WILEX reports on successful first half year 2010
• Financials in line with expectations
• Shareholder loan received
• Interim analysis of RENCAREX® efficacy commenced
• Acquisition of Heidelberg Pharma AG successfully completed
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Munich, Germany, 13 April 2011. WILEX AG (DE0006614720 / Frankfurt Stock Exchange) today published its 3-month financial report for 2011 (1 December 2010 – 28 February 2011) and provided information on the status of the Company’s projects.
“WILEX reached the pivotal milestone of 343. events in the ARISER trial in the first quarter 2011. The Oncogene Science business has been successfully integrated and the acquisition of Heidelberg Pharma has been completed”, commented Peter Llewellyn-Davies, CFO of WILEX AG.
Projects and milestones
The process for the interim analysis of efficacy in the Phase III ARISER trial of RENCAREX® started in January 2011. WILEX expects to receive the results of the analysis from this pivotal trial in the second half of the year. Preparations for the REDECTANE® BLA filing with the US Food and Drug Administration FDA are underway in collaboration with our marketing and sales partner IBA Pharma S.A., Brussels, Belgium. Patient recruitment continued in the Phase II trial of the uPA inhibitor MESUPRON® in combination with the chemotherapeutic agent Capecitabine in metastatic, HER2 receptor negative breast cancer. The completion of recruitment is expected shortly.
The US subsidiary WILEX Inc., Cambridge, MA, USA, successfully commenced sales activities of diagnostics and booked first revenues with the acquired Oncogene Science business. WILEX Inc. focuses on the production and marketing of diagnostic tests in oncology. The acquisition of Heidelberg Pharma AG, Ladenburg, Germany, was completed when the contribution in kind capital increase was recorded in the Commercial Register on 17 March 2011. Heidelberg Pharma will be run as a wholly-owned subsidiary of WILEX AG and integrated in the WILEX Group.
Financial results for the first three months of 2011
The WILEX Group, comprising WILEX AG and the subsidiary WILEX Inc., reports consolidated figures for the first three months of the 2011 financial year (1 December 2010 – 28 February 2011). Heidelberg Pharma AG was not included in these figures because the acquisition date was after the reporting period.
WILEX Inc. generated first sales revenue of € 71 k in the first three months of the 2011 financial year. Other income was € 260 k (previous year: € 564 k).
Operating expenses including depreciation and amortisation amounted to € 6.22 million, up 4.2% from the previous year (€ 5.97 million). This includes research and development costs of € 4.65 million (previous year: € 4.78 million), corresponding to just under 75.0% of operating expenses. Administrative costs were € 1.25 million, up approx. 4.4% from the previous year (€ 1.19 million). The increase is due in particular to the operational launch of WILEX Inc.’s business in the first quarter of 2011 as well as the costs of the Extraordinary General Meeting in December 2010.
In the first quarter of the 2011 financial year, the WILEX Group posted a net loss of € 5.95 million for the period, up 10.3% over the same period the previous year (€ 5.4 million). This corresponds to earnings per share of € -0.32 (previous year: € -0.34).
A shareholder loan for € 10 million from the Company’s two main shareholders, dievini Hopp BioTech holding GmbH & Co. KG and UCB Pharma S.A., was signed in December 2010. At the end of the first quarter of 2011, the Company had cash and cash equivalents of € 4.62 million (30 November 2010: € 1.94 million). Equity at the end of the reporting period was € -7.21 million (30 November 2010: € -1.30 million). This does not include the contribution in kind capital increase through Heidelberg Pharma, which improved the Company’s equity situation in March 2011.
|Earnings in EUR ’000||
|Other operating income||260||564||(53.9)|
|of which research and development||(4,649)||(4,777)||(2.7)|
|Earnings before tax||(5,953)||(5,394)||10.3|
|Net loss of the period||(5,954)||(5,400)||10.3|
|Earnings per share in EUR||(0.32)||(0.34)||(4.9)|
|Balance sheet as of end of period|
|Equity ratio 2) in %||(87.2)||45.7||n/a|
|from operating activities||(7,291)||(1,223)||n/a|
|from investing activities||(10)||(1)||n/a|
|from financing activities||9,986||8,472||17.9|
|Employees as at 30.11. 3)||74||70||5.7|
|Employees – annual average 3)||76||70||8.6|
1) The reporting period begins on 1 December and ends on 28 February.
2) Equity / total assets.
3) Including WILEX Inc. (2011) and the members of the Executive Management Board.
Rounding of exact figures may result in differences.
The 3-month financial report 2011 including the consolidated financial statements prepared in accordance with IFRS has been published on the on Company’s website: www.wilex.com.
Invitation to the conference call:
On 13 April 2011, WILEX will hold a public conference call for media, analysts and investors in English at 3:00 p.m. CET. Please dial in ten minutes before the conference call using the following dial-in numbers:
1. Germany: +49 (0) 69 6677 75756
2. UK: +44 (0) 2030032666
3. USA: +1 212 999 6659
You will be welcomed by an operator taking your name and company. The presentation for the conference will be available for download from www.wilex.com at 2:00 p.m. CET. A replay of the conferences will be available on 14 April on http://www.wilex.de/IR/Presentations.php.
Katja Arnold (CIRO)
Tel.: +49 (0)89-41 31 38-126
Fax: +49 (0)89-41 31 38-99
E-Mail: investors [at] wilex.com
About WILEX AG
WILEX AG is a biopharmaceutical company based in Munich, Germany. Focused on oncology, the company has a broad portfolio of near-to-market therapeutic and diagnostic products for the targeted treatment and specific detection of various types of cancer. The company’s therapeutic product candidates are based on antibodies and small molecules. Through its US subsidiary WILEX Inc. in Cambridge, MA, WILEX markets a portfolio of oncological diagnostic tests under the brand Oncogene Science. These diagnostic tests could be used as companion diagnostics in clinical trials and for therapy monitoring. Furthermore, the acquisition of Heidelberg Pharma AG is set to give WILEX access to an attractive and highly promising antibody drug conjugate technology platform and a pre-clinical service business. The business model of WILEX covers the entire value chain in the oncology market and comprises research, technology, development collaboration as well as sales and marketing. WILEX’s customers and partners include leading international pharmaceutical companies. Website: http://www.WILEX.com, ISIN DE0006614720 / WKN 661472 / Symbol WL6
This communication contains certain forward-looking statements relating to the Company’s business, which can be identified by the use of forward-looking terminology such as “estimates”, “believes”, “expects”, “may”, “will” “should” “future”, “potential” or similar expressions or by a general discussion of the Company’s strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.