DGAP-News: 4SC Announces Financial Results 2010
(firmenpresse) - DGAP-News: 4SC AG / Key word(s): Final Results
4SC Announces Financial Results 2010
29.03.2011 / 07:30
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Planegg-Martinsried, 29 March 2011 - 4SC AG (Frankfurt, Prime Standard:
VSC), a drug discovery and development company focused on autoimmune and
cancer indications, today announced its financial results in accordance
with International Financial Reporting Standards (IFRS) for the year ended
31 December 2010.
The year 2010 was a highly successful one for 4SC. As the year progressed,
the Company made significant advances in its entire clinical product
portfolio and reported promising results from its ongoing Phase II
development programmes with resminostat in the field of oncology and
vidofludimus for the treatment of autoimmune diseases. By the end of the
year, 4SC had a robust and mature product pipeline with no fewer than four
small-molecule compounds in six clinical studies and two more preclinical
programmes.
Highlights in 2010:
- Proof-of-concept for vidofludimus in inflammatory bowel disease -
positive Phase IIa results in the ENTRANCE study
- Completion of patient recruitment for vidofludimus in the Phase IIb
COMPONENT study in rheumatoid arthritis
- Positive interim results for resminostat from the Phase II SHELTER
study for treating patients with hepatocellular carcinoma and from the
Phase II SAPHIRE study for the treatment of Hodgkin's lymphoma
- Expansion of the pipeline and its sustainability through the launch of
two new Phase I programmes with the multi-kinase inhibitor 4SC-203 as
well as the oral Eg5 kinesin spindle protein inhibitor 4SC-205 in
patients with solid tumours and malignant lymphomas
- Cash balance of EUR17.6 million at 31 December 2010
Dr Ulrich Dauer, CEO of 4SC, commented on the course of business: '2010 was
a highly successful year for us. We sharpened our profile as a leading
developer of targeted small-molecule therapies for autoimmune diseases and
cancer and underpinned our success with solid data. We hope to continue
this positive momentum in the new financial year. 2011 will be a decisive
year for us: we expect results from three Phase II studies with our two
lead compounds - resminostat in oncology and vidofludimus for the treatment
of autoimmune diseases.'
Financial results in 2010
In the 2010 financial year, 4SC generated total revenue of just under
EUR1.0 million. This figure was reduced compared with previous year's
figure of EUR1.9 million due to the concentration of resources on the
implementation of 4SC's own development programmes.
The initiation of three more clinical studies and the progress made in the
existing clinical development programmes increased research and development
expenses, as expected, from EUR14.2 million in 2009 to EUR17.0 million in
2010. Administrative costs rose slightly year-on-year from EUR3.4 million
to EUR3.6 million.
The increase in development costs raised the net loss to EUR20.1 million in
2010 from EUR16.1 million in 2009.
As a result of the capital increase implemented at the end of 2009, the
number of shares in the reporting period was 38,502,739, up from an average
of 29,752,739 in the previous year. The loss per share fell accordingly to
EUR0.52, compared with EUR0.54 in 2009.
Cash flows
At 31 December 2010, 4SC AG had funds of EUR17.6 million (2009: EUR35.6
million). Cash and cash equivalents amounted to just under EUR5.0 million
at the reporting date. Other funds of EUR12.7 million were invested in
current financial assets.
While no capital measures took place in 2010, 4SC successfully completed a
capital increase in February 2011, shortly after the end of the reporting
period. The new shares were placed exclusively with new institutional
investors from Germany, the Benelux countries, Scandinavia and the United
States. This increased the free float from around 19.4% to approximately
26.0%. By issuing 3,452,647 new shares at EUR3.40 per share, the Company
generated gross issue proceeds of around EUR11.74 million.
Outlook
In 2011, 4SC anticipates final Phase II data from three clinical studies
and, with this, the potential proof-of-concept for vidofludimus in
rheumatoid arthritis as well as for resminostat in the two indications of
hepatocellular carcinoma and Hodgkin's lymphoma. This will boost the value
of the products and increase the Company's enterprise value.
