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ABLYNX ANNOUNCES 2010 FULL YEAR RESULTS


February 22, 2011 - London

REGULATED INFORMATION

  • Five Nanobody-based products in clinical trials; three in Phase II and two in Phase I
  • Good progress in preparations for three new Phase I trials to start in 2011
  • Excellent financial position with €115.9 million in cash, cash equivalents, restricted cash and short term investments
  • €31.4 million in revenues
  • Net cash burn, excluding the Secondary Public Offering, well managed at just  €23.6 million

  
GHENT, Belgium, 22 February 2011 - Ablynx [Euronext Brussels: ABLX] today announced its consolidated results for 2010, which have been prepared in accordance with IFRS as adopted by the European Union, and highlighted the developments in its product pipeline and partnerships.

 

In 2010, revenues increased by 6% to €31.4 million (2009: €29.7 million), primarily driven by milestone payments from Boehringer Ingelheim. Total research and development costs increased to €48.5 million (2009: €42.8 million), in line with the increasing number of pre-clinical and clinical development candidates. General and administrative expenses remained well under control at €8.9 million (2009:  €9.0 million). The loss from continuing operations, before tax and net finance income, increased to €25.9 million (2009: €22.2 million). The net loss for the period was €24.5 million (2009: €20.0 million). In part thanks to the successful Secondary Public Offering (SPO) in March 2010, which raised €50 million, the Company ended the year with €115.9 million in cash, cash equivalents, restricted cash and short term investments.

 

During the last 12 months, Ablynx made significant progress in developing its product pipeline with both its wholly-owned and collaborative programmes. At the end of 2010, Ablynx had over 25 programmes in its R&D pipeline, including partnered programmes, and there were five Nanobodies in clinical development. The Company selected two Nanobodies for pre-clinical development, reported positive interim Phase I data for its anti-RANKL Nanobody (ALX-0141), initiated a Phase II clinical trial with its anti-vWF Nanobody (ALX-0081/ALX-0681) in an orphan disease, and filed an IMPD for the initiation of a Phase I/II trial with its anti-IL-6R Nanobody (ALX-0061) in patients with rheumatoid arthritis (RA).

 

In addition to the continued development of its internal programmes, Ablynx's collaborations showed important progress.

 

 

For more information, please contact Ablynx:

Dr Edwin Moses
Chairman and CEO
t: +32 (0)9 262 00 07
m: +44 (0)7771 954 193 /
   +32 (0)473 39 50 68

e:edwin.moses@ablynx.com

 

Marieke Vermeersch
Investor Relations Manager
t: +32 (0)9 262 00 82
m: +32 (0)479 49 06 03
e:marieke.vermeersch@ablynx.com

 

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: Ablynx via Thomson Reuters ONE

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