Transgene . (NASDAQ:TRGNY)
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Transgene Announces First Quarter 2004 Financial Results
STRASBOURG, France, May 5 /PRNewswire-FirstCall/ -- Transgene (Nasdaq: TRGNY;
Nouveau Marche: FR0005175080) today announced financial results for the first
quarter ended March 31, 2004.
Transgene had total revenues of euro 0.7 million (US$ 0.9 million) in the first
quarter of 2004, compared to euro 0.9 million (US$ 1.1 million) for the same
period in 2003. In the first quarter of 2003, Transgene recorded the upfront
payment related to the license agreement signed with Merck & Co., Inc.
Operating expenses increased by euro 0.2 million (US$ 0.2 million) to euro 6.3
million (US$ 7.7 million) for the first quarter of 2004 compared to euro 6.1
million (US$ 7.5 million) for the first quarter of 2003, due primarily to an
increase in clinical trial expenses.
Interest and other income was euro 0.2 million (US$ 0.2 million) in the first
quarter 2004 compared to euro 0.4 million (US$ 0.5 million) in the same period
of 2003, due to lower cash and cash equivalent held.
Transgene recorded a net loss of euro 5.4 million (US$ 6.6 million), or euro
0.54 (US$ 0.66) per share, for the first quarter of 2004 compared to a net loss
of euro 4.8 million (US$ 5.9 million), or euro 0.48 (US$ 0.59) per share for
the same period in 2003.
Net cash expenditures were euro 5.3 million (US$ 6.5 million) for the first
quarter of 2004, resulting in cash and cash equivalents totaling euro 29.6
million (US$ 36.4 million) at March 31, 2004. Transgene believes that this
amount will be sufficient to meet its cash requirements for working capital and
capital expenditures through mid-2005.
First Quarter Highlights
* Transgene released positive interim data in three phase II trials with
the MVA-MUC1-IL2 cancer vaccine candidate in patients with lung, kidney
and prostate cancer.
* Transgene released positive data from the phase II trial with the
MVA-HPV-IL2 cancer vaccine candidate in patients with human papilloma
virus (HPV)-related disease, demonstrating dose-related effect and
safety at the highest dose given.
Transgene, based in Strasbourg, France, is a biopharmaceutical company
dedicated to the discovery and development of therapeutic vaccines,
immunotherapy products, and delivery technologies for the treatment of diseases
for which there is no cure or adequate treatment at present, with a focus on
the treatment of cancer. Transgene has five products in clinical development,
two of which are in Phase II clinical trials, two in Phase I/II and one that
has completed Phase I clinical trial. Transgene's proprietary vector technology
platform consists of adenovirus and poxvirus.
This press release contains forward-looking statements, including statements
regarding Transgene's revenues, capital requirements and prospects. Statements
that are not historical facts are based on Transgene's current expectations,
beliefs, estimates, forecasts and assumptions. The statements contained in
this release are not guarantees of future performance and involve certain
risks, uncertainties and assumptions which are difficult to predict.
Accordingly, actual outcomes and results may differ materially from what is
expressed in those forward-looking statements. Important factors which may
affect Transgene's future operating results include the following: Transgene
has a history of operating losses; it may not have sufficient resources or may
fail to obtain the capital necessary to complete the research and
commercialization of any of its product candidates; Transgene may be unable to
conduct its clinical trials as quickly as it has predicted; Transgene's
clinical trials may not produce results sufficient to justify further product
development; Transgene's product candidates may not demonstrate therapeutic
efficacy; Transgene may be unable to obtain regulatory approval for its product
candidates; Transgene's patent and proprietary rights may not provide it with
any benefit and the patents of others may prevent it from commercializing its
products; proceedings to obtain patents and litigation of third party
infringement claims are expensive and could limit its patent and proprietary
rights; competitors may develop technologies or products superior to
Transgene's technologies or products; and other important factors described in
Transgene's Annual Report on Form 20-F for the year ended December 31, 2002
filed with the U.S. Securities and Exchange Commission, including those factors
described in the section entitled "Risk Factors."
Note: The official financial information of Transgene is stated in Euros. The
financial information expressed in US$ is translated solely for the convenience
of the reader at euro 1.00 = $ 1.2292, the noon buying rate of the Federal
Reserve Bank of New York on March 31, 2004.
Condensed Consolidated Balance Sheets
(US GAAP)
(Amounts in thousands) March 31, December 31,
2004 2004 2003
US$ euro euro
(unaudited) (unaudited)
ASSETS
Cash and cash equivalents 36,404 29,616 34,940
Other current assets 3,059 2,489 2,522
Total current assets 39,463 32,105 37,462
Property, plant and equipment,
net 9,626 7,831 8,034
Other assets 256 208 322
Total assets 49,345 40,144 45,818
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities 6,193 5,038 5,301
Total long-term liabilities 7,325 5,959 5,998
Total shareholders' equity 35,827 29,147 34,519
Total liabilities and
shareholders' equity 49,345 40,144 45,818
Condensed Consolidated Statements of Operations
US GAAP
(Amounts in thousands except share
and per share data) Three months ended March 31,
2004 2004 2003
US$ euro euro
(Unaudited)
Revenues
Revenues from collaborative and
licensing agreements 803 653 896
Grants received for research
and development 0 0 0
Total revenues 803 653 896
Operating expenses
Research and development (6,657) (5,416) (5,174)
General & administrative (1,063) (865) (919)
Restructuring 0 0 0
Total operating expenses (7,721) (6,281) (6,093)
Loss from operations (6,918) (5,628) (5,197)
Interest and other income, net 252 205 357
Income tax benefit 0 0 0
Net loss (6,666) (5,423) (4,840)
Loss per ordinary share (0.66) (0.54) (0.48)
Weighted average number of
shares outstanding 10,055,760 10,055,760 10,055,760
Loss per ADS
(American Depositary Share) (0.22) (0.18) (0.16)
Weighted average number of ADSs
outstanding 30,167,280 30,167,280 30,167,280
Notes: The official financial information of Transgene is stated in Euros. The
financial information expressed in US$ is translated solely for the convenience
of the reader at euro 1.00 = $ 1.2292, the noon buying rate of the Federal
Reserve Bank of New York on March 31, 2004. The 2003 accounts have been
restated to SFAS 123 "Accounting for Stock based Compensation."
DATASOURCE: Transgene
CONTACT: Philippe Poncet, Chief Financial Officer of Transgene,
+33-3-88-27-91-21; or Michael Long of Cohn & Wolfe, +1-212-798-9775; or
Estelle Guillot-Tantay, +33-1-53-70-74-93, or Laurence Heilbronn,
+33-1-53-70-74-64, both of Image 7, all for Transgene
Web site: http://www.transgene.fr/