Transgene . (NASDAQ:TRGNY)
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Transgene Announces Fiscal Year 2004 Financial Results
STRASBOURG, France, Feb. 23 /PRNewswire-FirstCall/ -- Transgene (Nasdaq:
TRGNY; Eurolist Paris: FR0005175080) announced today unaudited second half and
2004 financial results.
Condensed Consolidated Statements of Operations
US GAAP
(Amounts in thousands) Six months ended
December 31,
2004 2004 2003
US$ euro euro
(unaudited) (unaudited) (audited)
Total revenues 2 067 1 527 1 182
Research and development (13 442) (9 929) (10 358)
General & administrative (3 104) (2 293) (2 209)
Restructuring 0 0 94
Total operating expenses (16 546) (12 222) (12 473)
Loss from operations (14 479) (10 695) (11 291)
Interest and other income, net 200 148 415
Income tax benefit 965 713 0
Net loss (13 313) (9 834) (10 876)
US GAAP
(Amount in thousands) Twelve months ended
December 31,
2004 2004 2003
US$ euro euro
(unaudited) (unaudited) (audited)
Total revenues 3 403 2 514 2 501
Research and development (27 091) (20 011) (20 257)
General & administrative (5 649) (4 173) (4 274)
Restructuring 0 0 94
Total operating expenses (32 740) (24 184) (24 437)
Loss from operations (29 337) (21 670) (21 936)
Interest and other income, 662 489 1 061
Income tax benefit 942 696 0
Net loss (27 733) (20 485) (20 875)
"In 2004, our net cash expenditure was controlled and remained below our
original estimate, and our clinical developments progressed very well with the
accumulation of promising results," stated Philippe Archinard, Chief Executive
Officer of Transgene.
For the year ended December 31, 2004, Transgene reported unchanged total
revenues of 2.5 million euro (US$ 3.4 million) compared to 2003. Contract
manufacturing and research revenues increased 0.3 million euro (US$ 0.4
million) due to sub-contracting agreements with the Association National de
Recherche contre le Sida, Merial and International AIDS Vaccine Initiative.
Revenues from the manufacturing of clinical lots for Eurovacc, most of which
were received during 2004, will be recognized upon final pharmaceutical release
of the batches in the first half of 2005. Licensing revenues decreased 0.2
million euro (US$ 0.3 million) mainly due to the up-front payment received from
Merck & Co., Inc in January 2003. Cost reimbursements from the Association
Francaise contre les Myopathies slightly decreased from 1.2 million euro (US$
1.6 million) to 1.1 million euro (US$ 1.5 million) in 2004.
Operating expenses were 24.2 million euro (US$ 32.8 million) in 2004, almost
unchanged compared to 2003. Research and development costs were down 0.2
million euro (US$ 0.3 million) at 20 million euro (US$ 27 million). Costs
related to basic research and clinical studies decreased. This decrease was
largely offset by increases in the costs of manufacturing and control due to
work performed under sub-contracts, and in other research and development
support activities. General and administrative expenses remained flat at 4.2
million euro (US$ 5.7 million).
Due principally to a lower level of cash and cash equivalents, interest income
was halved in 2004 (0.5 million euro or US$ 0.7 million) compared to 2003 (1.1
million euro or US$ 1.5 million).
The research and development tax credit amounted to 0.7 million euro (US$ 0.9
million) in 2004. According to the French tax authorities' current policies,
it will be refunded in 2008 if it has not been used to offset taxable income
within the next three years.
Transgene reported a net loss of 20.5 million euro (US$ 27.8 million), or 2.04
euro (US$ 2.76) per share, in 2004, compared to a net loss of 20.9 million euro
(US$ 28.30 million), or 2.08 euro (US$ 2.82) per share, in 2003.
Cash expenditures in 2004 amounted to 20.3 million euro (US$ 27.5 million)
compared to 19.6 million euro (US$ 26.5 million) in 2003. This increase was
primarily due to the decrease by 0.6 million euro (US$ 0.8 million) in the cash
refund of research tax credit received in 2004 compared to 2003. Interest
income also decreased by 0.6 million euro (US$ 0.8 million) in 2004 compared to
2003. These negative impacts have been partially offset by lower operating
expenses (a decrease of 0.4 million euro or US$ 0.5 million) and capital
expenditures (a decrease of 0.3 million euro or US$ 0.4 million) in 2004
compared to 2003.
At December 31, 2004, Transgene had 14.7 million euro (US$ 19.9 million) in
cash and cash equivalents. In December 2004, the principal shareholder of
Transgene announced its commitment to cover Transgene's cash needs until the
end of 2005 unless another financing option is adopted during this timeframe.
Conference Call
Transgene will conduct a conference call today, February 23, 2005, at 17:00
Central European Time (11 am US Eastern time). To participate in the conference
call, please call one of the following numbers within 10 minutes prior to
commencement:
+1 718 354 1158 for the U.S.
