Transgene . (NASDAQ:TRGNY)
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Transgene: Cash Position and Net Cash Expenditures as of
September 30, 2004
STRASBOURG, France, Nov. 3 /PRNewswire-FirstCall/ -- Transgene (Nasdaq: TRGNY;
Nouveau Marche: FR0005175080) today announced cash position and net cash
expenditures for the third quarter and the nine months ended September 30, 2004
(unaudited figures, USGAAP).
Net cash expenditures amounted to euro 4.8 million (US$ 6.0 million) and euro
14.9 million (US$ 18.5 million) for the third quarter and the first nine months
of 2004, respectively. The net cash expenditures for the third quarter and the
first nine months of 2003 amounted to euro 4.1 million (US$ 5.1 million) and
euro 13.8 million (US$ 17.1 million), respectively. The increase in net cash
expenditures in the first nine months of 2004 reflects a refund of research tax
credit of euro 0.2 million (US$ 0.2 million) in 2004 compared to euro 0.8
million (US$ 1.0 million) in 2003 and a decrease of interest income due to
lower cash held, cash outflows being unchanged.
Cash and cash equivalents totaled euro 20.0 million (US$ 24.8 million) at
September 30, 2004. We believe that, based on our current estimates (cost
structure, clinical development plans, operating revenues, capital expenditures
... ), our cash position at September 30, 2004 will be sufficient to meet our
expected financial requirements, including for our research and development
activities and our anticipated capital expenditures, through the end of July
2005.
Transgene also announced its decision to modify the content of its quarterly
financial communications. Because our research and development programs focus
on the mid- and long-term, we believe that the release of quarterly detailed
financial results does not reflect this timing. As a result and as permitted by
applicable regulations and practices, we have decided to publish financial data
from now on as follows:
Fiscal year and half year results: consolidated balance sheet,
statement of operations and net cash expenditures;
First and third quarters: consolidated net cash expenditures and
cash position.
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 regarding Transgene's
financial requirements and expenditures. These statements are based on
Transgene's current expectations, beliefs, estimates, forecasts and assumptions
and are not guarantees of future performance. 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."
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 = $ 1.2417, the noon buying rate of the Federal
Reserve Bank of New York on September 30, 2004.
DATASOURCE: Transgene
CONTACT: Philippe Poncet, Chief Financial Officer of Transgene,
+33-0-3-88-27-91-21; or Michael Long of Cohn & Wolfe, +1-212-798-9775; or
Estelle Guillot-Tantay, +33-0-1-53-70-74-93 or Laurence Heilbronn,
+33-0-1-53-70-74-64, both of Image 7
Web site: http://www.transgene.fr/