WILEX reports on first half-year

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Munich, 13 July 2017 – WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE) today published its financial report on the first six months of 2017 (1 December 2016 – 31 May 2017).

Dr Jan Schmidt-Brand, CEO and CFO of WILEX AG, commented: The first half of 2017 was a successful period for us operationally. We signed two key license agreements and achieved a highly important milestone shortly after the end of the reporting period by entering into an agreement with a major pharmaceutical company – Takeda – for the application of our ATAC technology. This collaboration is an excellent validation of our ATAC technology since Takeda has broad expertise in oncology and is a leading ADC company. With a potential total value of up to USD 339 million plus royalties, this collaboration offers us a great opportunity. This important contract covers up to three biological targets, leaving us sufficient opportunities to enter into other similar collaborations as well as continue our internal development efforts. We were also successful on the financing front. We utilized a portion of the EUR 10 million financial commitment made by our main shareholder dievini to conduct a rights issue in May, generating proceeds of just under EUR 5.0 million.”

Key events in the first six months of 2017

Financial results for the first six months of fiscal year 2017

The WILEX Group (WILEX) comprising WILEX AG and the subsidiary Heidelberg Pharma GmbH reports consolidated figures.

In the first six months of the 2017 fiscal year, the WILEX Group generated sales revenue and income totaling €1.1 million, a decrease of 42% compared to the previous year (€1.9 million). This figure includes sales revenue of €0.8 million (previous year: €0.9 million), primarily from customer-specific research conducted by Heidelberg Pharma. Payments from the agreement with Telix that are relevant for sales revenue will only be reflected in earnings when the initial milestones have been reached, mainly following the successful resumption of antibody production and in the course of the clinical trial. Initial payments from Takeda will not be received until the third quarter.

Other income of €0.3 million was lower than the previous year’s figure of €1.0 million and mainly includes income of €0.1 million each from a grant from the Federal Ministry of Education and Research (BMBF) for research projects and the reversal of accrued liabilities that were not needed in the projected amount. The prior-year figures for these two items were €0.5 million and €0.3 million, respectively. In addition, income of €0.2 million was recorded in 2016 from the 2013 sale of former subsidiary WILEX Inc. to Nuclea Biotechnologies Inc.

Operating expenses, including depreciation and amortization, amounted to €5.2 million – as planned – in the reporting period, slightly higher than the previous year (€4.3 million).

The net loss for the first half of the year rose to EUR 4.1 million from EUR 2.4 million for the same period in 2016. Loss per share was €0.32, compared to loss per share of €0.22 for the same period in 2016. The disproportionally smaller increase in loss per share compared with the increase in net loss for the period was due to the higher number of shares resulting from capital increases.

WILEX had cash and cash equivalents of EUR 5.5 million on 31 May 2017 (30 November 2016: EUR 4.6 million). The Group’s average monthly funding requirement in the first six months of the fiscal year – excluding the capital increases – was EUR 0.7 million (previous year: EUR 0.5 million).

Total assets as of the end of the reporting period amounted to €16.2 million, up from €15.2 million as of the 30 November 2016 reporting date. Equity as of the end of the reporting period was €10.5 million (30 November 2016: €9.7 million). This corresponded to an equity ratio of 65.1% (30 November 2016: 64.0%).

The WILEX Group confirms its guidance for the current fiscal year provided at the end of March 2017.

Key figures for the WILEX Group


 
H1 20171
EUR ‘000
H1 20161
EUR ‘000
Earnings

 

Sales revenue

838

910

Other income

252

988

Operating expenses

(5.236)

(4.273)

of which research and development costs

(3.521)

(2.797)

Operating result

(4.147)

(2.375)

Earnings before taxes

(4.259)

(2.376)

Net loss for the period

(4.259)

(2.386)

Earnings per share in EUR

(0.32)

(0.22)

Balance sheet as of the end of the period
Total assets

16.188

15.948

Cash and cash equivalents

5.504

4.6

Equity

10.539

5.142

Equity ratio2 in %

65.1

85.9

Cash flow statement
Cash flow from operating activities

(3.787)

(2.435)

Cash flow from investing activities

(186)

(284)

Cash flow from financing activities

4.977

6.587

Employees (number)
Employees at year-end3

54

53

Employees at year-end3 (full-time equivalents)

50

49

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

The full half-yearly financial 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 13 July 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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