Corporate | 27 February 2007 08:32
WILEX AG / Final Results
Release of a Corporate-announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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WILEX reports a successful financial year 2006 – positive outlook for 2007
Munich, 27 February 2007. The Munich-based biopharmaceutical company WILEX
AG (ISIN DE0006614720/Frankfurt Stock exchange/Prime Standard) today
published its results and annual report for financial year 2006 (1 December
2005 – 30 November 2006). Operating income, operating expenses and earnings
are all in line with the Company’s expectations.
WILEX has achieved important milestones in financial year 2006
with its clinical development projects. Operating income rose from EUR 0.8
million in 2005 to EUR 1.7 million in 2006, representing an increase of
108.2 %.
Operating expenses amounted to EUR 19.9 million in 2006 (previous
year: EUR 11.4 million; increase of 75.3%). Of this figure, EUR 15.7
million (previous year: EUR 8.1 million) or 78.9% (previous year: 71.1%)
was attributable to research and development. Research costs for antibody
development for RENCAREX®, which is currently in a clinical Phase III
trial, accounted for EUR 10.3 million or 65.4% of total costs. Research and
development costs in connection with small molecule compounds amounted to
EUR 3.4 million or 21.7%. WILEX invested EUR 2.0 million or 12.9% of total
costs in other programmes.
An increase in research and development progress, in particular
with RENCAREX®, WILEX recorded a budgeted net loss of EUR 18.7 million in
financial year 2006 (previous year: EUR 11.1 million; increase of 67.7%).
The equity ratio increased from 36.8% to 79.9% as a result of the
successful IPO in November 2006.
The Company achieved important milestones in its business development in
2006:
A high-calibre Medical Advisory Board was appointed for the
development of RENCAREX®
WILEX reported positive results for two Phase Ib trials with the
small molecule WX-UK1
The Company successfully concluded a Phase I trial with another
small molecule, WX-671
The US Department of Defense increased the grant to WILEX for the
research programme on small molecules from approximately USD 4 million by a
further USD 1 million, on condition that WILEX assumed the Phase II trial
costs and the additional associated costs
WILEX reported a survival benefit in a Phase II trial with
RENCAREX®/Interferon
The results of a proof-of-concept trial for the imaging diagnostic
agent CA9-SCAN were published. The medical product candidate showed a 100%
positive predictive value in diagnosing of clear cell renal cell carcinoma.
The IPO in November 2006 generated liquid funds of approximately
EUR 55 million
The Company signed a contract with IBA Molecular N.A. to cooperate
on the further development of CA9-SCAN
WILEX received approval to conduct a clinical Phase II trial with
WX-671 in patients with pancreatic cancer
'We are very pleased with our progress in 2006,' said Professor Olaf G.
Wilhelm, CEO of WILEX AG. He continued: 'We have achieved important
milestones, especially the successful IPO, and have therefore created a
solid basis for the ongoing development of our research and development
programmes'.
'We will continue to invest in the long-term creation of value and increase
our operating expenses for research and development in 2007', said Peter
Llewellyn-Davies, CFO of WILEX AG. 'We are planning operating expenses of
between EUR 29 million and EUR 34 million, of which EUR 26 million to EUR
31 million is to be allocated to research and development. This means that
we could expect to see research and development costs as a percentage of
total costs rise from approximately 79% to 87%'.
Expected milestone payments in line with the progress of our projects could
lead to a increase in operating income of approximately 50% to between EUR
2.2 million and EUR 2.7 million in 2007. Llewellyn-Davies continued: 'The
profit & loss statement for financial year 2007 will again show a clear
deficit as we continue to invest to increase the value of our projects'.
'As part of our growth strategy research and development costs will again
be financed from shareholders’ equity in financial year 2007' said
Llewellyn-Davies. The CFO went on to comment: 'The equity ratio of 79.9% in
2006 represents a sound financial position. At the end of 2006, total
assets amounted to EUR 59.7 million, of which 95% were liquid funds'.
The annual report including the annual financial statements in accordance
with IFRS and the annual financial statements pursuant to HGB (German
Commercial Code) were published on the Company's website: www.wilex.com.
About WILEX
WILEX is a biopharmaceutical Company based in Munich, which was founded in
1997 by a team of physicians and oncologists from the Technical University
of Munich. WILEX is focused on the development of new cancer therapies
based on antibodies and small molecules. The therapeutic approach of WILEX
targets the prevention of growth, spread and the metastasis of malignant
tumours and the destruction of malignant tumours in the body. The portfolio
includes both drug and medical product candidates ranging from research to
late stage clinical development. Currently the following compounds are in
clinical development: WX-G250 (development name: RENCAREX®), WX-671, WX-UK1
and CA9-SCAN. The company’s strategy is to develop WILEX into a
commercially successful biopharmaceutical company with a broad portfolio of
new drugs and medical products for the treatment of cancer. Since November
13, 2006 WILEX AG is listed at the Frankfurt Stock Exchange on the Official
Market Segment (Amtlicher Markt) / Prime Standard. (ISIN DE0006614720 / WKN
661472 / Stock market symbol WL6)
Contact
Juliane Giese
Manager Public Relations
WILEX AG
Grillparzerstr. 16
81675 München
Germany
Tel.: +49 (0)89-41 31 38-29
Fax: +49 (0)89-41 31 38-99
Email: juliane.giese@WILEX.com
Website: http://www.WILEX.com
This communication contains certain forward-looking statements, relating to
the Company’s business, which can be identified by the use of
forward-looking terminology such as 'estimates', 'believes', 'expects',
'may', 'will' 'should' 'future', 'potential' or similar expressions or by
general discussion of strategy, plans or intentions of the Company. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors, which may cause our actual results of operations,
financial condition, performance, or achievements, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Given
these uncertainties, prospective investors and partners are cautioned not
to place undue reliance on such forward-looking statements. We disclaim any
obligation to update any such forward-looking statements to reflect future
events or developments.Given these uncertainties, prospective investors and
partners are cautioned not to place undue reliance on such forward-looking
statements. We disclaim any obligation to update any such forward-looking
statements to reflect future events or developments.
DGAP 27.02.2007
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Language: English
Issuer: WILEX AG
Grillparzerstr. 16
81675 München Deutschland
Phone: +49 (0)89 41 31 38 - 0
Fax: +49 (0)89 41 31 38 - 99
E-mail: info@wilex.com
WWW: www.wilex.de
ISIN: DE0006614720
WKN: 661472
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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