WILEX publishes 9-month Financial Report

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Munich, 15 October 2015 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial report on the first nine months of 2015 (1 December 2014 – 31 August 2015).

“The focus in the past months was on the research activities and collaborations of the subsidiary Heidelberg Pharma GmbH in connection with the ADC technology. The successful funding of the parent company, WILEX AG, enabled us to push ahead with important work on our proprietary antibody-targeted amanitin conjugates (ATAC) technology in the fight against cancer. This work has resulted in several approaches for developing our own product candidates, which we now will actively pursue. After the termination of our collaboration with Roche, we are now making every effort to expand our own research activities and advance other early-stage collaborations to the next level,” commented Dr Schmidt-Brand, Spokesman of the Executive Management Board of WILEX AG.

Financial results for the first nine months of financial year 2015
The WILEX Group comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH reports consolidated figures. After the restructuring of WILEX AG, R&D activities are now focused on the operations of WILEX’s subsidiary Heidelberg Pharma in Ladenburg.

In the first nine months of the 2015 financial year, the WILEX Group generated sales revenue and income totalling EUR 2.9 million, down 17% on the previous year (EUR°3.5 million). Sales revenue of EUR 1.7 million (previous year: EUR 2.8 million) includes components from licence agreements with Roche and Link Health and revenue from the services business. At EUR 1.2 million, other income rose compared with the previous year (EUR 0.7 million) and comprised income from the reversal of provisions, from exchange rate differences and from sub-letting the office and laboratory premises in Munich.

Operating expenses including depreciation and amortisation amounted to EUR 6.4 million in the reporting period, down 18% compared with the previous year (EUR 7.8 million). This can be attributed to the discontinuation of clinical research activities and savings in the wake of the restructuring at WILEX AG.

Cost of sales in the reporting period were incurred for customer-specific research and amounted to EUR 0.9 million (previous year: EUR 1.2 million). Research and development costs, which were EUR 4.1 million in the previous year, decreased by EUR 1.0 million to EUR 3.1 million due to the discontinuation of R&D activities at the Munich site. However, at 48% of operating expenses, these were still the largest cost item. Administrative costs remained stable at EUR 2.1 million (previous year: EUR 2.0 million). Other expenses, comprising the costs for activities in the areas of business development, marketing and commercial market supply, were EUR 0.3 million (previous year: EUR 0.5 million).

The WILEX Group reduced its loss for the period the first nine months of the current financial year by 20% to EUR 3.5 million. Reflecting the net loss for the period, earnings per share rose by 27% to EUR -0.41 (previous year: EUR -0.56), whereat the higher average number of shares as a result of a capital measure implemented in the second quarter had a positive effect on earnings per share.

In the context of the rights issue implemented in March/April 2015, a total of 1,486,732 new no par value bearer shares were issued from Authorised Capital at a subscription price of EUR 2.80 per share by exercising subscription and oversubscription rights. This generated gross issue proceeds of EUR 4.16 million.

Cash and cash equivalents as of 31 August 2015 amounted to EUR 3.1 million (30 November 2014: EUR 2.2 million). WILEX’s average monthly funding requirement in the first nine months of the financial year was EUR 0.36 million (previous year: EUR 0.68 million).

Total assets as of 31 August 2015 amounted to EUR 15.4 million (30 November 2014: EUR 15.0 million). Equity at the end of the reporting period was EUR 12.5 million (30 November 2014: EUR 11.9 million), corresponding to an equity ratio of 81.0% (30 November 2014: 79.0%).

The termination of the collaboration with Roche forces WILEX AG to revise its financial outlook for the year as a whole. Sales revenue and other income are expected to consequently fall by around EUR 1 million. While this will have a corresponding impact on the operating result, it will not yet result in significant effects on the planned funding requirements for 2015 in the current financial year. The cash reach has been reduced to the first quarter of 2016.

Financial outlook Plan (03/2015) in
EUR million
  Plan (10/2015) in
EUR million
Sales revenue and other income 4.0 – 6.0

 

3.0 – 5.0
Operating expenses (7.0) – (10.0)   (7.0) – (10.0)
Operating result (2.0) – (5.0)   (3.0) – (6.0)
Total funding requirement (3.0) – (5.0)   (3.0) – (5.0)
Funds required per month (0.3) – (0.4)   (0.3) – (0.4)

 

WILEX requires additional funds to be able to implement the activities planned in connection with its proprietary ATAC projects. Suitable financing options are currently being explored.

Key figures for the WILEX Group

In EUR ‘000 9M 20151
EUR ‘000
9M 2014 1
EUR ‘000
Earnings    
Sales revenue 1,714 2,836
Other income 1,161 686
Operating expenses (6,388) (7,835)
of which research and development costs (3,092) (4,136)
Operating result (3,513) (4,312)
Earnings before tax (3,511) (4,363)
Net loss for the period (3,548) (4,411)
Earnings per share in EUR (0.41) (0.56)
     
Balance sheet as of end of period    
Total assets 15,427 16,125
Cash and cash equivalents 3,068 2,821
Equity 12,489 13,162
Equity ratio2 in % 81.0 81.6
     
Cash flow statement    
Cash flow from operating activities (3,212) (6,168)
Cash flow from investing activities (56) (143)
Cash flow from financing activities 4,103 (49)
     
Employees (number)    
Employees as of the end of the period3 51 54
Full-time equivalents as of the end of the period3 46 49

1 The reporting period begins on 1 December and ends on 31 August
2 Equity / total assets
3 Including members of the Executive Management Board
Rounding of exact figures may result in differences.

The full 9-month financial report including the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) was published at http://www.wilex.de/press-investors/financial-reports/. There will be no public telephone conference.

Contact
WILEX AG
Sylvia Wimmer
Tel.: +49 (0)89-41 31 38-29
Email: investors[at]wilex.com
Grillparzerstr. 18, 81675 Munich
IR/PR support
MC Services AG

Katja Arnold (CIRO)
Tel.: +49 (0)89-210 228-40
Mobil: +49 (0)160 9360 3022
Email: katja.arnold[at]mc-services.eu

 

About WILEX and Heidelberg Pharma
WILEX AG is a biopharmaceutical company which has a ready for partnering portfolio of antibody-based diagnostic and therapeutic Phase III product candidates for the detection and targeted treatment of clear cell renal cell carcinoma. Research and development focus on the operations of its subsidiary Heidelberg Pharma GmbH in Ladenburg, which primarily advances the development of the innovative platform technology for antibody drug conjugates (ADC technology) and provides preclinical drug discovery and development services. WILEX is listed at the Frankfurt Stock Exchange: ISIN DE000A11QVV0 / WKN A11QVV / Symbol WL6. More information is available at http://www.wilex.com/.

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.

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