COPENHAGEN, Oct. 12 /PRNewswire/ -- Genmab A/S (CSE: GEN and Neuer Markt: GE9D) today announced results for the nine month period ending September 30, 2001. During the first nine months of 2001, Genmab reported a Net Loss of DKK 79.5 million (USD 9.8 million). In 2000 the Net Loss for the first nine months was DKK 8.8 million (USD 1.1 million). At the end of the third quarter, Genmab had DKK 1,642 million in cash (USD 203.6 million).
Due to increased activities in research and development, and clinical trials, the Operating Loss increased to DKK 157.8 million (USD 19.4 million) for the first nine months of 2001 compared to DKK 36.1 million (USD 4.4 million) in the corresponding period of 2000. The Financial Income increased in the first nine months of 2001 to DKK 78.2 million (USD 9.6 million) compared to DKK 27.2 million (USD 3.4 million) in the first nine months of year 2000. The Net Loss per share has changed to DKK 3.65 (USD 0.45) in the first nine months of 2001 compared to DKK 0.75 (USD 0.09) in the corresponding period of 2000.
HIGHLIGHTS
Genmab has added to its accomplishments of the first half, which included a broad antibody collaboration with Roche, an antibody development partnership with deCODE genetics and the initiation of a HuMax-CD4 Phase II study against psoriasis, with a number of new business and scientific accomplishments. To date, these include:
-- A new collaboration with Immunex to discover and develop a cancer
antibody to be called HuMax-Lymphoma.
-- Initiation of HuMax-IL15 Phase I/II clinical trials to treat
rheumatoid arthritis.
-- Presentation of positive HuMax-IL15 pre-clinical data demonstrating
that the antibody shows promise for arthritis treatment.
-- Collaboration with Scancell Ltd. to develop fully human antibodies
against cancer targets. The first target is Lewisy/b, which is over-
expressed on breast, lung, colon and ovarian cancers.
-- Expansion of the Senior Management team and our global business
development capacity with the appointment of Zahed Subhan, Ph.D. to
Senior Vice President and Head of Business Development
``Our recent achievements show that Genmab continues to deliver on its promise to build a broad portfolio of antibody products,'' said Michael Wolff Jensen, Chief Financial Officer of Genmab A/S. ``Our strong cash position allows us the opportunity to expand our research and development programs and our clinical trials.''
Genmab A/S is a biotechnology company that creates and develops fully 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's commercial opportunities are based upon research conducted at leading international companies, including Roche, Immunex Corporation, Oxford GlycoSciences Ltd., Sequenom, Inc., Eos Biotechnology Inc., Medarex Inc., deCODE Genetics and Glaucus Proteomics B.V., and Scancell Ltd., as well as in its own laboratories. 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 fully human antibodies to virtually any disease target. 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. Genmab disclaims, however, any intent or obligations to update these forward-looking statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words ``believes''; ``anticipates''; ``intends''; ``plans''; ``expects''; ``estimates''; or similar statements are forward-looking statements.
UltiMAb(TM) is a trademark of Medarex, Inc.
GENMAB CONSOLIDATED STATEMENT OF OPERATIONS
9 months 9 months 9 months 9 months
ended ended ended ended
30 Sept. 30 Sept. 30 Sept. 30 Sept.
2001 2000 2001 2000
DKK DKK USD USD
Research and
development
costs (123,937,739) (29,594,919) (15,266,653) (3,645,503)
General and
administrative
expenses (33,819,606) (6,455,549) (4,165,900) (795,195)
Operating
loss (157,757,345) (36,050,468) (19,432,553) (4,440,698)
Revaluation
of short
term marketable
securities
excluding
imputed interest
on zero
coupon
securities 2,777,301 - 342,108 -
Financial
income 81,835,751 28,010,989 10,080,529 3,450,394
Financial
expenses (6,384,973) (802,670) (786,500) (98,872)
Loss before
tax (79,529,266) (8,842,149) (9,796,416) (1,089,176)
Tax on loss - - - -
Net loss (79,529,266) (8,842,149) (9,796,416) (1,089,176)
Net loss per
share
- basic (3.65) (0.75) (0.45) (0.09)
- diluted (3.63) (0.75) (0.45) (0.09)
Weighted
average
number of
ordinary
shares
outstanding
during the
period
- basic 21,812,020 11,715,499 21,812,020 11,715,499
- diluted 21,901,790 11,715,499 21,901,790 11,715,499
GENMAB CONSOLIDATED BALANCE SHEETS
Assets
30 September 30 September 30 September 30 September
2001 2000 2001 2000
DKK DKK USD USD
Licenses 102,721,445 76,645,135 12,653,229 9,441,149
Deposits on
leasehold 2,474,220 1,824,928 304,775 224,795
Total
intangible
assets 105,195,665 78,470,063 12,958,004 9,665,944
Plant and
equipment 17,340,567 3,048,334 2,136,011 375,493
Other
securities
and equity
interests 21,504,738 21,504,738 2,648,954 2,648,954
Total
financial
assets 21,504,738 21,504,738 2,648,954 2,648,954
Total long-
term assets 144,040,970 103,023,135 17,742,969 12,690,391
Other
receivables 72,335,753 1,823,858 8,910,319 224,663
Prepayments 3,370,869 1,685,159 415,224 207,578
Other current
assets 75,706,622 3,509,017 9,325,543 432,241
Short term
marketable
securities 1,611,568,829 50,000,000 198,513,073 6,159,001
Cash and cash
equivalents 40,887,521 343,954,737 5,036,525 42,368,350
Total current
assets 1,728,162,972 397,463,754 212,875,141 48,959,592
Total assets 1,872,203,942 500,486,889 230,618,110 61,649,983
GENMAB CONSOLIDATED BALANCE SHEETS
Liabilities and shareholders' equity
30 September 30 September 30 September 30 September
2001 2000 2001 2000
DKK DKK USD USD
Share
capital 21,812,020 15,812,020 2,686,805 1,947,725
Share
premium
reserve 1,917,850,654 483,215,795 236,240,873 59,522,529
Revaluation
surplus 10,593,869 - 1,304,953 -
Deficit
accumulated
during
development
stage (144,356,505) (26,726,721) (17,781,837) (3,292,198)
Unearned
compensation (13,882,364) - (1,710,030) -
Shareholders'
equity 1,792,017,674 472,301,094 220,740,764 58,178,056
Payable
technology
rights 26,747,356 - 3,294,740 -
Total long-
term debt 26,747,356 - 3,294,740 -
Short term
portion of
payable
technology
rights 14,529,732 - 1,789,773 -
Accounts
payable 8,459,053 3,400,096 1,041,986 418,824
Other
liabilities 30,450,127 24,785,699 3,750,847 3,053,103
Total
current
liabilities 53,438,912 28,185,795 6,582,606 3,471,927
Total
liabilities 80,186,268 28,185,795 9,877,346 3,471,927
Total
liabilities
and shareholders'
equity 1,872,203,942 500,486,889 230,618,110 61,649,983 |
