BioXell Reports First Half 2009 Financial Results
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Half Year ended with ? 36.4 million (CHF 56 million) in liquid funds* Further decrease in operating cost expected for 2H 2009 due to focused activities and completed restructuring* Evaluation of strategic options ongoingMilan, Italy, 6 August 2008 - BioXell S.p.A. (SIX: BXLN) releasedtoday financial results for the first half year of 2009. With ? 36.4million in cash and cash equivalents as of June 30, 2009 and a netcash burn of ? 7.2 million during the first half year 2009, BioXellremains in a solid financial position. Despite restructuring expensesin the amount of ?1.5 million, operating expenses decreased by 19%(? 7.4 million) compared to the first half of 2008. Net loss in thefirst six months of 2009 amounted to ? 6.9 million (according to USGAAP). Taken into account its focused R&D activities and thecompletion of the restructuring procedure, the Company expects itsnet cash burn for the second half of 2009 to be significantly belowthe rate observed in the first six months of the year."The first half of 2009 was a challenging period for BioXell and weneeded to take tough decisions on several fronts", said NielsAckermann, CEO of BioXell. "We are closely collaborating with ourBoard of Directors in order to assess clear strategic options in linewith the demands of our Shareholders and intend to publish the callfor a Shareholders' Meeting in September 2009."Further on, BioXell is moving ahead as planned with the developmentof its monoclonal antibody BXL1H5 for the treatment of chronic pain.GMP manufacturing of BXL1H5 is scheduled to start in H2 2009, andtoxicology studies are planned for 2010. In addition, BioXell isevaluating out-licensing opportunities for its other assets,including Elocalcitol, BXL746, the substantial Vitamin D3 library, aswell as BioXell's proprietary TREM platform.Financial highlights for the first six months of 2009* Financial position with cash & cash equivalents of ? 36.4 million as of June 30, 2009 (versus ? 43.6 million in Dec 2008)* Net operating & investing cash burn of ? 7.2 million (versus ? 6.8 million in 1H 2008)* Net loss of ? 6.9 million in line with first six months of 2008* Cash burn in the second half of 2009 to be significantly below the rate observed in the first six months of the yearRevenuesTotal revenues in the first six months of 2009 decreased to ? 136k(? 1.4 million in first six months of 2008) due to the highrecognition of government grants in the form of a tax credit by theItalian Government in H1 2008.Operating expensesTotal operating expenses in 1H 2009 decreased by 20% to ? 7.4million. R&D expenses amounted to ? 3.9 million, a decrease of about30% compared to 1H 2008, due to fewer clinical developmentactivities. G&A costs in the amount of ? 3.5 million were in linewith the first six months of 2008 (? 3.6 million) and include generalmanagement, legal affairs, business development, informationtechnology and communications. Accrued restructuring expenses in theamount of ?1.5 million (including severance and impairment costs) areincluded in the G&A and R&D expenses.Net LossThe Company recorded a net loss of ? 6.9 million in 1H 2009 (? 6.7million in 1H 2008).Balance SheetTotal shareholders' equity decreased by 28 per cent amounting to? 35.4 million as of June 30, 2008, versus ? 49.3 million in theprevious year. The Company ended the first six month 2008 with ? 36.4million in cash and cash equivalents while maintaining ? 2.7 millionin financial debt, a result of public financing on favorable terms.Summary consolidated income statement US GAAP, interim period endedJune 30, 2009 and 2008 (unaudited, in millions of ?)+-------------------------------------------------------+| | 1H 2009 | 1H 2008 ||-----------------------------------+---------+---------|| Total revenue | 0.1 | 1.4 ||-----------------------------------+---------+---------|| Research & Development Expenses | 3.9 | 5.6 ||-----------------------------------+---------+---------|| General & Administrative Expenses | 3.5 | 3.6 ||-----------------------------------+---------+---------|| Total Operating Cost | 7.4 | 9.2 ||-----------------------------------+---------+---------|| Loss from operations | (7.3) | (7.7) ||-----------------------------------+---------+---------|| Net financial income | 0.4 | 1.0 ||-----------------------------------+---------+---------|| Net Loss | (6.9) | (6.7) |+-------------------------------------------------------+Summary consolidated statement of cash flow and balance sheet,interim period ended June 30, 2009 and 2008 (unaudited, in millionsof ?)+--------------------------------------------------+| | 1H 2009 | 1H 2008 ||------------------------------+---------+---------|| Cash & Investment securities | 36.4 | 50.0 ||------------------------------+---------+---------|| Total Assets | 42.5 | 57.5 ||------------------------------+---------+---------|| Shareholders' Equity | 35.4 | 49.3 ||------------------------------+---------+---------|| Cash Burn per month (total) | 1.2 | 1.2 |+--------------------------------------------------+Half Year ReportBioXell's 2009 half year report is available at www.bioxell.com andcan be ordered from BioXell S.p.A. (Investor relations), CentroDirezionale Milano 2 - Palazzo Vasari, 20090 Segrate (Italy) or byemail request at info(at)bioxell.com.About BioXellBioXell S.p.A. (SIX: BXLN) is a listed biopharmaceutical companyfocused on the discovery and development of drugs that exploit novelmechanisms of action. The Company is currently focusing its effortson the development of its monoclonal antibody BXL1H5 for thetreatment of chronic pain. Following the conclusion of its Vitamin D3related R&D activities, BioXell is also looking into a number ofstrategic options in line with the demands of its shareholders.BioXell was founded in 2002 as a spin-out from Roche. In June 2006,BioXell listed its shares on the main segment of the SIX SwissExchange. The Company is located in Milan, Italy.More information on BioXell can be found at: www.bioxell.comFor further information, please contact:BioXellS.p.A.Dynamics Group SAAlviseSagramosoChristophe LampsTel: +39 02 210 4951 Tel:+41 (0)22 308 62 22Fax: +39 02 210 49529 Fax:+41 (0)22 308 62 36alvise.sagramoso(at)bioxell.com cla(at)dynamicsgroup.chThis press release can be downloaded at www.bioxell.com.DisclaimerThis press release does not constitute or form part, or all, of anyoffer or invitation to sell or issue, or any solicitation of anyoffer to purchase or subscribe for, any securities, nor shall part,or all, of these materials or their distribution form the basis of,or be relied on in connection with, any contract or investmentdecision in relation to any securities. This press release containsforward-looking statements based on the currently held beliefs andassumptions of the management of BioXell, which are expressed in goodfaith and, in their opinion, reasonable. Forward-looking statementsinvolve known and unknown risks, uncertainties and other factors,which may cause the actual results, financial condition, performance,or achievements of BioXell, or industry results, to differ materiallyfrom the results, financial condition, performance or achievementsexpressed or implied by such forward-looking statements. Given theserisks, uncertainties and other factors, recipients of this documentare cautioned not to place undue reliance on these forward-lookingstatements. BioXell disclaims any obligation to update theseforward-looking statements to reflect future events or developments.http://hugin.info/133681/R/1333167/315926.pdfhttp://hugin.info/133681/R/1333167/315927.pdf --- End of Message ---bioXell S.p.Avia Olgettina 58 Milan ItalyWKN: A0J3MW; ISIN: IT0004069933 ; Listed: Main Market in SIX Swiss Exchange;
Datum: 06.08.2009 - 19:00 Uhr
Sprache: Deutsch
News-ID 4451
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 287 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BioXell Reports First Half 2009 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
bioXell S.p.A (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
