SYGNIS reports half-year results for the period ended 30 June 2013
(Thomson Reuters ONE) -
SYGNIS Pharma /
SYGNIS reports half-year results for the period ended 30 June 2013
. Ad hoc announcement according to § 15 WpHG. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
* Significant decrease in total costs and expenses by 44%
* Operating result improved by 65%
* New shareholder loan granted
* US patent for flagship product QualiPhi(®)
* 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 ?2.4 million (pro forma H1 2012: ?4.2 million).
Excluding non-recurring expenses of ?0.4 million, the decrease of expenses would
have been more than 50%. Revenues increased from ?0.1 million to ?0.3 million
(including revenues of ?150k for the licence agreement with Qiagen regarding an
amplification buffer) and the operating result (EBIT) improved by 65% to -?2.0
million (pro forma H1 2012: -?5.8 million).
In the first six months of 2013, the reported loss for the period was
-?2.0 million (previous year: -?0.9 million). Operating expenses for the first
six months totaled ?2.4 million (previous year: ?0.5 million), mainly resulting
from personnel costs of ?1.2 million, and other administrative costs.
Total assets decreased by ?0.6 million to ?9.0 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 ? 0.4million to ?0.2
million. The cash outflow from operating activities amounts to -?1.5 million.
Net cash inflow from financing activities amounting to ?1.3 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 ?0.7 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(®).
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(®), completed with Qiagen in 2012. In the second quarter 2013, the
Company has received a payment of ?150k 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(®), 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 ?million] |H1 2013| H1 2012 | H1 2012 |
| | |pro forma| |
+--------------------------+-------+---------+---------------------------------+
|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(®) 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/1722909/574132.pdf
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Source: SYGNIS Pharma via Thomson Reuters ONE
[HUG#1722909]
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Datum: 14.08.2013 - 11:18 Uhr
Sprache: Deutsch
News-ID 287533
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