SOURCE: Ablynx

May 19, 2010 01:47 ET

ABLYNX PROVIDES A BUSINESS UPDATE FOR THE FIRST QUARTER 2010

GHENT, BELGIUM--(Marketwire - May 19, 2010) - Ablynx [Euronext Brussels: ABLX] today provides its non-audited business update, in compliance with the EU transparency directive, summarising material events and Ablynx's financial position for the first quarter of 2010.

Q1 Highlights

* EUR4.4 million in revenues

* Successfully completed a Secondary Public Offering (SPO) raising EUR50 million

* EUR131.8 million in cash, cash equivalents and available-for-sale financial assets and other short term investments at the end of the quarter

* Selected a new pre-clinical development candidate, ALX-0651, targeting a GPCR (CXCR4) for hematopoietic stem cell mobilization

* Reported the successful generation of functional Nanobodies against an ion channel

* Announced new data on pulmonary to systemic administration and needle- free administration of Nanobodies

* Advanced ALX-0171, an anti-RSV Nanobody, into pre-clinical development for the treatment of respiratory synctial virus (RSV) infections

* Received a EUR1.2 million grant from the Flemish agency for Innovation by Science and Technology (IWT) to further advance its anti-IL-6R programme, ALX-0061

* Successfully opposed a half-life extension patent which had been granted to Domantis (a member of the GlaxoSmithKline group of companies) resulting in this patent being revoked in full

Business update

Revenues for the first quarter were EUR4.4 million (2009: EUR7.5 million). The Company expects higher revenues and cash inflow in 2010 compared with 2009, though as much of this is milestone or new deal dependent there is a degree of uncertainty and relatively small shifts in timing can have an effect on the final numbers. Expenses increased by 4% to EUR12.0 million (2009: EUR11.5 million). This resulted in a net loss for the first quarter of EUR7.4 million (2009: EUR3.0 million). The Company's cash, cash equivalents and available-for-sale financial assets were EUR131.8 million at 31(st) March 2010 (2009: EUR111.8 million).

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

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: eva-lotta.allan@ablynx.com

Wim Ottevaere
Chief Financial Officer
t: +32 (0)9 262 00 08
e: wim.ottevaere@ablynx.com

[HUG#1416982]

Complete version of the press release: http://hugin.info/137912/R/1416982/367490.pdf

Contact Information