Mid-2011, 4SC plans to present top line data from the Phase IIb COMPONENT
study with vidofludimus in rheumatoid arthritis. Positive results were
already reported in November 2010 for the Phase IIa study in inflammatory
bowel disease.
In its oncology portfolio, 4SC expects results from two Phase II studies
for resminostat in 2011 in the indications Hodgkin's lymphoma and
hepatocellular carcinoma. Initial encouraging data from these two studies
were published at the end of 2010.
A further Phase I/II clinical trial called SHORE was commenced in January
2011 to evaluate the same compound in colon cancer patients with KRAS
mutations.
Two more Phase I programmes strengthen the clinical oncology pipeline in
2011. Positive Phase I data were already reported for 4SC-203 in January
2011. Results for 4SC-205 are also expected in the course of 2011.
Under the Company's current plans, research and development costs in 2011
and 2012 will remain at more or less the same level as in 2010. As a
result, 4SC anticipates posting a loss once again for both years.
4SC reached important drug development milestones in 2010. In connection
with the successful capital increase implemented in February 2011, 4SC
believes it has a very strong position from which to achieve its set
development goals for the coming months as well as to negotiate possible
licensing partnerships for one or several of its programmes.
The complete annual financial report will be available for download at
www.4sc.com/Investors from 8:00 am CET.
Telephone Conference and Webcast
4SC will host a telephone conference at 3:00 pm CET (9:00 am EST) today.
The senior management team will inform about the key developments in
financial year 2010 and will provide an update on the development
programmes.
Access to the presentation slides can be obtained at:
http://4sc290311-live.cyber-presentation.de
To participate in the telephone conference, please use the following data:
Date: 29 March 2011
Time: 3:00 pm CET (9:00 am EST)
Dial-in numbers:
0800 10 12 072 (Germany)
0800-358-0886 (UK)
1-877-941-6012 (USA)
+49 6103 485 3001 (other countries)
Conference ID: 4421825
Approximately two hours after the live presentation, an audio replay of the
conference will be available on the 'investors' section of www.4sc.com.
For more information please contact
Yvonne Alexander
Investor&Public Relations
4SC AG
Tel.: +49 (0) 89 70 07 63 0
yvonne.alexander(at)4sc.com
MC Services
Raimund Gabriel
Tel.: +49 (0) 89 21 02 28 30
raimund.gabriel(at)mc-services.eu
The Trout Group (USA)
Chad Rubin
Tel.: +1 646 378 2947
c.rubin(at)troutgroup.com
- End of the announcement -
About 4SC
4SC AG (ISIN DE0005753818) discovers and develops targeted small molecules
for autoimmune and cancer indications. Vidofludimus (4SC-101), an oral
IL-17 inhibitor, is currently in Phase II development in rheumatoid
arthritis and inflammatory bowel disease (IBD), for which positive results
from a Phase IIa study were recently reported. The company's lead oncology
compound, resminostat (4SC-201), an oral pan-histone deacetylase (HDAC)
inhibitor, is in Phase II trials in hepatocellular carcinoma, Hodgkin's
lymphoma and KRAS-mutant colorectal cancer. Two further oncology compounds,
4SC-203 and 4SC-205, are in Phase I studies. 4SC develops drug candidates
until proof-of-concept in order to generate value creating partnerships
with the pharmaceutical industry in return for advance and milestone
payments as well as royalties.
Founded in 1997, 4SC has 94 employees and has been listed on the Prime
Standard of the Frankfurt Stock Exchange since December 2005.
For further information, please visit www.4sc.com.
Legal Note
This document may contain projections or estimates relating to plans and
objectives relating to our future operations, products, or services; future
financial results; or assumptions underlying or relating to any such
statements; each of which constitutes a forward-looking statement subject
to risks and uncertainties, many of which are beyond our control. Actual
results could differ materially, depending on a number of factors.
End of Corporate News
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Language: English
Company: 4SC AG
Am Klopferspitz 19a
82152 Martinsried
Deutschland
Phone: +49 (0)89 7007 63-0
Fax: +49 (0)89 7007 63-29
E-mail: public(at)4sc.com
Internet: www.4sc.de
ISIN: DE0005753818
WKN: 575381
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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117204 29.03.2011
Datum: 29.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33612
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