SOURCE: Jerini AG

November 13, 2009 13:36 ET

Jerini AG Reports Financial Results for the First Nine Months of 2009

BERLIN, GERMANY--(Marketwire - November 13, 2009) - Jerini AG (FSE: JI4) reported financial results according to International Financial Reporting Standards (IFRS) for the first nine months ended September 30, 2009.

Total revenues for this period increased to EUR 6.1 million (compared to EUR 3.4 million in the prior-year period). Revenues from product sales of Firazyr® amounted to EUR 2.7 million (prior-year period: EUR 0.1 million). Revenues from collaboration agreements increased to EUR 3.4 million (prior-year period: EUR 3.3 million). Cash and cash-equivalents, excluding restricted cash in the amount of EUR 0.3 million, amounted to EUR 3.7 million (prior-year period: EUR 19.1 million).

Research and development expenses increased in the first nine months of 2009 to EUR 20.8 million (prior-year period: EUR 13.6 million). General and administrative expenses decreased to EUR 8.4 million (prior year period: EUR 13.6 million). Sales and distribution costs increased to EUR 12.2 million (prior-year period: EUR 7.4 million). Loss from operations before tax and finance costs (EBIT) increased to EUR 35.0 million (prior-year period: EUR 31.0 million). Net loss from continuing operations for the nine-month period ended September 30, 2009 amounted to EUR 29.6 million (prior-year period: EUR 29.8 million). Loss per share from continuing operations for this period amounted to EUR 0.50 (prior-year period: EUR 0.55).

Net cash burn for the first nine months of 2009 amounted to EUR 22.8 million (prior-year period: EUR 41.3 million). Net cash burn is calculated by the addition of cash used in operating activities (EUR 28.0 million) and cash provided by investing activities (EUR 5.2 million), as disclosed in the unaudited consolidated cash-flow statements for the nine-month period ended September 30, 2009.

Outlook

Shire Deutschland Investments GmbH currently holds more than 98 percent of Jerini's outstanding shares. Upon registration in the commercial register of the squeeze-out resolution adopted at Jerini's Shareholders' Meeting on June 16, 2009, Shire Deutschland Investments GmbH will hold 100 percent of Jerini's outstanding shares. As compensation, minority shareholders will receive cash compensation of EUR 7.53 per share from Shire Deutschland Investments GmbH. After the completion of the squeeze-out, Jerini plans to review the options for integration into the Shire Group of Companies.

About Jerini AG

Jerini is a pharmaceutical company based in Berlin, Germany. On July 3, 2008, Jerini and Shire plc's German wholly-owned indirect subsidiary Shire Deutschland Investments GmbH entered into a business combination agreement regarding a strategic partnership. Jerini is now a subsidiary of Shire plc and a member of the Shire group of companies. Shire currently holds more than 98 percent of Jerini's shares.

ISIN: DE0006787476



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Contact Information

  • For questions, please contact:
    Investor Relations
    Jerini AG
    Invalidenstr. 130
    10115 Berlin
    T + 49 - 30 - 97893 - 0
    X + 49 - 30 - 97893 - 599
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