Genmab Announces 2003 First Quarter Results
COPENHAGEN, Denmark, May 6 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN - News) announced today results for the three-month period ended March 31, 2003. During this period, Genmab reported the following results:
-- a Net Loss of DKK 85.5 million (approximately USD 12.5 million),
compared to a Net Loss in Q1 2002 of DKK 99.4 million (approximately
USD 14.6 million)
-- an Operating Loss of DKK 94.4 million (approximately USD
13.8 million) compared to an Operating Loss in Q1 2002 of DKK
106.6 million (approximately USD 15.6 million)
-- a cash position at the end of Q1 2003 of DKK 1.2 billion
(approximately USD 178.1 million) compared to a cash position at the
end of Q1 2002 of DKK 1.5 billion (approximately USD 218.7 million)
-- Net Financial Income totaling DKK 8.9 million (approximately USD
1.3 million) compared to Q1 2002 Net Financial Income of DKK
7.4 million (approximately USD 1.1 million)
-- a Net Loss of DKK 3.76 per share (approximately 0.55 USD per share),
compared to Q1 2002 Net Loss of DKK 4.55 per share (approximately USD
0.67 per share)
EVENTS
Genmab had a number of business and scientific achievements during the first quarter of 2003, including:
-- First milestone in the Roche antibody collaboration
-- US FDA approved the IND for HuMax-CD4 to treat lymphoma
-- US FDA approved the IND to investigate HuMax-IL15 to treat rheumatoid
arthritis - and therefore add US sites to ongoing HuMax-IL15 Phase II
study.
-- New pre-clinical data presented on HuMax-CD20 and HuMax-EGFr.
"The results of the quarter are in line with our expectations and we are pleased with the clinical progress made with our products in both pre-clinical and clinical areas during the first quarter," said Lisa N. Drakeman, Ph.D., Chief Executive Officer of Genmab. "It is also noteworthy that our operating loss is reduced compared to last year and this reflects our efforts to control costs."
About Genmab A/S
Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, rheumatoid arthritis and other inflammatory conditions, and intends to assemble a broad portfolio of new therapeutic products arising from research into the human genome. At present, Genmab has multiple partnerships to gain access to disease targets and develop novel human antibodies including agreements with Roche and Amgen. A broad alliance provides Genmab with access to Medarex, Inc.'s array of proprietary technologies, including the UltiMAb(TM) platform for the rapid creation and development of human antibodies to virtually any disease target. Genmab is headquartered in Copenhagen, Denmark and has operations in Utrecht, The Netherlands and Princeton, New Jersey in the US. For more information about Genmab, visit www.genmab.com.
Except for the historical information presented herein, matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements, e.g. unforeseen exchange rate and interest rate fluctuations, delayed or unsuccessful development projects.
Statements that are not historical facts, including statements preceded by, followed by, or that include the words "believes"; "anticipates"; "plans"; "expects"; "estimates"; or similar statements are forward-looking statements. Genmab is not under an obligation to update statements regarding the future following the publication of this release; nor to confirm such statements in relation to actual results, unless this is required by law.
