SYGNIS reports financial results for fiscal year 2012
(Thomson Reuters ONE) -
SYGNIS Pharma /
SYGNIS reports financial results for fiscal year 2012
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The issuer is solely responsible for the content of this announcement.
* Strategic realignment completed - discontinuation of drug development
* New business model shows first commercial success
* Progress in restructuring and cost saving
Heidelberg, April 30, 2013 - SYGNIS Pharma AG (Frankfurt: LIO1; ISIN:
DE000A1RFM03; Prime Standard) today reported results for the fiscal year 2012
ending on December 31, 2012. The reverse acquisition of X-Pol Biotech led to a
change in the fiscal year. Due to the business combination the new SYGNIS
includes the total income and expenses of X-Pol for 2012 and those of old SYGNIS
only for December 2012, which affects equity in the fully consolidated balance
sheet accordingly. In addition, the prior year figures published relate to X-Pol
Biotech fiscal year 2011, due to accounting requirements based on the reverse
acquisition. Thus, the changes in financial statements primarily result from the
purchase price allocation and the recognition of fair values of the old SYGNIS,
while values of X-Pol products are reflected in the balance sheet only with
their carrying amounts and not with their fair values. The comparability of the
financial results reported with the corresponding prior-year data is therefore
very limited.
In 2012, SYGNIS was focussed on the strategic realignment. In this context,
activities in the area of drug development for diseases of the central nervous
system have been stopped and extensive restructuring measures were initiated to
significantly reduce the Company's cost basis. As a result of the business
combination with the Spanish company X-Pol Biotech, which was successfully
completed in December 2012, SYGNIS now owns an entirely new business model
focussed on the development and marketing of novel technologies in the area of
molecular diagnostics, e.g. in DNA amplification and sequencing. In July 2012,
SYGNIS granted an exclusive global license to QIAGEN N.V. for the key product
QualiPhi(®), an improved polymerase for amplifying DNA. On this basis the
Company received a one-time payment and will receive sales-dependent royalties.
First revenues are expected in 2013.
Pilar de la Huerta, CEO / CFO, commented: "The fiscal year 2012 of SYGNIS was
marked by the successful business combination of SYGNIS and X-Pol Biotech. As a
consequence, important steps for the future and restructuring measures were
taken that have already been implemented. We were able also, to show first
commercial success. We are delighted to have signed an exclusive worldwide
license agreement with the market leader QIAGEN for our flagship product
QualiPhi(®). We will generate first revenues in the current year and plan break-
even in fiscal year 2014."
In financial year 2012, the reported loss for the period was -?2.4 million
(previous year: -?0.9 million). The decrease primarily resulted from impairments
of intangible assets of ?1.0 million (previous year: ?0.0 million) which were
necessary due to a lack of probability of the future commercialisation of assets
for various projects of X-Pol Biotech. Furthermore, operating expenses of old
SYGNIS are included for December. R&D expenses increased to ?1.0 million
(previous year: ?0.5 million). Revenue was ?0.2 million (previous year: ?0.0
million), mainly resulting from the marketing of QualiPhi(®).
Total assets rose from ?2.2 million to ?9.6 million, primarily due to the
goodwill resulting from the business combination of ?5.9 million, as the market
value of the old SYGNIS was higher than the fair values of its assets at the
acquisition date. In addition, other intangible assets increased from ?1.1
million to ?2.3 million. Here the major effects were the development program
DoubleSwitch and the Caco2 licence business, both capitalized on the old SYGNIS
business. Equity was strengthened accordingly by ?5.8 million to ?6.3 million.
Cash outflow from operating activities was up from ?0.6 million in the previous
year to ?1.3 million. This was especially due to the higher net loss for the
period which was partly offset by increased amortization and imparments of
intangible assets. Cash inflow from investing activities rose to ?0.5 million
(previous year: cash outflow of ?0.7 million), primarily according to the cash
inflow based on the reverse acquisition of ?0.5 million. Based on a lower
raising of non-current loans, cash flow from financing activities was reduced to
?0.5 million (previous year: ?1.9 million).
