WILEX announces financial figures for the 2015 financial year and reports on course of business

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Munich, 22 March 2016 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial results and annual report for the 2015 financial year (1 December 2014 – 30 November 2015).

“In 2015, we put great effort into realigning our company. We managed to reach important goals in operations and today look back on the positive aspects of financial year 2015 – and into the future with optimism. While the termination of the collaboration with Roche was a setback for us, we are working hard on achieving our objective of getting the highly effective Amanitin toxin ready for the development of innovative cancer therapies in combination with our proprietary ADC technology,” commented Dr Jan Schmidt-Brand, Spokesman of the Executive Management Board and CFO of WILEX AG. “In addition to ongoing research collaborations with industry partners, we are focusing on further developing our own ATAC candidates. Financing these activities will remain a challenge in 2016, but we are receiving significant support from our main shareholder dievini Hopp BioTech.”

Key events in the 2015 financial year

Key events after the reporting period

Key financial figures of the WILEX Group for the financial year 2015
The 2015 financial year concerns the period from 1 December 2014 to 30 November 2015. The WILEX Group comprises two entities, WILEX AG and Heidelberg Pharma GmbH.

WILEX generated sales revenue and other income totalling EUR 3.9 million in financial year 2015 (previous year: EUR 5.0 million). Despite a slight decrease in other operating expenses, the net loss for the year was EUR 6.6 million (previous year: EUR 5.7 million).

Sales revenue amounted to EUR 2.3 million (previous year: EUR 3.6 million), of which the majority – at EUR 1.9 million – was generated by Heidelberg Pharma. This figure includes EUR 1.0 million from the preclinical service business (previous year: EUR 0.7 million) and EUR 0.9 million (previous year: EUR 1.0 million) from the ADC technology. The parent company posted a milestone payment of EUR 0.4 million from licensing partner Link Health as sales revenue in 2015. In the previous year, this item had amounted to EUR 1.2 million. The Roche termination triggered a sales revenue reduction of approximately EUR 1.0 million, as a result of which the financial guidance had to be adjusted in October 2015.

At EUR 1.6 million, other income was up compared to the previous year (EUR 1.4 million). This figure mainly includes income from liabilities and provisions not used (EUR 0.9 million; previous year: EUR 0.5 million) and a government grant from the Federal Ministry of Education and Research (BMBF) for the PSMA-ATAC project in the amount of EUR 0.3 million (previous year: EUR 0.3 million).

Operating expenses including depreciation and amortisation fell to EUR 10.4 million in 2015 (previous year: EUR 10.6 million). Although operating costs were reduced substantially, an impairment loss and a provision had to be recognized in the financial year ended, which increased expenses significantly. Both measures were taken in connection with the sale of WILEX Inc. in 2013.

Research and development costs, which were EUR 5.6 million the previous year, fell by 20% to EUR 4.5 million, accounting for 43% of expenses. Cost of sales decreased by 15% to EUR 1.1 million (previous year: EUR 1.3 million) and accounts for 11% of total costs. Administrative costs were EUR 4.5 million, up 41% on the prior-year level (EUR 3.2 million); they account for 43% of operating expenses. These include the full write-off of a receivable (EUR 2.0 million) from Nuclea Biotechnologies Inc., USA, as the result of prolonged payment difficulties and the recognition of a provision of EUR 0.4 million set up in the event the company is held liable under a rent guarantee provided to the former WILEX Inc. in respect of the lessor. Other expenses amounted to EUR 0.3 million (previous year: EUR 0.5 million), 40% lower than the prior-year figure and accounting for 3% of total costs.

The WILEX Group showed an operating result of EUR -6.5 million (previous year: EUR -5.6 million) in the 2015 financial year. The net loss for the year increased to EUR 6.6 million (previous year: EUR 5.7 million) as a result of lower sales revenue and extraordinary accounting items. Earnings per share fell to EUR -0.75 (previous year: EUR -0.73).

