Galapagos business update
(Thomson Reuters ONE) -
Mechelen, Belgium; 13 May 2011 - Galapagos NV (Euronext: GLPG) announces today
that the operational and financial results achieved thus far in 2011 encourage
the Company to retain full year 2011 financial guidance given earlier this year:
Group revenues of over ?150 million, with positive operational income and cash
flow, and a positive net result in 2011.
"Galapagos expects to show results from three clinical trials by the end of this
year," said Onno van de Stolpe, CEO of Galapagos. "Our business model enables
us to fund progress on more than 50 R&D programs, thereby increasing our chances
of success. With the service operations' cash contribution and cash from the
pharma alliances, Galapagos also can invest in its proprietary programs.
Therefore we anticipate continued strong growth in Group revenues, while also
retaining profitability."
In the first quarter of 2011, Galapagos announced milestones in its alliances
with Servier and GlaxoSmithKline totaling ?14.5 million for work completed in
2010. The Company also announced an agreement with Merck to end the strategic
alliances in metabolic, cardiovascular and inflammatory disease and received a
?12 million payment for results delivered in these alliances in 2010. While
recognized as revenues in 2010, the GSK, Servier, and Merck alliance payments
were received in the first quarter of 2011. Galapagos was also awarded a ?2.7
million grant from the Flemish agency IWT to progress its proprietary antiviral
drug discovery research programs.
During its R&D Update on 15 April 2011, Galapagos presented an overview of its
R&D portfolio. Results from the GLPG0259 Phase II interim analysis did not
support the continuation of GLPG0259's development for rheumatoid arthritis.
However, the innovative design used in this trial enabled a quick determination
of this molecule's potential efficacy and now allows Galapagos to focus
resources on its 11 other rheumatoid arthritis programs, including GLPG0634, a
JAK1 inhibitor, scheduled to start patient trials this quarter. In March 2011,
Galapagos initiated a Phase Ib trial for GLPG0187, which is aimed primarily at
assessing the compound's safety and initial efficacy in cancer patients. Two
additional programs could show clinical biomarker results in healthy volunteers
this year: GLPG0778, a compound being developed in Galapagos' immuno-
inflammation alliance with GlaxoSmithKline, and GLPG0492, which is being
developed for the treatment of cachexia and other muscle wasting disorders.
Galapagos' service operations also made several announcements so far this year.
BioFocus added compound management contracts with Lundbeck and the University of
Nottingham. BioFocus' target discovery unit started a collaboration with Ono
Pharmaceuticals in autoimmune diseases and announced that it delivered a panel
of validated oncology targets in its collaboration with Janssen Research &
Development. At the start of the year, Argenta announced that it entered into a
drug discovery collaboration with Dr. Reddy's Laboratories in the area of pain
and inflammation.
On the corporate level, Galapagos' annual general shareholders meeting held 26
April 2011 approved all agenda items, including the appointments of Dr Vicki
Sato and Mr Howard Rowe to Galapagos' Board of Directors until the 2014 annual
shareholders meeting. Furthermore, Galapagos raised ?469,000 in capital through
employee warrant exercises in March 2011.
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 programs in development and over 50
discovery programs. Through risk/reward-sharing alliances with GlaxoSmithKline,
Eli Lilly, Janssen Pharmaceutica, Roche and Servier, Galapagos is eligible to
receive up to ?2.5 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
ir(at)glpg.com
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.
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originality of the information contained therein.
Source: Galapagos NV via Thomson Reuters ONE
[HUG#1515552]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 54633
Anzahl Zeichen: 6903
contact information:
Town:
Mechelen
Kategorie:
Business News
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