Transgene . (NASDAQ:TRGNY)
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Transgene: Cash Position and Net Cash Expenditures as of March
31, 2005
STRASBOURG, France, April 13 /PRNewswire-FirstCall/ -- Transgene (Nasdaq:
TRGNY; Eurolist Paris: FR0005175080) today announced its cash position and net
cash expenditures at and for the three months ending March 31, 2005 (unaudited
figures, US GAAP).
Net cash expenditures amounted to euro 4.6 million (US$ 6.0 million) for the
first quarter of 2005. Net cash expenditures for the first quarter of 2004
amounted to euro 5.3 million (US$ 6.9 million). Cash and cash equivalents
totaled euro 10 million (US$ 13 million) at March 31, 2005. We believe that,
based on our current cost estimates for our on-going operations, including
clinical development plans, research and development activities, operating
revenues and anticipated capital expenditures, our cash position at March 31,
2005, will be sufficient to meet our expected financial requirements through
September 2005. In December 2004, Transgene's principal shareholder informed
the Board of Directors of its commitment to cover Transgene's cash needs until
the end of 2005 unless another financing option is adopted during this
timeframe.
First quarter 2005 highlights:
* New Strategic focus both in cancer and infectious diseases;
* MVA-Muc1-IL2 therapeutic vaccine meets the primary endpoint in Phase II
trial for the treatment of non-small cell lung cancer. Data from the
clinical testing of our MVA-Muc1-IL2 vaccine in non-small cell lung and
prostate cancers has been accepted for presentation at the 2005 Annual
Meeting of the American Society of Clinical Oncology which will take
place in Orlando, Florida, May 13-17, 2005.
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 forward-looking statements regarding Transgene's
anticipated financial requirements and expenditures. These statements are
based on Transgene's current expectations, beliefs, estimates, forecasts and
assumptions and are not guarantees of Transgene's future liquidity and ability
to continue operations. Accordingly, actual outcomes and results may differ
materially from what is expressed. Important factors which may affect
Transgene's future financial requirements and expenditures include the
following: regulatory approvals for product development and testing may be
suspended or delayed, causing additional expenses to continue testing or obtain
testing rights; proceedings to obtain patents and litigation of third party
infringement claims are expensive and could exceed anticipated budgets; rights
to proprietary genes and other technologies to further develop our business may
be more costly than anticipated; we may incur significant costs in connection
with our product liability exposure; we may incur unanticipated costs in
connection with our use and handling of hazardous material; and other important
factors described in Transgene's Annual Report on Form 20-F for the most recent
fiscal year filed with the U.S. Securities and Exchange Commission, including
those factors described in the section entitled "Risk Factors."
In addition, the statement made by the Company's principal shareholder to the
Board of Directors in December 2004 is not a guaranty by the Company that it
will have sufficient funds to maintain on-going operations.
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 = $1.2964, the rate of the Central European Bank on
March 31, 2005.
DATASOURCE: Transgene
CONTACT: Philippe Poncet, Chief Financial Officer of Transgene,
+33-3-88-27-91-21; 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/