SOURCE: Ablynx

August 21, 2013 01:40 ET

Ablynx Announces Half-Year Results for 2013

Regulated Information

GHENT, BELGIUM--(Marketwired - Aug 21, 2013) - Ablynx (EURONEXT BRUSSELS: ABLX) today announced its results for the six-month period ending 30 June 2013, which have been prepared in accordance with the IAS 34 "Interim Financial Reporting" as adopted by the European Union. Operational highlights are also reported.

Results will be discussed during a webcast presentation today at 11h CET, 5am EST
Click here to register, call number +32 (0)2 404 06 62

Operational highlights - year-to-date 2013

  •  Reported excellent Phase IIa results with the anti-IL-6R Nanobody, ALX-0061, in RA patients. Licensing discussions for this asset are progressing with a number of pharmaceutical companies
  •  Entry criteria adapted for Phase II TITAN trial in TTP with caplacizumab (anti-vWF Nanobody) to better facilitate recruitment
  • Phase I study initiated by Merck Serono with the Nanobody, ALX-0761, for use in inflammation
  • Initiated additional Phase I studies with the anti-RSV Nanobody, ALX-0171
  • Enhanced the internal pipeline with the start of pre-clinical development of a potentially differentiated anti-IgE Nanobody, ALX-0962, to treat severe allergic asthma
  • Signed a research collaboration with Spirogen to evaluate the potential of novel Nanobody-toxin drug conjugates in cancer
  • Strengthened management team with appointment of a Chief Operating Officer, a newly created role
  • Appointment of Catherine Moukheibir as a new Independent Director of the Company

 Financial highlights - first six months ending June 30th 2013

  • Raised EUR 31.5 million in a private placement of new shares
  •  Revenues of EUR 12.9 million (2012: EUR 16.6 million)
  •  Net loss for the period of EUR 10.5 million (2012: EUR 13.6 million)
  • Positive net cash inflow of EUR 9.2 million, resulting in a strong financial position of EUR 72.0 million in cash, cash equivalents, restricted cash and short-term investments

Commenting on the half-year 2013 results, Dr Edwin Moses, Chairman and CEO of Ablynx, said:
"We are pleased with the progress we have made during the first six months of the year, both operationally and financially. The most significant news was the announcement of excellent Phase IIa efficacy and safety data for our anti-IL-6R Nanobody in rheumatoid arthritis patients. Discussions with a number of interested pharmaceutical companies with the aim to license this Nanobody are making good progress. We further enhanced our internal pipeline with earlier stage assets, including the anti-IgE Nanobody, ALX-0962, to treat severe allergic asthma. Our partner Merck Serono has also dosed the first healthy volunteer in a Phase I study with the Nanobody, ALX-0761, for use in inflammation."

"In addition to the clinical progress, we successfully raised EUR 31.5 million through an over-subscribed private placement, which further improves our flexibility to choose the right strategic options as well as expanding and diversifying our shareholder base. The Company's free float increased to 65%."

"We look forward to enhancing our future growth prospects with six Nanobodies currently in clinical development and a number of important product and partnering catalysts expected during the remainder of the year."

Financial review

(EUR million) H1 2013 H1 2012
Revenues 12.9 16.6
  R&D income 12.0 15.6
  Grants 0.9 1.0
Operating expenses (23.8) (30.6)
  R&D (19.3) (25.9)
  G&A (4.5) (4.7)
Other operating income/(expense) - (0.3)
Operating result (10.9) (14.4)
Finance income (net) 0.4 0.8
Net result (10.5) (13.6)
     
Net cash inflow (burn) 9.2 (7.3)
Cash at June 30th 72.0 (1) 76.5 (2)

(1) Including EUR 2.3 million in restricted cash
(2) Including EUR 2.7 million restricted cash

About Ablynx
Ablynx is a biopharmaceutical company engaged in the discovery and development of Nanobodies®, a novel class of therapeutic proteins based on single-domain antibody fragments, for a range of serious human diseases, including inflammation, haematology, oncology and pulmonary disease. Today, the Company has approximately 25 programmes in the pipeline and six Nanobodies at clinical development stage. Ablynx has on-going research collaborations and significant partnerships with major pharmaceutical companies including Boehringer Ingelheim, Merck Serono, Novartis, Merck & Co. The Company is headquartered in Ghent, Belgium.
More information can be found on www.ablynx.com.

complete version of the press release : http://hugin.info/137912/R/1723964/574563.pdf

Contact Information

  • For more information, please 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: edwin.moses@ablynx.com

    Marieke Vermeersch
    Associate Director Investor Relations
    t: +32 (0)9 262 00 82
    m: +32 (0)479 49 06 03
    e: marieke.vermeersch@ablynx.com
    Follow us on Twitter @AblynxABLX

    Consilium Strategic Communications (spin-out from M: Communications):
    Mary-Jane Elliott
    Amber Bielecka
    Lindsey Neville
    t: +44 207 920 2345
    e: ablynx@consilium-comms.com