DGAP-News: SYGNIS Pharma AG:
(firmenpresse) - DGAP-News: SYGNIS Pharma AG / Key word(s): Half Year Results
SYGNIS Pharma AG:
14.08.2013 / 11:13
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Press Release
SYGNIS reports half-year results for the period ended 30 June 2013
* Significant decrease in total costs and expenses by 44%
* Operating result improved by 65%
* New shareholder loan granted
* US patent for flagship product QualiPhi(R)
* Further license agreement with Qiagen
Madrid/Heidelberg, 14 August 2013 - SYGNIS Pharma AG (Frankfurt: LIO1;
ISIN: DE000A1RFM03; Prime Standard) today reported results for the first
six months ended 30 June 2013. Due to the business combination the new
SYGNIS includes the total income and expenses of X-Pol and old SYGNIS for
H1 2013 and only those of X-Pol in the prior-year period, due to accounting
requirements based on the reverse acquisition. This affects equity in the
consolidated balance sheet as of December 2012 accordingly. At year-end
2012, the balance sheet included the purchase price allocation and the
recognition of fair values of the old SYGNIS, while values of X-Pol
products were reflected only with their carrying amounts and not with their
fair values. Therefore, the balance sheet items of June 30 2013 can be
compared to those on 31 December 2012. However, the comparability of the
financial results reported for the first six months 2013 with the
corresponding prior-year data is very limited.
Adjusted for this effect, i.e. assuming that the income and expenses of
both parts of the business would have been fully taken into account already
in H1 2012, the pro forma comparison of periods shows a significant
decrease in total costs and expenses by 44% to EUR2.4 million (pro forma H1
2012: EUR4.2 million). Excluding non-recurring expenses of EUR0.4 million,
the decrease of expenses would have been more than 50%. Revenues increased
from EUR0.1 million to EUR0.3 million (including revenues of EUR150k for
the licence agreement with Qiagen regarding an amplification buffer) and
the operating result (EBIT) improved by 65% to -EUR2.0 million (pro forma
H1 2012: -EUR5.8 million).
In the first six months of 2013, the reported loss for the period was
-EUR2.0 million (previous year: -EUR0.9 million). Operating expenses for
the first six months totaled EUR2.4 million (previous year: EUR0.5
million), mainly resulting from personnel costs of EUR1.2 million, and
other administrative costs.
Total assets decreased by EUR0.6 million to EUR9.0 million, due to lower
cash and other assets. Liabilities primarily increased due to a new
shareholder loan.
In the first six months of the current fiscal year, the liquidity level
(incl. available-for-sale securities) decreased overall by EUR 0.4million
to EUR0.2 million. The cash outflow from operating activities amounts to
-EUR1.5 million. Net cash inflow from financing activities amounting to
EUR1.3 million results from the payment of a public loan and the
shareholder loan granted in March 2013.
In January 2013, the Company has been granted the European and US patent
for a new basic technology for the detection of protein-protein
interactions (DoubleSwitch). This technology can be used as screening
platform for the development of novel drugs.
At the beginning of March 2013 SYGNIS was granted a shareholder loan for a
total amount of up to EUR0.7 million by its main shareholders Genetrix Life
Sciences, A.B. and dievini Hopp BioTech holding GmbH&Co. KG. The loan
amount was fully paid out at the end of June 2013.
The Company has reached a further milestone in strengthening the IP
position for its products. In April 2013 a patent by the USPTO (US Patent
and Trademark office) was granted for its key product QualiPhi(R).
In May 2013, the Company completed a new licence agreement with Qiagen
regarding an amplification buffer, a tool used in isothermal amplification
and providing superior reaction performance. This agreement follows a
global licence agreement for QualiPhi(R), completed with Qiagen in 2012. In
the second quarter 2013, the Company has received a payment of EUR150k as
consideration for this licence.
Pilar de la Huerta, CEO / CFO, commented: 'In the first half of 2013, we
were primarily focused on the development and marketing of new products in
the field of molecular diagnostic and DNA tools. We have strengthened our
activities in acquiring new funds from investors and new public loans. In
addition, we worked on efficient integration of both sites in Heidelberg
and Tres Cantos. We have already made good progress here. We are also
delighted to have received patents for DoubleSwitch and QualiPhi(R), which
proves our strategy and led to first revenues in 2013. Therefore, we
developed as forecasted and are confident to generate further revenues in
this year and in 2014. We expect further commercial agreements with
partners in the course of the year, and, provided that we will receive new
funds from investors in autumn, we continue to plan break-even in fiscal
year 2014.'
Outlook
In the remaining months of the current fiscal year, SYGNIS expects further
commercial agreements with partners and first revenues from product sales.
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. Due to the current operating expenses and extraordinary
burdens from restructuring measures, the fiscal year 2013 will still show a
loss. However, the Company assumes that the implemented cost saving
measures will lead to significant effects in the rest of the year. With the
available liquidity as of 30 June 2013 and additional funds from the new
investors loan financing is secured until the end of Sepember 2013. For
further financing and thus the continuation, the Company is dependent on
new funding from end of September 2013 on. These shall be granted by new
investors, further loans or by using the existing SEDA agreement.
Figures for the six months ended 30 June 2013 and comparative figures in
accordance with IFRS and pro forma figures (H1 2012 pro forma information
includes SYGNIS old and X-Pol)
[Numbers in EURmillion]
H1 2013 H1 2012 pro forma H1 2012
Revenues 0.3 0.1 -
Total Expenses -2.4 -4.2 -0.5
EBIT -2.0 -5.8 -0.9
Net results for the period -2.0 -2.2 -0.9
Operating Cash Flow -1.5 -3.6 -0.7
Liquidity as of 30 June 0.2 3.1 0.1
The interim report for the first six months, ended 30 June 2013, is
available at www.sygnis.de.
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(R) 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. ###
End of Corporate News
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Language: English
Company: SYGNIS Pharma AG
Im Neuenheimer Feld 515
69120 Heidelberg
Germany
Phone: 06221 454-6
Fax: 06221 454-700
E-mail: contact(at)sygnis.de
Internet: www.sygnis.de
ISIN: DE000A1RFM03
WKN: A1RFM0
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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