At the end of the period, cash and cash equivalents were ?0.5 million (previous
year: ?0.9 million).
Outlook
Apart from the already mentioned licensing deal, SYGNIS expects further
commercial agreements with partners. At the same time the Company expects first
revenues from product sales in the current fiscal year. In the mid-term, at
least two new products shall be licensed annually in regional or global
partnerships. The Company plans to reach break-even in fiscal year 2014. Based
on extraordinary burdens from restructuring measures, the fiscal year 2013 will
still show a loss. However, the Company assumes that current cost saving
measures will lead to significant effects in the course of the year.
Available liquidity as of December 31, 2012 amounted to ?0.5 million. Up to
date, financing of current activities is secured by a shareholder loan until mid
2013. For further financing and thus the continuation, the Company is dependent
on new funding from mid 2013 on. These shall be granted by new investors,
further loans or by using the existing SEDA agreement.
Key financial figures for the fiscal 2012 ended December 31, 2012 and
corresponding figures (IFRS)
-------------------------------------------------------------------------------
Numbers in ?million 2012 2011
-------------------------------------------------------------------------------
Revenues 0.2 -
-------------------------------------------------------------------------------
Total expenses 2.6 0.9
-------------------------------------------------------------------------------
EBIT -2.4 -0.9
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Net results for the period -2.4 -0.9
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Goodwill 5.9 -
-------------------------------------------------------------------------------
Other intangible assets 2.3 1.1
-------------------------------------------------------------------------------
Liquidity at year-end 0.5 0.9
-------------------------------------------------------------------------------
Equity 6.3 0.5
(equity ratio in %) (65.6) (24.4)
-------------------------------------------------------------------------------
Long-term financial liabilities 1.1 0.7
-------------------------------------------------------------------------------
Operating Cash Flow -1.3 -0.6
-------------------------------------------------------------------------------
SYGNIS will hold a conference call today to present the financial results for
fiscal year 2012.
Details of the telephone conference:
Date: April 30, 2013
Time: 03.00 pm CET (02:00 pm GMT; 09:00 am EST)
Participant Dial In Number(s)
Germany: +49-69-7104 45598
Spain: +34-91-788 9854
UK: +44-20-3003 2666
US: +1-866-966 5335 (Toll Free)
Please dial in 10 minutes before the beginning of the conference.
For further information please contact:
SYGNIS Pharma AG
Pilar de la Huerta
CEO/CFO
Tel: +34-918063089
Email: pdelahuerta(at)sygnis.es
About SYGNIS Pharma AG: www.sygnis.de
After the merger in 2012 between X-Pol Biotech, specialising in DNA
amplification and sequencing, and SYGNIS Pharma AG, listed in the German Stock
Exchange (Prime Standard segment, Tick: LIO1; ISIN: DE000A1RFM03), SYGNIS' new
mission is to develop and distribute technologies and products from X-Pol, which
has a commercial product in the DNA amplification segment, QualiPhi(®) and is
currently developing other products in the field of Next Generation Sequencing
.
### Disclaimer
Some statements included in this press release, relating neither to proven
financial results nor other historical data, should be viewed as forward-
looking, i.e. not definite. Such statements are mainly predictions of future
results, trends, plans or goals. These statements should not be considered to be
total guarantees since given their very nature they are subject to known and
unknown risks and imponderability and can be affected by other factors as a
consequence of which the actual results, plans and goals of SYGNIS Pharma AG may
deviate greatly from the established conclusions or implied predictions
contained in such statements. SYGNIS does not undertake to publicly update or
revise these statements in the light of new information or future results or for
any other reason. ###
Press release (PDF):
http://hugin.info/150277/R/1697558/559412.pdf
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Source: SYGNIS Pharma via Thomson Reuters ONE
[HUG#1697558]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2013 - 08:30 Uhr
Sprache: Deutsch
News-ID 254228
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Town:
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