+33 (0) 1 55 17 41 79 for France
+44 (0) 20 7784 1014 for other countries
Transgene, based in Strasbourg, France, is a biopharmaceutical company
dedicated to the discovery and development of therapeutic vaccines and
immunotherapy products for the treatment of cancer and infectious diseases.
Transgene has a broad portfolio of products in clinical development.
This press release contains a forward-looking statement referring to the
promising results of Transgene's clinical studies during 2004; however, all of
Transgene's potential products are in research, preclinical development or
early stage clinical trials, and, as is the case with all biopharmaceutical
products under development, results from future studies with more data may show
less favorable outcomes. Current results are preliminary and based upon a
small number of patients. It is uncertain whether any of the products which
Transgene is developing will ever demonstrate adequate therapeutic efficacy or
achieve regulatory approval or commercial use. For a description of the risks
facing the successful development of Transgene's products, see Transgene's
Annual Report on Form 20-F for the year ended December 31, 2003, filed with the
U.S. Securities and Exchange Commission (the "Annual Report").
This press release also contains a forward-looking statement regarding the
funding of Transgene's cash needs through the end of 2005 which reflects
statements made by the Company's principal shareholder at the Board of
Directors meeting on December 7, 2004. It is not a guaranty by the Company of
on-going operations or future performance.
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 1.00 euro = $ 1.3538, the noon buying rate of the Federal
Reserve Bank of New York on December 31, 2004. The 2003 accounts have been
restated to SFAS 123 "Accounting for Stock based Compensation".
*** Tables to follow ***
Condensed Consolidated Balance Sheets
(US GAAP)
(Amounts in thousands) December 31, December 31,
2004 2004 2003
US$ euro euro
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents 19 833 14 650 34 940
Other current assets 3 563 2 632 2 522
23 396 17 282 37 462
Property, plant and
equipment, net
9 605 7 095 8 034
Other assets 1 523 1 125 322
34 525 25 502 45 818
LIABILITIES AND
SHAREHOLDERS' EQUITY
Total current
liabilities 7 447 5 501 5 301
Total long-term
liabilities 7 809 5 768 5 998
Total shareholders'
equity 19 269 14 233 34 519
34 525 25 502 45 818
Condensed Consolidated Statements of Operations
US GAAP
(Amounts in thousands
except share and
per share data) Six months ended December 31,
2004 2004 2003
US$ euro euro
(unaudited) (unaudited) (audited)
Revenues
Revenues from collaborative
and licensing agreements 2 067 1 527 1 140
Grants received for
research and development 0 0 42
Total revenues 2 067 1 527 1 182
Operating expenses
Research and development (13 442) (9 929) (10 358)
General & administrative (3 104) (2 293) (2 209)
Restructuring 0 0 94
Total operating expenses (16 546) (12 222) (12 473)
Loss from operations (14 479) (10 695) (11 291)
Interest and other income, net 200 148 415
Income tax benefit 965 713 0
Net loss (13 313) (9 834) (10 876)
Loss per ordinary share (1,32) (0,98) (1,08)
Weighted average number of
shares outstanding 10 055 760 10 055 760 10 055 760
Loss per ADS
(American Depositary Share) (0,44) (0,33) (0,36)
Weighted average
number of ADSs
outstanding 30 167 280 30 167 280 30 167 280
US GAAP
(Amounts in thousands
except share and
per share data) Twelve months ended December 31,
2004 2004 2003
US$ euro euro
(unaudited) (unaudited) (audited)
Revenues
Revenues from collaborative
and licensing agreements 3 403 2 514 2 459
Grants received for
research and development 0 0 42
Total revenues 3 403 2 514 2 501
Operating expenses
Research and development (27 091) (20 011) (20 257)
General & administrative (5 649) (4 173) (4 274)
Restructuring 0 0 94
Total operating expenses (32 740) (24 184) (24 437)
Loss from operations (29 337) (21 670) (21 936)
Interest and other income, net 662 489 1 061
Income tax benefit 942 696 0
Net loss (27 733) (20 485) (20 875)
Loss per ordinary share (2,76) (2,04) (2,08)
Weighted average number of
shares outstanding 10 055 760 10 055 760 10 055 760
Loss per ADS
(American Depositary Share) (0,92) (0,68) (0,69)
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 1.00 euro = $ 1.3538, the noon buying rate of the Federal
Reserve Bank of New York on December 31, 2004. The 2003 accounts have been
restated to SFAS 123 "Accounting for Stock based Compensation".
DATASOURCE: Transgene
CONTACT: Philippe Poncet, C.F.O. and Investors Relations of Transgene,
+33-3-88-27-91-01; or Michael Long of Cohn & Wolfe, +1-415-365-8523; or
Tiphaine Hecketsweiler of Image 7, +33-1-53-70-74-70
Web site: http://www.transgene.fr/