SOURCE: Ablynx

November 10, 2009 12:34 ET

ABLYNX PROVIDES BUSINESS UPDATE FOR THE THIRD QUARTER 2009

GHENT, BELGIUM--(Marketwire - November 10, 2009) -


REGULATED INFORMATION

GHENT, Belgium, 10 November 2009 - Ablynx [Euronext Brussels: ABLX] today provides its non-audited business update in compliance with the EU transparency directive. This report summarises material events and Ablynx's financial position for the third quarter of 2009. It has been approved by the Board of Directors.

Q3 2009 Highlights

  * Initiated an open-label, randomised Phase II study of its
    anti-thrombotic Nanobody®, ALX-0081, in patients undergoing
    percutaneous coronary intervention (PCI)
  * Announced positive results from its double-blind, randomised,
    placebo-controlled Phase I study with ALX-0681, a subcutaneous
    formulation of its novel anti-thrombotic Nanobody
  * Received a milestone payment of $4 million as Wyeth
    Pharmaceuticals initiated a Phase II multiple dose study of an
    anti-TNFa Nanobody in patients with rheumatoid arthritis
  * Increased revenues by 133% to EUR 21.9 million for the period
    January-September (2008: EUR 9.4 million)
  * EUR 93.7 million in cash at 30 September 2009

Business Update

Revenues increased over the first nine months by 133% to EUR 21.9 million compared with the same period in 2008 (2008: EUR 9.4 million). Expenses increased by 46% to EUR 37.5 million (2008: EUR 25.6 million). The net loss for the first nine months of 2009 was EUR 13.5 million (2008: EUR 12.1 million). The Company's total cash position(*) was EUR 93.7M million at 30 September 2009 (2008: EUR 119.8 million).

(*) The Company's cash position is composed of cash, cash equivalents and financial assets available-for-sale.

Material events after 30 September 2009

On 12 October, Ablynx reached a settlement with Domantis, part of the GlaxoSmithKline group of companies, concerning a dispute relating to a settlement agreement which Ablynx and Domantis entered into in 2005. Under the terms of the agreement Ablynx received a license to the European Winter II patent and will pay Domantis low single- digit royalties on the first five Nanobody products which are commercialised.

Complete version of the press release in English: http://hugin.info/137912/R/1354059/328135.pdf

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



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Contact Information

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

    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: Email Contact

    Eva-Lotta Allan
    Chief Business Officer
    t: +32 (0)9 262 00 75
    m: +32 (0)475 78 36 21 / +44 (0)7990 570 900
    e: Email Contact

    Wim Ottevaere
    Chief Financial Officer
    t: +32 (0)9 262 00 08
    e: Email Contact