WILEX AG: Interim management statement on the first quarter of 2016

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Munich, 14 April 2016. WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today reported on the first three months of the 2016 financial year (1 December 2015 – 29 February 2016) and the Group’s financial figures.

“The first quarter of 2016 proceeded according to plan. We are working on the further development of our proprietary platform technology for Antibody Targeted Amanitin Conjugates. A considerable part of the financing strategy we initiated for this has been implemented, and a further capital increase is currently being carried out,” commented Dr Jan Schmidt-Brand, Spokesman of the Executive Management Board and CFO of WILEX AG.

The ATAC technology is used to cross-link the highly effective compound amanitin to antibodies developed by various partners and perform preclinical testing of these. At the same time, WILEX is working on optimising an Antibody Targeted Amanitin Conjugate (ATAC) as our first proprietary ATAC candidate and on making this ready for early clinical development. In addition to preclinical investigations, this will entail establishing the manufacturing process for the relevant antibodies, the amanitin drug and different ATAC candidates at subcontractors in accordance with GMP standards.

Important events in the reporting period

Events after the reporting period

Results of operations, financial position and net assets

The WILEX Group – as of the reporting date comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH – reports consolidated figures. The reporting period referred to below concerns the period from 1 December 2015 to 29 February 2016 (3M 2016).

In the first three months of the 2016 financial year, the WILEX Group generated sales revenue and income totalling EUR 1.0 million, up 11% on the previous year (EUR 0.9 million). This figure includes sales revenue of EUR 0.5 million (previous year: EUR 0.4 million), which is made up of the business of Heidelberg Pharma (EUR 0.4 million) and a component of the licence agreements with Link Health (EUR 0.1 million). At EUR 0.5 million, other income was at the same level as in the previous year (EUR 0.5 million), due in particular to income from the reversal of a liability (EUR 0.3 million) that was not needed in the projected amount. Income of EUR 0.1 million was also generated in the context of the 2013 sale of former subsidiary WILEX Inc. to Nuclea Biotechnologies Inc. As a consequence of the write-off of the full amount of the loan granted at the reporting date of the last financial year, any interest and capital repayments received must be recognised in profit or loss. A government grant of EUR 0.1 million from the Federal Ministry of Education and Research (BMBF) for research projects was also recorded.

Operating expenses including depreciation and amortisation amounted to EUR 2.0 million in the reporting period, as in the previous year. Cost of sales concerns costs that are directly related to revenues and were incurred by the Group for customer-specific research; they amounted to EUR 0.1 million (previous year: EUR 0.4 million). Research and development (R&D) costs of EUR 1.3 million were up EUR 0.5 million on the prior-year period (EUR 0.8 million), due to the expansion of preclinical investigations at Heidelberg Pharma. R&D costs accounted for by far the largest share of all operating expenses, at 65%. Administrative costs decreased in the first quarter of 2016 to EUR 0.5 million from EUR 0.7 million in the previous year. This figure includes the costs for the holding activities and the stock market listing. Other expenses for activities in the areas of business development, marketing and commercial market supply remained steady year-on-year at EUR 0.1 million in the current reporting period.

At EUR 1.1 million, the WILEX Group’s net loss for the first three months of the financial year was maintained at a stable level compared with the previous year, with higher sales revenue and income offsetting higher operating expenses, especially for R&D. In spite of an almost identical net loss for the period, earnings per share rose by 29% to EUR -0.10 (previous year: EUR -0.14), due exclusively to the higher average number of shares resulting from the capital increases implemented in December 2015.

Total assets as of 29 February 2016 amounted to EUR 13.0 million, up from the figure of EUR 12.1 million shown as of the 30 November 2015 reporting date. At EUR 10.9 million, equity was up compared to the end of the 2015 financial year (EUR 9.5 million). This corresponds to an equity ratio of 83.5% (30 November 2015: 78.3%).

A cash inflow from financing activities of EUR 2.5 million was recorded in the reporting period as a result of the successfully completed capital increases. Cash and cash equivalents as of the end of the first quarter amounted to EUR 2.3 million (30 November 2015: EUR 1.3 million). Hence, WILEX’s average monthly cash inflow in the first quarter of the financial year was EUR 0.33 million (previous year: cash outflow of EUR 0.28 million). Excluding the capital increases, this is equivalent to an average monthly reduction of EUR 0.48 million resulting from the operating and investing activities.

There is no change to the guidance for the WILEX Group for the current financial year issued at the end of March 2016. Based on current planning and assuming the planned corporate actions are carried out, the Company’s financing has been secured into the second quarter of 2017.

Since WILEX announced its quarterly financial figures only shortly after publishing the figures for the 2015 financial year and the analyst and investor conference held on 22 March 2016, the Company will not hold a conference call  for this interim statement. The complete figures for the interim financial statements can be downloaded from www.wilex.com ”Press+Investors > Financial Reports > Interim Management Statement of 14 April 2016”.

Key figures for the WILEX Group

Q1 20161
EUR ‘000
Q1 20151
EUR ‘000
Earnings
Sales revenue
455 427
Other income
502 471
Operating expenses (2,026) (1,972)
of which research and development costs (1,311) (813)
Operating result
(1,069) (1,074)
Earnings before tax
(1,071) (1,074)
Net loss for the period
(1,080) (1,074)
Earnings per share in EUR
(0.10) (0.14)
Balance sheet as of the end of the period
Total assets
13,028 13,994
Cash and cash equivalents
2,305 1,369
Equity 10,879 10,813
Equity ration2 in % 83.5 77.3
Cash flow statement
Cash flow from operating activities
(1,399) (823)
Cash flow from investing activities
(42) (6)
Cash flow from financing activities
2,452 (11)
Employees (Number)
Employees as of the end of the period 3 53 51
Full-time equivalents as of the end of the period3 48 45

1 The reporting period begins on 1 December and ends on 28 February.
2 Equity / total assets.
3 Including members of the Executive Management Board.
Rounding of exact figures may result in differences.

 

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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