COPENHAGEN, Denmark, Oct. 14 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN and FSE: GE9D) announced today results for the first nine months ending September 30, 2002. During the first nine months of 2002 Genmab reported:
-- A Net Loss of DKK 276.7 million (approximately USD 36.7 million).
In 2001 the Net Loss for the first nine months was DKK 79.5 million
(approximately USD 10.6 million).
-- At the end of the first nine months of 2002 Genmab's cash position
stood at DKK 1.47 billion (approximately USD 194.7 million) compared
to DKK 1.65 billion (approximately USD 219.4 million) in the
corresponding period a year ago.
-- Due to increased activities within research and development and
clinical trials the Operating Loss increased to DKK 314.7 million
(approximately USD 41.8 million) for the first nine months of
2002 compared to DKK 157.8 million (approximately USD 20.9) million in
the corresponding period in 2001.
-- The Financial Income decreased in the first nine months of 2002 to
DKK 39.5 million (approximately USD 5.1 million) compared to
DKK 78.2 million (approximately USD 10.4 million) in the same period
in 2001. Financial income has decreased from original projections due
to decreases in interest rates and exchange rate fluctuations. The
decrease in Financial Income results in an increase in the projected
cash burn of 2002.
-- The Net Loss per share has changed to DKK 12.48 (approximately
USD 1.66) in the first nine months of 2002 compared to DKK 3.65
(approximately USD 0.48) in the corresponding period of 2001.
EVENTS
Genmab had significant news flow during the third quarter 2002:
-- HuMax-CD4 was found to be safe and well tolerated, but not effective
in combination with methotrexate in a Phase II RA study. Decision made
to wind down the RA development program with HuMax-CD4.
-- Encouraging results from the HuMax-IL15 Phase I/II trial with RA
patients were announced.
-- Two new target partnerships were signed. One with the Semaia
Pharmaceuticals B.V and one with JARI Pharmaceuticals B.V.
-- Dr Jorgen Petersen was announced as Genmab's new Medical Director, RA
Genmab expects to hold a strategy meeting as soon as possible before the end of the year where management will present a revised strategy focus and financial guidance for 2003.
"The financial results for the period are in line with our expectations and reflect Genmab's strategy to create a broad pipeline of many different products." said Michael Wolff Jensen, Chief Financial Officer of Genmab. "We will follow our strategy of keeping costs down in order to safeguard our cash reserves, whilst continuing to develop products to help patients who are in need of new therapies."
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's commercial opportunities are based upon research conducted at leading international companies, including Roche, Immunex Corporation, Oxford GlycoSciences Ltd., Medarex, Inc., deCODE Genetics, Scancell, Ltd., Sequenom, Inc., Eos Biotechnology Inc., Glaucus Proteomics B.V., Bionomics, Paradigm Therapeutics Ltd., ACE BioSciences A/S, JARI Pharmaceuticals B.V., and Semaia Pharmaceuticals 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 human antibodies to virtually any disease target. Genmab is headquartered in Denmark and has operations in Utrecht, The Netherlands and Princeton, New Jersey in the US. For more information about Genmab, visit 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 up-date 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.
Statements of Operations for the 9 Month Period ended 30 September 2002
9 months 9 months 9 months 9 months
ended ended ended ended
30 Sept. 30 Sept. 30 Sept. 30 Sept.
2002 2001 2002 2001
DKK DKK USD USD
Research and
development
costs (251,478,468) (123,937,739) (33,384,018) (16,452,859)
General and
administrative
expenses (63,191,251) (33,819,606) (8,388,702) (4,489,586)
Operating loss (314,669,719) (157,757,345) (41,772,720) (20,942,445)
Financial income 79,036,438 84,613,052 10,492,166 11,232,467
Financial
expenses (40,539,474) (6,384,973) (5,381,656) (847,612)
Loss before tax (276,172,755) (79,529,266) (36,662,210) (10,557,590)
Tax on loss (487,277) 0 (64,687) 0
Net loss (276,660,032) (79,529,266) (36,726,897) (10,557,590)
Basic and
diluted net
loss per share (12.48) (3.65) (1.66) (0.48)
Weighted average number
of ordinary shares
outstanding during
the period
- basic
and diluted 22,163,187 21,812,020 22,163,187 21,812,020
Balance Sheet as of 30 September 2002
Assets
30 Sept. 30 Sept. 30 Sept. 30 Sept.
2002 2001 2002 2001
DKK DKK USD USD
Licenses 72,224,597 102,721,445 9,587,887 13,636,374
Total intangible
assets 72,224,597 102,721,445 9,587,887 13,636,374
Plant and
equipment 78,403,579 17,340,567 10,408,154 2,301,978
Manufacturing
enterprise
in process 41,158,593 0 5,463,844 0
Total tangible
assets 119,562,172 17,340,567 15,871,998 2,301,978
Other securities
and equity
interests 10,001,735 21,504,738 1,327,740 2,854,775
Total financial
assets 10,001,735 21,504,738 1,327,740 2,854,775
Total long-term
assets 201,788,504 141,566,750 26,787,625 18,793,127
Other receivables 33,550,892 74,809,973 4,453,914 9,931,099
Prepayments 1,618,885 3,370,869 214,909 447,486
Other current
assets 35,169,777 78,180,842 4,668,823 10,378,585
Short term
marketable
securities 1,019,713,885 1,611,568,829 135,368,037 213,937,372
Cash and cash
equivalents 446,574,888 40,887,521 59,283,262 5,427,859
Total current
assets 1,501,458,550 1,730,637,192 199,320,122 229,743,816
Total assets 1,703,247,054 1,872,203,942 226,107,747 248,536,943
Balance Sheet as of 30 September 2002
Liabilities and Shareholders' Equity
30 Sept. 30 Sept. 30 Sept. 30 Sept.
2002 2001 2002 2001
DKK DKK USD USD
Share capital 22,716,620 21,812,020 3,015,654 2,895,567
Share premium
reserve 2,074,363,713 1,917,850,654 275,373,855 254,596,590
Revaluation surplus 0 10,593,869 0 1,406,347
Deficit accumulated
during development
stage (497,566,319) (144,356,505) (66,052,426) (19,163,470)
Unearned compensation 0 (13,882,364) 0 (1,842,898)
Shareholders'
equity 1,599,514,014 1,792,017,674 212,337,083 237,892,136
Payable technology
rights 13,570,038 26,747,356 1,801,435 3,550,738
Total long-term debt 13,570,038 26,747,356 1,801,435 3,550,738
Short term
portion of
payable technology
rights 29,383,914 14,529,732 3,900,744 1,928,836
Accounts payable 30,514,329 8,459,053 4,050,808 1,122,948
Other liabilities 30,264,759 30,450,127 4,017,677 4,042,285
Total current
liabilities 90,163,002 53,438,912 11,969,229 7,094,069
Total liabilities 103,733,040 80,186,268 13,770,664 10,644,807
Total
liabilities
and shareholders'
equity 1,703,247,054 1,872,203,942 226,107,747 248,536,943
|
