WILEX announces financial figures for the 2016 fiscal year and reports on course of business

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Munich, 30 March 2017 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial results and annual report for the 2016 financial year (1 December 2015 – 30 November 2016) and its outlook on 2017.

“We achieved several important milestones during the past year. Our most notable achievement was the in-licensing of suitable antibodies as a starting point for our own ATAC development candidates. Based on this and after conducting extensive preparatory research, we selected HDP-101 as our first proprietary ATAC development candidate. We consider our proprietary ATAC portfolio and the data it generates to be a key building block for increasing the Company’s value in the future,” said Dr Jan Schmidt-Brand, CEO and CFO of WILEX AG. “Our goals for 2017 are licensing partnerships for new ATAC candidates, formal preclinical development and agreement of the clinical development path for HDP-101 with the authorities. Another key task this year will again be to finance these activities, an issue we plan to address with the support of our main shareholder dievini and based on advances in our ATAC technology.”

Key events in the 2016 financial year

Key events after the reporting period

Key financial figures of the WILEX Group for the financial year 2016

Fiscal year 2016 ran from 1 December 2015 to 30 November 2016. The WILEX Group comprises two entities, WILEX AG and Heidelberg Pharma GmbH.

WILEX generated sales revenue and other income totaling EUR 2.7 million in fiscal year 2016 (previous year: EUR 3.9 million).

WILEX posted sales revenue of EUR 1.3 million (previous year: EUR 2.3 million), which was mainly attributable to Heidelberg Pharma. This figure includes EUR 0.2 million (previous year: EUR 0.9 million) relating to the ADC technology and EUR 1.0 million (previous year: EUR 1.0 million) from the service business. The majority of ATAC sales in the previous year was attributable to former partner Roche. In 2016, WILEX AG also received parts of a milestone payment from Link Health Co., Guangzhou, China, in connection with the out-licensing of MESUPRON® totaling EUR 0.1 million (previous year: EUR 0.4 million).

At EUR 1.4 million, other income was down compared to the previous year (EUR 1.6 million). This was primarily due to grants provided by the Federal Ministry of Education and Research (BMBF) that support Heidelberg Pharma projects in the amount of EUR 0.8 million (previous year: EUR 0.3 million). Additionally, income of EUR 0.4 million (previous year: EUR 0.9 million) was generated from the reversal of unutilized accrued liabilities, most of which were subject to limitation. In addition to other items, income of EUR 0.2 million was recorded from recoveries on receivables written off from the loan agreement with Nuclea Biotechnologies Inc., Pittsfield, MA, USA, for the sale of the former subsidiary, WILEX Inc.

Operating expenses including depreciation and amortization fell to EUR 9.1 million in 2016 (previous year: EUR 10.4 million). Research and development costs accounted for EUR 6.1 million of operating expenses (previous year: EUR 4.5 million). The 38% increase is attributable to the expansion – as planned – of R&D activities at Heidelberg Pharma. R&D costs thus accounted for 67% of all costs. Cost of sales decreased to EUR 0.8 million (previous year: EUR 1.1 million) and represented 9% of total costs. Administrative costs were EUR 2.0 million, down 56% compared to the prior-year level (EUR 4.5 million) and accounted for 22% of operating expenses. Administrative costs in the previous year included the write-off in full of a receivable (EUR 1.6 million) from Nuclea, the legal successor to the former WILEX Inc., as a result of prolonged payment difficulties and the recognition of a provision set up in the event the Company is held liable under a rent guarantee to Nuclea’s lessor (EUR 0.4 million). Nuclea filed for insolvency in 2016. Despite these two one-off costs, administrative cost savings of EUR 0.5 million were achieved in 2016. Other expenses amounted to EUR 0.2 million (previous year: EUR 0.3 million) – down 33% compared to the previous year – and accounted for 2% of operating expenses.

