Dow Jones Business News
MorphoSys: 2003 Net Loss To Narrow To Around EUR10 Million
Wednesday February 26, 8:33 am ET
FRANKFURT -(Dow Jones)- MorphoSys AG expects its net loss to narrow to around EUR10 million in 2003 from EUR24.4 million in 2002, Chief Financial Officer Dave Lemus said Wednesday at a press conference.
The company forecasts cash burn of EUR6 million in 2003, Lemus said. MorphoSys will cut its operating expenses in 2003 to EUR27 million from EUR42.3 million last year as a result of the closure of its U.S. office, staffing cuts and the settlement of its patents dispute with the U.K.'s Cambridge Antibody Technology Group (U.CAB).
For 2003, MorphoSys expects sales of EUR16 million, just below the EUR16.8 million in 2002.
Roughly 75% of the projected sales for 2003 are already secured, Chief Executive and co-founder Simon Moroney said. "This is a number we are confident we can hit."
Earlier Tuesday, the company said its cash will last until the first half of 2006. With regard to break-even, Lemus said he couldn't exclude break-even within the next three years, but he declined to give a date.
MorphoSys remains open to merger and acquisition possibilities, Moroney said. Merger talks between MorphoSys and British Biotech PLC (BBIOY) broke down late last year.
Speaking to Dow Jones Newswires after the conference, Moroney said he would consider a biotech company with later stage clinical development capabilities as a potential merger candidate. MorphoSys specializes in developing therapeutic antibodies, which is at the front end of the drug development process. Moroney ruled out a merger with a competitor.
Company Web site: morphosys.de |
