SYGNIS announces nine months results of fiscal year 2009/2010
Heidelberg, February 11, 2010 – SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today reports financial results for the third quarter and the first nine months of the fiscal year 2009/2010 ended December 31, 2009.
Financials
- Cash including marketable securities amounted to €16.4 million as of December 31, 2009 (€26.0 million Q3 2008/2009). Long term financial liabilities amounted to €8.0 million resulting from a loan which is not due for repayment before 2015
- Total operating expenses decreased to €2.4 million in the third quarter 2009/2010 (€3.2 million Q3 08/09); in the first nine months they amounted to €7.2 million (9 months 2008/2009: €7.3 million)
- Revenues in the first nine months of fiscal year 2009/2010 amounted to €0.2 million (9 months 2008/2009: €0.4 million)
- The net result for the first nine months of 2009/2010 amounted to €-9.2 million (9 months 2008/2009: €-6.7 million)
- Due to the fall in the market value of the debt securities unrealized exchange rate losses of € 2,6 million had already been posted through profit or loss as of September 30, 2009; these unrealized exchange rate losses were recorded under equity in the past without effecting income and do not result in any additional outflow of liquidity.
Operational Projects
- Since all regulatory and ethical committee approvals have been obtained to execute the AX200 phase II efficacy trial, patients can be enrolled in all 7 countries. The initiation of centres proceeded as planed; however until December 31, 2009 enrolment of patients was slower than expected.
- In October SYGNIS entered into a three year Standby Equity Distribution Agreement (SEDA) of up to € 10 million with the US investor Yorkville Advisors. The agreement commits Yorkville to subscribe to tranches of up to €500,000 of newly issued SYGNIS’ shares at the sole and exclusive discretion of SYGNIS.
- • SYGNIS has made significant progress in strengthening its IP-position on the KIBRA pathway for drug development. In preclinical in vivo studies the company has achieved proof of concept that the modulation of the KIBRA pathway affects cognitive functions and improves working memory.
Outlook
Based on its financial position, especially taking the additional flexibility of the SEDA into account, SYGNIS’ management believes the company is well-placed to achieve all anticipated milestones in 2010. The company expects the net loss and liquidity outflow for fiscal year 2009/2010 to be lower than originally expected. On the operational front, in the upcoming months SYGNIS will be focusing on the acceleration of patient recruitment in order to execute the AX200 phase II efficacy trial within the planned time frame. The additional focus of the company’s operational activities will be on increasing its business development activities.
| Key financial figures for the third quarter of fiscal year 2009/2010 ended December 31, 2009 and corresponding figures (IFRS) |
| Numbers in million euros | Q3 2009/2010 | Q3 2008/2009 |
| Revenues | 0.0 | 0.0 |
| Total expenses | 2.4 | 3.2 |
| EBIT | -2.3 | -3.2 |
| Net results for the period | -2.3 | -3.1 |
| Intangible assets | 22.0 | 22.5 |
| Liquidity at end of quarter | 16.4 | 26.0 |
Equity
(equity ratio in %) | 30.8
(71) | 40.6
(75) |
| Long-term financial liabilities | 8.0 | 8.0 |
| Operating Cash Flow | -1.7 | -2.9 |
| Key figures for the first nine months of fiscal year 2009/10 ended on December 31, 2009 and comparables (IFRS) |
| Numbers in million euros | 9 months
2009/2010 | 9 months
2008/2009 |
| Revenues | 0.2 | 0.4 |
| Total expenses | 7.2 | 7.3 |
| EBIT | -7.1 | -6.9 |
| Net results for the period | -9.2 | -6.7 |
| Operating cash flow | -6.6 | -6.6 |