DGAP-News: PAION AG REPORTS RESULTS FOR THE FIRST QUARTER 2011
(firmenpresse) - DGAP-News: PAION AG / Key word(s): Quarter Results
PAION AG REPORTS RESULTS FOR THE FIRST QUARTER 2011
11.05.2011 / 07:30
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PAION AG REPORTS RESULTS FOR THE FIRST QUARTER 2011
Aachen (Germany), 11 May 2011 - The biopharmaceutical company PAION AG
(ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today
reports its consolidated financial result according to International
Financial Reporting Standards (IFRS) for the first quarter 2011.
Revenues in the first quarter 2011 amounted to EUR 0.4 million and
decreased by EUR 0.4 million (50.3%) compared to the prior-year period. The
decrease is mainly due to the milestone achieved by Acorda Therapeutics
included in the prior-year period. The loss for the first quarter of 2011
amounted to EUR -2.5 million meaning a decrease of EUR 0.3 million (11.9%)
compared to the prior-year period.
Dr Wolfgang Söhngen, CEO of PAION commented, 'In focus of the first quarter
of 2011 were the partnering activities for Remimazolam. Given the
impressive data of the Phase IIb study, we are convinced of the potential
of Remimazolam as a new gold standard and are confident to lead the
compound to commercial success together with a partner. The current talks
and discussions make us confident that we can sign a license agreement this
year, in line with the value of Remimazolam.'
In addition Dr Wolfgang Söhngen commented, 'Intensive market research
activities in the first quarter encouraged us in this assessment. Here, the
potential and the willingness of physicians in various disciplines have
been confirmed to replace Propofol and Midazolam with our Remimazolam.'
Overview Q1 2011
After the successful completion of the Phase IIb trial with Remimazolam at
the end of 2010, the first quarter 2011 was focussed on the ongoing
partnering discussions for the out-licensing of the programme outside of
Japan. Aim of the negotiations is to advance the development of Remimazolam
preferably for multiple indications, as well as to prepare the subsequent
commercialisation. As foreseen in the process, PAION is now in discussion
with a selected number of interested parties. Among the interested
companies are both globally operating pharmaceutical companies as well as
companies having an interest only in either the US or EU market.
Regarding M6G PAION is currently in discussions on continuing the
development together with several partners in regional deal structures.
Following the announcement of positive preclinical data in the indication
haemophilia in December 2010, PAION has selected haemophilia as the new
lead indication for Solulin. In the first quarter of 2011, further
preclinical and ex vivo human safety and efficacy profiles were generated.
In addition to the positioning in haemophilia, the potential for the use of
the substance in radiation injury will be further evaluated.
Revenues in the first three month of 2011 amounted to EUR 0.4 million and
decreased by 50% compared to the prior-year period mainly due to the
milestone achieved by Acorda in the prior-year period. Research and
development expenses decreased by EUR 1.1 million (44%) to EUR 1.4 million
compared to the prior-year period. The decrease is mainly due to the Phase
IIb study conducted with Remimazolam in the previous year. The main
research and development focus in the first quarter 2011 was on Remimazolam
and Solulin. General administrative and selling expenses increased compared
to the prior-year period by EUR 0.4 million (30.6%) to EUR 1.4 million
because of higher selling expenses in connection with partnering
activities. The loss for the period of EUR -2.5 million was EUR 0.3 million
(11.9%) lower than in the corresponding prior-year period.
Cash and cash equivalents decreased by EUR 2.6 million in the first three
months 2011 and amounted to EUR 12.3 million. As of 31 March 2011 PAION has
a remaining equity facility amounted to EUR 13.2 million.
Outlook
PAION confirms its outlook for 2011 and 2012 made on 23 March 2011 with the
publication of the annual financial results of 2010. PAION's major goals
for 2011 are the out-licensing of Remimazolam, the production of
Remimazolam study medication in preparation of a Phase III study programme,
the out-licensing of M6G as well as further development of Solulin.
Furthermore, PAION in 2011 expects extensive development activities by the
cooperation partners Lundbeck (Desmoteplase), Ono (Remimazolam) and Acorda
(GGF2).
The cash and cash equivalents and the expected cash inflows from a partial
use of the equity facility, secure a cash reach until the middle of 2012.
###
Key Consolidated Financial Figures, IFRS
(all figures in KEUR unless otherwise noted) Q1 2011 Q1 2010The full annual financial report will be available as from 11 May 2011 on
Revenues 369 742
Research and development expenses -1,420 -2,483
General administrative and selling expenses -1,444 -1,103
Net result for the period -2,561 -2,871
Earnings per share in EUR for the period -0.10 -0.12
(basic)
Earnings per share in EUR for the period -0.10 -0.12
(diluted)
Cash flows from operating activities -3,021 -3,480
Cash flows from investing activities -3 -12
Cash flows from financing activities 454 -146
Change in cash and cash equivalents -2,581 -3,634
Average number of group employees 26 29
31 Mar. 2011 31 Dec. 2010
Intangible assets 10,126 10,571
Cash and cash equivalents 12,301 14,882
Equity 9,874 11,968
Non-current liabilities 10,007 10,482
Balance sheet total 24,056 26,836
Equity ratio 41.0% 44.6%
our corporate website at http://www.paion.com/en/berichte-2011.
Earnings call and webcast
In addition to the publication of the results, the Management Board of
PAION will host a public conference call (conducted in English) on
Wednesday, 11 May 2011 at 2 p.m. CET (1 p.m. GMT, 9 a.m. US Eastern Time)
to present the financial results of the first quarter 2011, highlight the
most important events of this period and provide further details on the
company's latest developments.
To access the call, participants from Germany may dial +49 69 20 17 44 210,
from the UK +44 207 153 9154 and from the US +1 877 423 0830 (other
countries: please choose from D/UK/US numbers). When prompted, please enter
the PIN 784378 followed by the hash-key (#). To allow for smooth processing
we suggest that you dial in ten minutes before the beginning of the call.
The conference call will be supplemented by a webcast presentation which
can be accessed during the call under the following link:
https://www.anywhereconference.com/. To connect, please enter 137340917 in
the field 'Weblogin' and 784378 in the field 'PIN Code'.
The dial-in details for the conference call and the webcast link will also
available on our website http://www.paion.com on the date of the call. The
conference call will be recorded. Details on how to access the replay will
be posted on the same web page after the call.
About PAION
PAION is a biopharmaceutical company headquartered in Aachen, Germany and
has a second site in Cambridge, UK. The company is specialized in
developing and commercializing innovative drugs for the hospital-based
treatment in indications for which there is a substantial unmet medical
need. PAION has a 'Search&Develop' business model, which is based on its
core expertise in drug development. Where appropriate, particularly during
the late stages of the clinical development, PAION seeks to collaborate
with experienced partners.
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12, 52062 Aachen - Germany
Phone +49 241 4453-152
E-mail r.penner(at)paion.com
http://www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
End of Corporate News
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Deutschland
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info(at)paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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Datum: 11.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 34024
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