Statement of Operations for the First Quarter ended March 31, 2003
1st quarter 1st quarter 1st quarter 1st quarter
of of of of
2003 2002 2003 2002
DKK'000 DKK'000 USD'000 USD'000
Research and
development costs (77,074) (82,329) (11,307) (12,078)
General and
administrative
expenses (17,297) (24,229) (2,538) (3,555)
Operating loss (94,371) (106,558) (13,845) (15,633)
Financial income 22,521 24,008 3,304 3,522
Financial expenses (13,637) (16,581) (2,001) (2,433)
Loss before tax (85,487) (99,131) (12,542) (14,544)
Corporate tax - (297) - (43)
Net loss (85,487) (99,428) (12,542) (14,587)
Basic and diluted
net loss per share
(in DKK / USD) (3.76) (4.55) (0.55) (0.67)
Weighted average
number of ordinary
shares outstanding
during the period -
basic and diluted 22,716,620 21,828,898 22,716,620 21,828,898
Balance Sheet as of March 31, 2003
Assets
31 March 31 December 31 March
2003 2002 2002
DKK'000 DKK'000 DKK'000
Licenses and rights 56,976 64,600 87,473
Total intangible fixed assets 56,976 64,600 87,473
Leasehold improvements 24,678 27,012 15,504
Equipment, furniture and fixtures 63,839 41,033 37,070
Fixed assets under construction 1,476 20,199 25,248
Total tangible fixed assets 89,993 88,244 77,822
Other securities and equity interests 12,193 11,670 12,857
Total financial fixed assets 12,193 11,670 12,857
Total non-current assets 159,162 164,514 178,152
Antibody clinical trial material 27,184 34,607 -
Other receivables 30,365 13,272 51,647
Prepayments 2,841 2,008 2,569
Total receivables 33,206 15,280 54,216
Marketable securities 970,807 1,115,789 1,143,577
Cash and cash equivalents 243,057 252,946 347,355
Total current assets 1,274,254 1,418,622 1,545,148
Total assets 1,433,416 1,583,136 1,723,300
31 March 31 December 31 March
2003 2002 2002
USD'000 USD'000 USD'000
Licenses and rights 8,359 9,477 12,833
Total intangible fixed assets 8,359 9,477 12,833
Leasehold improvements 3,619 3,963 2,275
Equipment, furniture and fixtures 9,366 6,020 5,438
Fixed assets under construction 217 2,963 3,704
Total tangible fixed assets 13,202 12,946 11,417
Other securities and equity interests 1,789 1,712 1,886
Total financial fixed assets 1,789 1,712 1,886
Total non-current assets 23,350 24,135 26,136
Antibody clinical trial material 3,988 5,077 -
Other receivables 4,455 1,947 7,577
Prepayments 417 295 377
Total receivables 4,872 2,242 7,954
Marketable securities 142,424 163,694 167,771
Cash and cash equivalents 35,658 37,109 50,959
Total current assets 186,942 208,122 226,684
Total assets 210,292 232,257 252,820
Balance Sheet as of March 31, 2003
Liabilities
31 March 31 December 31 March
2003 2002 2002
DKK'000 DKK'000 DKK'000
Share capital 22,717 22,717 21,837
Share premium 2,074,324 2,074,324 1,956,700
Revaluation surplus 4,408 4,407 11
Unearned compensation - - (33,675)
Accumulated deficit (787,766) (702,279) (322,378)
Shareholders' equity 1,313,683 1,399,169 1,622,495
Payable technology rights 12,631 12,942 30,194
Lease liability 10,205 10,625 -
Total non-current liabilities 22,836 23,567 30,194
Current portion of payable technology
rights 13,321 13,650 17,045
Current portion of lease liability 2,995 3,150 -
Accounts payable 42,900 94,640 16,390
Other liabilities 37,681 48,960 37,176
Total current liabilities 96,897 160,400 70,611
Total liabilities 119,733 183,967 100,805
Total shareholders' equity and
liabilities 1,433,416 1,583,136 1,723,300
31 March 31 December 31 March
2003 2002 2002
USD'000 USD'000 USD'000
Share capital 3,333 3,333 3,204
Share premium 304,318 304,318 287,062
Revaluation surplus 647 647 2
Unearned compensation - - (4,941)
Accumulated deficit (115,571) (103,029) (47,295)
Shareholders' equity 192,727 205,269 238,032
Payable technology rights 1,853 1,899 4,430
Lease liability 1,497 1,558 -
Total non-current liabilities 3,350 3,457 4,430
Current portion of payable technology
rights 1,954 2,003 2,501
Current portion of lease liability 439 462 -
Accounts payable 6,294 13,884 2,405
Other liabilities 5,528 7,182 5,452
Total current liabilities 14,215 23,531 10,358
Total liabilities 17,565 26,988 14,788
Total shareholders' equity and
liabilities 210,292 232,257 252,820
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