MDxHealth Provides First Quarter 2011 Business Update
(Thomson Reuters ONE) -
DURHAM, NC, and LIEGE, BELGIUM - May 18, 2011 - MDxHealth SA (NYSE Euronext:
MDXH), a leading molecular diagnostics company in the field of personalized
medicine, today issued its business update for the quarter ended March 31, 2011.
Q1 2011 Highlights
* Continued Year-on-Year improvement of key financial performance indicators :
- Operating loss reduced by 15%
- Net loss reduced by 17%
- Operating cash flow improved by 21%
- Net cash flow improved by 23%
* Signed agreement with Pfizer for companion diagnostic tests of an important
marker for PARP inhibitor in breast and ovarian cancers
* With Merck KGaA, took steps for submission to U.S. FDA of MGMT as a
companion diagnostic for its potential inclusion in label of Merck's brain
cancer drug Cilengitide
* Licensing partner Predictive BioSciences published promising clinical data
on the use of MDxHealth's technology and markers for bladder cancer
detection
* Licensing partner Exact Sciences Corp. confirmed use of MDxHealth's
technology/biomarker in their colorectal cancer screening test
* Ended the quarter with EUR 9 million cash on hand
On April 5, 2011, MDxHealth raised EUR 8.2 million in new funds via a private
placement with European institutional investors and thus ended the month of
April with EUR 16 million (USD 23 million) of cash on hand.
"In the first quarter of 2011, MDxHealth capitalized on the positive momentum
we built through 2010," said Dr. Jan Groen, Chief Executive Officer of
MDxHealth. "With our pharmaceutical partners we made continued progress on the
development of a number of high-profile companion diagnostic programs and
concluded a companion diagnostic agreement with Pfizer for one of their PARP
inhibitors that is being developed for breast and ovarian cancers. Finally, our
progress resulted in a successful fund raising with investors across Europe,
which closed in early April. These funds will be used to execute our strategy to
build a commercial laboratory and marketing infrastructure in the U.S."
Key non-audited financials, as of 31.03.2011
Amounts as at and for the three months ended
+------------------------------+----------------+----------------+
| Euro thousands | March 31, 2011 | March 31, 2010 |
+------------------------------+----------------+----------------+
| Revenues | 335 | 634 |
+------------------------------+----------------+----------------+
| EBITDA Income (Loss) | (1,930) | (2,305) |
+------------------------------+----------------+----------------+
| EBIT Operating Income (Loss) | (2,015) | (2,374) |
+------------------------------+----------------+----------------+
| Net Profit (Loss) | (2,000) | (2,402) |
+------------------------------+----------------+----------------+
| Cash and cash equivalents | 9,050 | 16,053 |
+------------------------------+----------------+----------------+
Revenues in Q1 2011 decreased compared to Q1 2010 due a reduction in grant
revenue. In the course of 2010, the company discontinued grant-funded, early-
stage R&D projects that were not aligned with the company's new strategic focus
of bringing clinical diagnostic tests quickly to the market and of partnering
companion diagnostic tests with pharmaceutical companies.
The operating result (EBIT) improved by 15%, and the net result improved by 17%
in Q1 2011 due to cost reductions resulting from the new strategy. The cash on
hand at the end of March 2011 decreased compared to the same period last year
due mainly to the cash consumption in the full year 2010. For the quarter ended
March 31, 2011, the operating cash flows improved by 21% and the net cash flows
improved by 23% as compared to a year earlier. Including the net proceeds of
the fund raising of April 5, 2011, the company ended the month of April 2011
with EUR 16 million (USD 23 million) of cash on hand.
About MDxHealth
MDxHealth is a leading molecular diagnostics company that develops and
commercializes oncology-based molecular diagnostic testing for personalized
medicine. The company's tests are based on proprietary gene methylation
technology and assist physicians with the diagnosis of cancer, prognosis of
recurrence risk, and prediction of response to a specific therapy. MDxHealth
collaborates with leading cancer research center such as Johns Hopkins
University and Memorial Sloan Kettering, and major European academic medical
centers. The company has a number of commercial and collaborative partnerships
with LabCorp, Merck KGaA, GlaxoSmithKline Biologicals, Roche, Merck Serono,
Pfizer, and other industry leaders. More information can be found on the Company
website:www.mdxhealth.com or on twitter at the following address:
www.twitter.com/mdxhealth.
MDxHealth to present at Bio?quity Europe 2011
MDxHealth will present at the Bio?quity Europe in Paris on Tuesday May 24(th).
Dr Jan Groen, chief executive officer, will make a formal presentation on the
company at 13:30 in Hotel Marriott Rive Gauche, room La Seine B, Boulevard
Saint-Jacques, 75014 Paris, France.
For more information:
Dr. Jan Groen, CEO Hans Herklots
MDxHealth Capricorn One
+32 4 364 20 70 +41 79 598 7149
Important information about forward-looking statements
This press release contains forward-looking statements and estimates with
respect to the anticipated future performance of MDxHealth and the market in
which it operates. Such statements and estimates are based on assumptions and
assessments of known and unknown risks, uncertainties and other factors, which
were deemed reasonable but may not prove to be correct. Actual events are
difficult to predict, may depend upon factors that are beyond the company's
control, and may turn out to be materially different. MDxHealth expressly
disclaims any obligation to update any such forward-looking statements in this
release 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.
2011-05-18 Q1 ENG:
http://hugin.info/137314/R/1516544/452880.pdf
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originality of the information contained therein.
Source: MdxHealth via Thomson Reuters ONE
[HUG#1516544]
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 54766
Anzahl Zeichen: 7774
contact information:
Town:
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Kategorie:
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