Transgene . (NASDAQ:TRGNY)
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Transgene Announces Third Quarter 2003 Financial Results
- Company also admitted to the NextEconomy Market Segment of EuroNext -
STRASBOURG, France, Nov. 5 /PRNewswire-FirstCall/ -- Transgene (Nasdaq: TRGNY;
Nouveau Marche: FR0005175080) today announced financial results for the third
quarter ended September 30, 2003 and its admission to the NextEconomy segment of
EuroNext.
Third quarter financial results
Transgene had total revenues of euro 0.6 million (US$ 0.6 million) in the third
quarter of 2003, compared to euro 0.4 million (US$ 0.5 million) for the same
period in 2002.
Operating expenses decreased slightly by euro 0.2 million (US$ 0.2 million) to
euro 5.1 million (US$ 6 million) for the third quarter of 2003 compared to euro
5.3 million (US$ 6.1 million) for the third quarter of 2002. Higher
manufacturing costs were offset by a decrease in general and administrative
expenses and a reversal of an unused portion of the restructuring provision.
Transgene recorded a net loss of euro 4.4 million (US$ 5.1 million), or euro
0.43 (US$ 0.51) per share, for the third quarter of 2003 compared to a net loss
of euro 4.2 million (US$ 4.9 million), or euro 0.42 (US$ 0.49) per share for the
same period in 2002.
The net loss for the nine months ended September 30, 2003 was euro 14.3 million
(US$ 16.6 million), or euro 1.42 (US$ 1.65) per share, compared to euro 13.8
million (US$ 16.1 million), or euro 1.37 (US$ 1.60) per share for the same
period in 2002.
Cash expenditures were euro 13.8 million (US$ 16.0 million) for the first nine
months of 2003, resulting in cash and cash equivalents totaling euro 40.7
million (US$ 47.4 million) at September 30, 2003.
NextEconomy market segment of EuroNext
Transgene was admitted by EuroNext to the NextEconomy market segment on October
10, 2003.
The NextEconomy segment, which consists of companies whose core business focuses
on new technologies, was launched by EuroNext in January 2002 along with the
NextPrime segment, which is reserved for companies from traditional sectors of
the economy. The NextEconomy segment gives listed companies the opportunity to
improve their visibility and investor relations by committing to standards that
exceed routine regulatory requirements. Companies admitted to the segment have
voluntarily agreed to adhere to heightened liquidity and transparency standards
such as publishing quarterly financial reports, publishing financial documents
in English, announcing a schedule for publications and meetings, holding at
least two analysts' meetings per year and publishing key financial information
on their website.
"We are very pleased to join the NextEconomy segment. It shows our commitment to
adhere to high quality standards in term of financial communication, ensuring
investors of a high and sustained level of transparency on Transgene's
activities and financial position," stated Philippe Poncet, Chief Financial
Officer of Transgene.
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 and three of which have completed Phase I
clinical trials. Transgene's proprietary vector technology platform consists of
adenovirus, poxvirus and non-viral vectors.
This press release contains forward-looking statements, including statements
regarding the efficiency and safety of and potential market for Transgene's
product candidates 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's product candidates may not demonstrate therapeutic
efficacy after initial promising results, Transgene may be unable to obtain
regulatory approval for its product candidates, Transgene may be unable to
conduct its clinical trials as quickly as it has predicted, Transgene may not
have sufficient resources to complete the research and commercialization of any
of its product candidates, 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 = $ 1.165, the noon buying rate of the Federal
Reserve Bank of New York on September 30, 2003.
Condensed Consolidated Balance Sheets
(US GAAP)
(Amounts in thousands) September 30, December 31,
2003 2003 2002
US$ euro euro
Unaudited Audited
ASSETS
Cash and cash equivalents 47,438 40,719 54,491
Other current assets 2,512 2,156 3,207
Total current assets 49,949 42,875 57,698
Property, plant and equipment,
net 9,487 8,143 8,666
Other assets 384 330 516
Total assets 59,820 51,348 66,880
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities 4,993 4,286 5,277
Total long-term liabilities 7,145 6,133 6,396
Total shareholders' equity 47,682 40,929 55,207
Total liabilities and
shareholders' equity 59,820 51,348 66,880
Condensed Consolidated Statements of Operations
US GAAP - Unaudited
(Amounts in thousands
except share and per
share data) Three months ended September 30,
2003 2003 2002
US$ euro euro
Revenues
Revenues from
collaborative and
licensing
agreements 648 556 241
Grants received for
research and
development 0 0 177
Total revenues 648 556 418
Operating expenses
Research and
development (5,213) (4,475) (4,331)
General &
administrative (890) (764) (939)
Restructuring 106 91 0
Total operating
expenses (5,997) (5,148) (5,270)
Loss from
operations (5,350) (4,592) (4,852)
Interest and other
income, net 257 221 642
Income tax benefit 0 0 0
Net loss (5,092) (4,371) (4,210)
Loss per ordinary
share (0.51) (0.43) (0.42)
Weighted average
number of shares
outstanding 10,055,760 10,055,760 10,055,760
Loss per ADS
(American
Depositary Share) (0.17) (0.14) (0.14)
Weighted average
number of ADSs
outstanding 30,167,280 30,167,280 30,167,280
US GAAP - Unaudited
(Amounts in thousands
except share and per
share data) Nine month ended September 30,
2003 2003 2002
US$ euro euro
Revenues
Revenues from
collaborative and
licensing agreements 2,184 1,875 434
Grants received for
research and development 0 0 177
Total revenues 2,184 1,875 611
Operating expenses
Research and
development (16,691) (14,327) (13,386)
General &
administrative (3,238) (2,779) (2,709)
Restructuring 106 91 0
Total operating
expenses (19,822) (17,015) (16,095)
Loss from operations (17,638) (15,140) (15,484)
Interest and other income,
net 1,010 867 1,695
Income tax benefit 0 0 0
Net loss (16,628) (14,273) (13,789)
Loss per ordinary share (1.65) (1.42) (1.37)
Weighted average number
of shares
outstanding 10,055,760 10,055,760 10,055,760
Loss per ADS
(American Depositary
Share) (0.55) (0.47) (0.46)
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 = $ 1.165, the noon buying rate of the Federal
Reserve Bank of New York on September 30, 2003.
DATASOURCE: Transgene
CONTACT: Philippe Poncet, Chief Financial Officer of Transgene,
+33-3-88-27-91-21; or Julie Huang, +1-212-798-9814, or Julio Cantre,
+1-212-798-9779, both of Cohn & Wolfe; or Marie-Carole de Groc,
+33-1-58-47-95-07, or Odile Rebattet, +33-1-58-47-95-06, both of Euro RSCG
C&O