The WILEX Group’s operating result was EUR -6.4 million in the 2016 fiscal year (previous year: EUR -6.5 million). Net loss for the year was EUR 6.4 million (previous year: EUR 6.6 million). Earnings per share improved from EUR -0.75 in the previous year to
EUR -0.53.

At the end of the fiscal year, total assets amounted to EUR 15.2 million, up EUR 3.1 million from the previous year (EUR 12.1 million), due to higher cash and cash equivalents. WILEX had cash and cash equivalents of EUR 4.6 million at the end of the reporting period (30 November 2015: EUR 1.3 million). Monthly cash use increased to EUR 0.6 million (previous year: EUR 0.4 million). The Group’s equity amounted to EUR 9.7 million (previous year: EUR 9.5 million). This corresponds to an equity ratio of 64.0% (previous year: 78.3%).

Financial outlook and strategy for 2017

The WILEX Group expects to generate between EUR 4.0 million and EUR 6.0 million in sales revenue and other income (2016: EUR 2.7 million) for the 2017 fiscal year. This guidance takes into account potential cash inflows from new licensing activities at Heidelberg Pharma. According to current plans, operating expenses should be in the range of EUR 11.0 million to EUR 15.0 million (2016: EUR 9.1 million). Earnings before interest and taxes (EBIT) for the 2017 fiscal year are projected to be between EUR -6.0 million and EUR -10.0 million (2016: EUR -6.4 million).

WILEX expects cash use for fiscal year 2017 to be between EUR 6.0 million and EUR 10.0 million, with monthly cash use between EUR 0.5 million and EUR 0.8 million.

In 2017, WILEX’s focus will remain on the development and marketing of its proprietary ATAC technology. The goal is to grow research collaborations into longer-term, more extensive license agreements and to secure additional material transfer agreement partners for evaluation projects. A second main objective is to further develop the Company’s own ATAC pipeline. GMP manufacturing of the first proprietary candidate HDP-101 is a critical milestone for starting clinical development in multiple myeloma at the end of 2018.

Key figures for the WILEX Group


 

20161

EUR million

20151

EUR million

Earnings

 

 

Sales revenue

1.3

2.3

Other income

1.4

1.6

Operating expenses

(9.1)

(10.4)

of which research and development costs

(6.1)

(4.5)

Operating result

(6.4)

(6.5)

Earnings before taxes

(6.4)

(6.5)

Net loss for the period

(6.4)

(6.6)

Earnings per share in EUR

(0.53)

(0.75)

 
Balance sheet as of the end of the period
Total assets

15.2

12.1

Cash and cash equivalents

4.6

1.3

Equity

9.7

9.5

Equity ratio2 in %

64.0

78.3

 
Cash flow statement
Cash flow from operating activities

(6.5)

(4.8)

Cash flow from investing activities

(0.5)

(0.2)

Cash flow from financing activities

10.3

4.1

 
Employees (number)
Employees at year-end3

53

55

Employees at year-end3 (full-time equivalents)

49

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 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 30 March 2017, WILEX will hold a public conference call for media, analysts and investors in English at 3:00 p.m. CEST. 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)
Managing 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 based in Munich, Germany, that serves as a parent and holding company. The Company’s research and development work is conducted by its subsidiary Heidelberg Pharma GmbH in Ladenburg. Heidelberg Pharma is the first company to develop the toxin Amanitin into cancer therapies using its proprietary Antibody Targeted Amanitin Conjugate (ATAC) technology and to advance the biological mode of action of the toxin as a novel therapeutic principle. This proprietary technology platform is being applied to develop the company’s own therapeutic ATACs as well as in third-party collaborations to create a variety of ATAC candidates. The proprietary lead candidate HDP-101 is a BCMA-ATAC for multiple myeloma. WILEX’s clinical assets MESUPRON® and REDECTANE® have been partnered, while RENCAREX® is available for out-licensing and further development. WILEX is listed on 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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