At the end of the financial year on 30 November 2015, total assets were EUR 12.1 million, down EUR 2.9 million from the previous year’s amount of EUR 15.0 million, which had been given a boost by a higher figure for net cash and financial assets. WILEX had cash and cash equivalents of EUR 1.3 million (previous year: EUR 2.2 million) at the end of the reporting period. The monthly cash use decreased to EUR 0.4 million (previous year: EUR 0.6 million). The Group’s equity amounted to EUR 9.5 million (previous year: EUR 11.9 million). This corresponds to an equity ratio of 78.3% (previous year: 79.0%).

Financial outlook on 2016 and strategy of the WILEX Group
The WILEX Group expects to generate between EUR 2.0 million and EUR 3.0 million in sales revenue and other income (2015: EUR 3.9 million) in the 2016 financial year. This figure does not include income from additional potential licensing agreements. According to current planning, operating expenses will be in the range of EUR 7.0 million to EUR 10.0 million (2015: EUR 10.4 million). Earnings before interest and taxes (EBIT) in the 2016 financial year are projected to be between EUR -4.0 million and EUR -8.0 million (2015: EUR -6.5 million).

WILEX expects to require funds of EUR 4.0 million to EUR 8.0 million in 2016. The monthly cash use is expected to amount to between EUR 0.4 million and EUR 0.6 million (2015: EUR 0.4 million).

WILEX’s goals in the 2016 financial year are to further refine the ATAC technology, expand its customer-specific research business and build its own product pipeline. Existing research agreements on this technology should ideally culminate in licence agreements for specific Antibody-Targeted Amanitin Conjugates, and the aim is to find a partner for at least one further clinical project.

Key figures for the WILEX Group


 

20151

EUR million

20141

EUR million

Earnings

 

 

Sales revenue

2.6

3.6

Other income

1.6

1.4

Operating expenses

(10.4)

(10.6)

of which research and development costs

(4.5)

(5.6)

Operating result

(6.5)

(5.6)

Earnings before taxes

(6.5)

(5.6)

Net loss for the period

(6.6)

(5.7)

Earnings per share in EUR

(0.75)

(0.73)

 
Balance sheet as of the end of the period
Total assets

12.1

15.0

Cash and cash equivalents

1.3

2.2

Equity

9.5

11.9

Equity ratio2 in %

78.3

79.0

 
Cash flow statement
Cash flow from operating activities

(4.8)

(6.6)

Cash flow from investing activities

(0.2)

(0.2)

Cash flow from financing activities

4.1

(0.0)

 
Employees (number)
Employees at year-end3

55

52

Employees at year-end3 (full-time equivalents)

49

56

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 annual report including the segment reporting and the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) was published at www.wilex.com.

Invitation to the conference call
On 22 March 2016, 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 69 71044 5598
2. UK: +44 20 3003 2666
3. USA: +1 212 999 6659
4. USA Freephone: +1 866 966 5335

You will be welcomed by an operator who will ask for the password (WILEX) and take your name and company. The presentation for the conference (in English) will be available for download from www.wilex.com at 2:30 p.m. CET.

Contact
WILEX AG
Sylvia Wimmer
Corporate Communications
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)
Executive Director + Partner
Tel.: +49 (0)89-210 228-40
Email: katja.arnold[at]mc-services.eu 

 

About WILEX and Heidelberg Pharma
WILEX AG is a biopharmaceutical company which discontinued all clinical development activities at its Munich site and now exercises a holding function as the Group parent. Research and development focus on the operations of its subsidiary Heidelberg Pharma GmbH in Ladenburg, which primarily advances the development of the innovative ADC platform technology for Antibody-Targeted Amanitin Conjugates (ATAC technology) and provides preclinical drug research and development services. WILEX has the diagnostic and therapeutic drug candidates REDECTANE® and RENCAREX®, which are available for out-licensing and further development in Phase III for external partners. 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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