of acute stroke, the key operational focus for the upcoming months is
the protection as well as the sustainable expansion of the remaining assets of
the Company. Accordingly, the Company actually evaluates potential M&A-options
and financing opportunities.
With regard to the KIBRA project the results of the substance-screening will be
further optimized. The identified drug candidates should enable SYGNIS to
either enter into a research partnership or further develop the compounds with
its own resources.
|Key financial figures for the third quarter of fiscal year |
|2011/2012 ended December 31, 2011 and corresponding figures (IFRS) |
|Numbers in million euros |Q3 2011/2012 |Q3 2010/2011 |
|Revenues |0.1 |0.0 |
|Total expenses |1.7 |3.7 |
|EBIT |-1.6 |-3.7 |
|Net results for the period |-18.4 |-3.7 |
|Intangible assets |2.6 |21.7 |
|Liquidity at end of quarter |5.6 |9.0 |
|Equity |1.1 |21.2 |
|(equity ratio in %) |(9) |(59) |
|Long-term financial liabilities |8.0 |8.0 |
|Operating Cash Flow |-2.4 |-2.1 |
|Key figures for the first nine months of fiscal year 2011/12 ended |
|December 31, 2011 and comparables (IFRS) |
|Numbers in million euros |9 months 2011/12|9 months 2010/11|
|Revenues |0.3 |0.2 |
|Total expenses |6.0 |9.3 |
|EBIT |-5.7 |-9.1 |
|Net results for the period |-21.7 |-9.0 |
|Operating cash flow |-7.0 |-6.4 |
The report on the third quarter which ended on December 31, 2011 is available
at the SYGNIS webpage at www.sygnis.de.
About SYGNIS Pharma
SYGNIS Pharma AG (Heidelberg, Germany) is a specialty drug development company,
focusing on innovative treatments for underserved human diseases. In the field
of cognitive disorders, the company is exploring compounds targeting the KIBRA
pathway, a novel approach to treat different forms of dementia. There is great
medical demand for new treatments as there are currently no or only inadequate
options available. SYGNIS Pharma AG is listed on the Prime Standard of the
Frankfurt Stock Exchange under the ticker: LIOK; and ISIN: DE000A1E9B74.
For further information please contact:
SYGNIS Pharma AG
Dr. Franz-Werner Haas
Senior Vice President Operations
+49 (0) 6221 454 812
franz-werner.haas@sygnis.de
### 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: contact@sygnis.de
WWW: http://www.sygnis.de
sector: Biotechnology
ISIN: DE000A1E9B74
indexes: CDAX, Prime All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English