Transgene . (NASDAQ:TRGNY)
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STRASBOURG, France, Aug. 3 /PRNewswire-FirstCall/ -- Transgene (Eurolist Paris: FR0005175080; Nasdaq: TRGNY) announced today financial results for the first half of 2005:
Condensed Consolidated Statements of Operations
US GAAP
(Amounts in thousands except per share data)
Six month ended June 30,
2005 2004
euro euro
(unaudited) (unaudited)
Total revenues 2,178 987
Total operating expenses (12,037) (11,962)
Loss from operations (9,859) (10,975)
Interest and other income, net 95 341
Income tax benefit 353 (17)
Net loss (9,411) (10,651)
Basic loss per ordinary share (0.94) (1.06)
Transgene had total revenues of euro 2.2 million (US$ 2.6 million) in the first half of 2005, a significant increase compared to euro 1.0 million (US$ 1.21 million) for the same period of 2004. This increase reflects the development of third-party manufacturing and the recording in the first half of 2005, after completion of quality controls and client acceptance, of revenues from the EUROVAC (European Vaccine Effort against HIV/AIDS) manufacturing work which Transgene performed in the second quarter of 2004.
For the first six months of 2005, operating expenses were unchanged at euro 12.0 million (US$ 14.6 million). Research and development expenses slightly decreased by 3%, from euro 10.1 million (US$ 12.2 million) last year to euro 9.8 million (US$ 11.9 million) in first half 2005. General and administrative costs amounted to euro 2.2 million (US$ 2.7 million) in the first half of 2005 compared to euro 1.9 million (US$ 2.3 million) in the first half of 2004.
Interest and other income was euro 0.1 million (US$ 0.1 million) in first half 2005 compared to euro 0.3 million (US$ 0.4 million) in the same period of 2004, due to lower cash and cash equivalent held (euro 4.5 million or US$ 5.4 million on June 30, 2005 - euro 24.8 million or US$ 30.0 million on June 30, 2004). Net cash expenditures in the first half of 2005 was unchanged compared to last year, at euro 10.2 million (US$ 12.3 million).
Through the successful follow-on offering of July 2005, the Company raised euro 32.6 million (US$ 39.4 million), 85% of which was subscribed by new investors. An additional amount of euro 18.7 million would be raised, by July 2006, in the event all warrants issued in the follow-on are exercised. The refinancing should enable the Company to continue its R&D activities through the beginning of 2008, and in particular to consolidate its Phase II trials results and seek partnerships within the pharmaceutical sector necessary for the later development of its product candidates.
The net loss for the first six months ended June 30, 2005 was euro 9.4 million (US$ 11.4 million) or euro 0.94 (US$ 1.13) per share, compared to euro 10.7 million (US$ 12.9 million), or euro 1.06 (US$ 1.28) per share for the same period of 2004.
First Half 2005 Highlights:
February: Jean-Yves Bonnefoy was appointed Chief Scientific Officer.
February: The strategy was redefined based on a narrowed product portfolio and the expansion into the field of infectious diseases (hepatitis C).
February: Objectives achieved (phase II development) for the MVA-MUC1-IL2 vaccine against non small-cell lung cancer, which allows us to plan the initiation of a controlled phase IIb study in the last quarter of 2005, with randomization of patients, in combination with standard chemotherapy.
May: presentation of clinical results obtained with MVA-MUC1-IL2 at the annual conference of the American Society of Clinical Oncology.
Highlights since June 30, 2005:
July: successful capital increase through an offering of shares with warrants (actions a bon de souscription d'actions or ABSA). Net proceeds of euro 32.6 million (US$ 39.4 million) were raised to continue Phase II programs.
July: Transgene announces achievement of clinical milestone by Merck & Co., Inc. using Transgene's proprietary technology.
Transgene, based in Strasbourg, France is a biopharmaceutical company dedicated to the discovery and development of therapeutic vaccines and immunotherapeutic products in oncology and infectious diseases. Transgene has a broadportfolio of clinical stage immunotherapy drugs, technologies available for out-licensing and viral vectors bio-manufacturing capacities.
This press release contains forward-looking statements referring to the establishment of development partnerships and the further testing and development of Transgene's products. However, as is the case with all biopharmaceutical products and technology under development, results from clinical testing may not show favourable outcomes, and there is no certainty that appropriate partnerships will be established. As a result, the successful development and eventual commercialization of Transgene's products is uncertain. For a description of the principal risks facing the development of Transgene's products and technology, see Transgene's Annual Report on Form 20-F and its other reports on file with the U.S. Securities and Exchange Commission.
Condensed Consolidated Balance Sheets
(US GAAP)
(Amounts in thousands) June 30, December 31,
2005 2005 2004
US$ euro euro
(unaudited) (Audited)
ASSETS
Cash and cash equivalents 5,419 4,479 14,650
Other current assets 2,966 2,452 2,632
Total current assets 8,385 6,931 17,282
Property, plant and equipment, net 8,109 6,703 7,095
Other assets 1,836 1,518 1,125
Total assets 18,331 15,152 25,502
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities 5,301 4,382 5,501
Total long-term liabilities 6,970 5,761 5,768
Total shareholders' equity 6,060 5,009 14,233
Total liabilities and
shareholders' equity 18,331 15,152 25,502
Condensed Consolidated Statements of Operations
US GAAP
(Amounts in thousands except share and per share data)
Six month ended June 30,
2005 2005 2004
US$ euro euro
(unaudited) (unaudited) (audited)
Revenues
Revenues from collaborative
and licensing agreements 2,635 2,178 987
Grants received for research
and development 0 0 0
Total revenues 2,635 2,178 987
Operating expenses
Research and development (11,858) (9,802) (10,082)
General & administrative (2,704) (2,235) (1,880)
Total operating expenses (14,562) (12,037) (11,962)
Loss from operations (11,927) (9,859) (10,975)
Interest and other income, net 115 95 341
Income tax benefit 427 353 (17)
Net loss (11,385) (9,411) (10,651)
Loss per ordinary share (1.13) (0.94) (1.06)
Weighted average number of
shares outstanding 10,055,760 10,055,760 10,055,760
Loss per ADS
(American Depositary Share) (0.38) (0.31) (0.35)
Weighted average number
of ADSs outstanding 30,167,280 30,167,280 30,167,280
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 = $ 1.2098, the
noon buying rate of the Federal Reserve Bank of New York on
June 30, 2005.
DATASOURCE: Transgene
CONTACT: Philippe Poncet, C.F.O. and Investors Relations of Transgene,
+33-3-88-27-91-21; or Estelle Guillot-Tantay or Tiphaine Hecketsweiler, both
of Image 7, +33-1-53-70-74-93, for Transgene
Web site: http://www.transgene.fr/