Galapagos business update
(Thomson Reuters ONE) -
Mechelen, Belgium; 12 November 2010 - Galapagos NV (Euronext: GLPG) announces
today that third quarter 2010 operational and financial results were in line
with management expectations. These results encourage the Company to retain
full year 2010 financial guidance given earlier this year: group revenues of
over ?135 million, with positive operational income and cash flow, and a
positive net result in 2010.
Clinical progress
In the third quarter 2010, candidate drug GLPG0259 entered Phase II clinical
trials in rheumatoid arthritis (RA) patients. Interim results for this trial
are expected in mid-2011, with completion of the dose-finding by the end of
2011. Furthermore, the company is progressing Phase I trials with GLPG0555 and
GLPG0634 in RA, and with GLPG0492 in cachexia and Duchenne. The Phase II trial
with Nanocort for treatment of flares in multiple sclerosis will report an
interim analysis early next year. The Phase Ib trial with GLPG0187 in cancer
patients, is scheduled to begin early next year. Galapagos advanced more than
50 drug discovery programs, many of which are milestone-bearing in major
alliances with top pharma.
Acquisition of R&D center in Zagreb
In September, Galapagos acquired GSK's state-of-the art research center in
Zagreb. This center with 130 employees provides additional capacity for
Galapagos' growing R&D requirements. In addition, Galapagos will provide R&D
services to GSK under a three year fee-for-service contract to the value of ?14
M.
Deals for service operations
Last quarter, the service division extended a major agreement with the U.S.
National Institutes of Health, signed a new collaboration with the University of
Bristol, and capitalized on the synergies between Argenta and BioFocus through a
deal extension with Genentech.
Corporate events
In September, Galapagos announced that its Board of Directors appointed Mr.
Howard Rowe, previously a Managing Director at Goldman Sachs, as an Independent
Director of the Company. Following the close of the third quarter, Galapagos
raised ?28.7 million through a private placement on 19 October 2010.
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size biotechnology company
specialized in the discovery and development of small molecule and antibody
therapies with novel modes-of-action. The Company is progressing one of the
largest pipelines in biotech, with six clinical and over 50 small molecule
discovery/pre-clinical programs. Through risk/reward-sharing alliances with
GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co., Roche and Servier,
Galapagos is eligible to receive up to ?3.3 billion in downstream milestones,
plus royalties. The Galapagos Group has over 800 employees and operates
facilities in seven countries, with global headquarters in Mechelen, Belgium.
More info at: www.glpg.com
CONTACTS
Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
ir(at)glpg.com
This release may contain forward-looking statements, including, without
limitation, statements containing the words "believes," "anticipates,"
"expects," "intends," "plans," "seeks," "estimates," "may," "will," "could,"
"stands to," and "continues," as well as similar expressions. Such forward-
looking statements may involve known and unknown risks, uncertainties and other
factors which might cause the actual results, financial condition, performance
or achievements of Galapagos, or industry results, to be materially different
from any historic or future results, financial conditions, performance or
achievements expressed or implied by such forward-looking statements. Given
these uncertainties, the reader is advised not to place any undue reliance on
such forward-looking statements. These forward-looking statements speak only as
of the date of publication of this document. Galapagos expressly disclaims any
obligation to update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based, unless
required by law or regulation.
[HUG#1461817]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Galapagos NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 48710
Anzahl Zeichen: 5452
contact information:
Town:
Mechelen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 203 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Galapagos business update"
steht unter der journalistisch-redaktionellen Verantwortung von
Galapagos NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
