SOURCE: Ablynx

November 19, 2008 12:41 ET

ABLYNX PROVIDES A BUSINESS UPDATE FOR THE THIRD QUARTER 2008

GHENT, BELGIUM--(Marketwire - November 19, 2008) -


REGULATED INFORMATION

Ablynx [Euronext Brussels: ABLX], a pioneer in the discovery and development of Nanobodies®, a novel class of antibody-derived therapeutic proteins, today provides its non-audited business update, in compliance with the EU transparency directive, summarising material events and Ablynx's financial position for the third quarter of 2008 and approved by the Board of Directors on 19 November 2008.

Q3 2008 Highlights

* On track to announce, by year end, data from multi-dose Phase Ib
  study in patients for its novel anti-thrombotic ALX-0081
* Filed an IND equivalent for ALX-0681, a subcutaneous delivery
  form of ALX-0081
* On track to reach the target of initiating 6-8 new Nanobody®
  programmes in 2008
* 38% increase in revenue to EUR 9.4 million for the nine month
  period (2007: EUR 6.8 million)
* Entered into a co-discovery and co-development collaboration
  with Merck Serono to co-develop Nanobodies® against two targets
  with the opportunity to co-share in the profits of products
  which reach market and received a EUR 10 million upfront fee
* Boehringer Ingelheim extended the research funding of its
  Alzheimer's disease collaboration with Ablynx for another year
* Increased staff by 14 people during the quarter, to reach a
  total of 187 at 30 September
* Secured the rights to 7,000m2 of cutting-edge laboratory
  facilities which will be to be completed by mid-2010
* EUR 119.8 million in cash at 30 September 2008

Ablynx provided an R&D update on October 10th during which a new preclinical development programme, ALX-0141, a Nanobody® against RANKL, an important target for bone disorders such as osteoporosis, was presented. Ablynx also announced at the R&D Day the successful generation of Nanobodies® against several GPCRs with picomolar activity in functional cellular assays such as chemotaxis and cell mobility. In October a EUR 1.8 million grant was approved by the Flemish government to explore "Novel methods for uses of Nanobodies®". In November Ablynx presented interim data from the Phase 1b study in patients with stable angina at the American Heart Association Conference in New Orleans.

For more information, please contact:
College Hill Life Sciences - for UK/International media enquiries:
Sue Charles, Justine Lamond, John McIntyre
t: +44 (0)20 7866 7857
f: +44 (0)20 7866 7900
e: ablynx@collegehill.com

Ablynx:
Dr Edwin Moses
Chairman and CEO
t: +32 (0)9 262 00 07
m: +44 (0)7771 954 193 / +32 (0)473 39 50 68
e: edwin.moses@ablynx.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



Copyright © Hugin AS 2008. All rights reserved.

Contact Information