Ad-hoc | 12 March 2013 15:01
4SC AG / Key word(s): Miscellaneous
12.03.2013 15:01
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Publication of an ad hoc release pursuant to Section 15 of the German
Securities Trading Act (Wertpapierhandelsgesetz, WpHG)
4SC AG: Notice of loss pursuant to section 92 (1) German Stock Corporation
Act (Aktiengesetz, AktG)
Planegg-Martinsried, 12 March 2013 - The Management Board of 4SC AG
(Frankfurt, Prime Standard: VSC), a discovery and development company of
targeted small molecule drugs for autoimmune diseases and cancer, today
announced in coordination with its Supervisory Board that, after due
consideration, it must be assumed that the company has incurred a loss
amounting to half of its share capital based on the accounting principles
of the German Commercial Code (Handelsgesetzbuch, HGB). This is due to
operating losses that have accumulated as planned in drug development as
part of 4SC AG's business. A loss amounting to half of the share capital
triggers a legal obligation under Section 92 (1) German Stock Corporation
Act to convene a General Meeting of shareholders immediately, at which this
fact is to be disclosed. The Management Board of 4SC AG intends to disclose
this fact and discuss the company's situation at the Annual General Meeting
scheduled for 2 May 2013. The notice of the Annual General Meeting
including the agenda will be announced in due time and form within the next
days.
Furthermore the Management Board of 4SC AG declares that the ongoing audit
of the consolidated financial statements has already shown that, based on
the company's current cash funds and its further expense and revenue
planning, the company's existence as a going concern is ensured into the
third quarter of 2014 - i.e. for a period in excess of the 12-month period
required under IFRS.
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Information and Explaination of the Issuer to this News:
In addition, the Management Board of 4SC AG wishes to point out that
disclosing a loss amounting to half of the share capital under the
provisions of German commercial law (HGB) is not uncommon in the industry,
given the specific business model of research-based biotech companies such
as 4SC. This business model entails planned operating expenses that
accumulate as loss carryforwards during the development of new drugs, which
usually is expensive and time-consuming. These expenses are contrasted by
the attractive opportunities of a possible realisation of income, for
instance through product sales after market approval or licensing products
to other companies, all of which occurs significantly later than expenses
are incurred.
About 4SC
The Group managed by 4SC AG (ISIN DE0005753818) discovers and develops
targeted, small-molecule drugs for treating diseases with high unmet
medical needs in various autoimmune and cancer indications. These drugs are
intended to provide innovative treatment options that are more tolerable
and efficacious than existing therapies, and provide a better quality of
life. The Company's balanced pipeline comprises promising products that are
in various stages of clinical development. 4SC's aim is to generate future
growth and enhance its enterprise value by entering into partnerships with
leading pharmaceutical companies. Founded in 1997, 4SC had 86 employees at
the end of 2012. 4SC AG has been listed on the Prime Standard of the
Frankfurt Stock Exchange since December 2005.
Legal Note
This document may contain projections or estimates relating to plans and
objectives relating to our future operations, products, or services; future
financial results; or assumptions underlying or relating to any such
statements; each of which constitutes a forward-looking statement subject
to risks and uncertainties, many of which are beyond our control. Actual
results could differ materially, depending on a number of factors.
For more information please visit www.4sc.com or contact:
4SC AG
Jochen Orlowski, Corporate Communications & Investor Relations
jochen.orlowski(at)4sc.com, Tel.: +49-89-7007-63-66
MC Services
Mareike Mohr, Raimund Gabriel
mareike.mohr(at)mc-services.eu , Tel.: +49-89-2102-28-40
raimund.gabriel(at)mc-services.eu , Tel.: +49-89-2102-28-30
The Trout Group
Chad Rubin
Crubin(at)troutgroup.com, Tel.: +1-646-378-2947
12.03.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 4SC AG
Am Klopferspitz 19a
82152 Martinsried
Germany
Phone: +49 (0)89 7007 63-0
Fax: +49 (0)89 7007 63-29
E-mail: public@4sc.com
Internet: www.4sc.de
ISIN: DE0005753818
WKN: 575381
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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