SOURCE: Jerini AG

August 14, 2009 12:45 ET

Jerini AG Reports Financial Results for First Half 2009

BERLIN, GERMANY--(Marketwire - August 14, 2009) -


Berlin, August 14, 2009 - Jerini AG (FSE: JI4) reported financial results for the first six months ended June 30, 2009. Under International Financial Reporting Standards (IFRS), total revenues for this period increased by 82 percent to EUR 4.0 million (compared to EUR 2.2 million in the prior year period). Revenues from product sales of Firazyr® amounted to EUR 1.4 million (prior year period: EUR nil). Revenues from collaboration agreements increased to EUR 2.6 million (prior year period: EUR 2.2 million). Cash and cash-equivalents, excluding restricted cash in the amount of EUR 0.3 million, amounted to EUR 16.2 million (prior year period: EUR 17.6 million).

Research and development expenses decreased to EUR 8.3 million in this six-month period (compared to EUR 9.6 million in the prior year period). Sales and distribution costs decreased to EUR 2.9 million (prior year period: EUR 5.3 million) due to expenses in 2008 for the preparation of Firazyr®'s product launch. General and administrative expenses increased to EUR 7.2 million (prior year period: EUR 5.4 million). Losses from operations before tax and finance costs (EBIT) decreased to EUR 14.0 million (compared to EUR 17.9 million in the prior year period). Net loss from continuing operations for this period decreased to EUR 9.6 million (prior year period: EUR 17.2 million), and loss per share amounted to EUR 0.16 (prior year period: EUR 0.33).

Net cash burn for the first six months of 2009 amounted to EUR 9.7 million (prior year period: EUR 20.1 million). Net cash burn is calculated by the addition of cash used in operating activities (EUR 14.9 million) and cash provided by investing activities (EUR 0.1 million) as well as cash provided by the divestment of JPT Peptide Technologies GmbH (EUR 5.3 million), as disclosed in the unaudited consolidated cash-flow statements for the six-month period ended June 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

Financial Report Q2 2009: http://hugin.info/135931/R/1334997/317122.pdf

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

Copyright © Hugin AS 2009. All rights reserved.

Contact Information

  • For questions, please contact:
    Stacy Wiedenmann
    Director Investor Relations &
    Corporate Communications
    Jerini AG
    Invalidenstr. 130
    10115 Berlin
    T + 49 - 30 - 97893 - 285
    X + 49 - 30 - 97893 - 105
    Email Contact