AMSTERDAM, December 15, 2011 /PRNewswire/ --
Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, announced today that the Company has a negative equity position, as a result of ongoing loss-making operations. The development of this negative equity position is in line with previous guidance that the Company has cash into early 2012, and is exploring alternatives for additional financing.
AMT announced on November 17, 2011 that its cash position at September 30, 2011 amounted to € 3.8 million, and AMT continues to be loss making and to experience net cash outflows. At December 12, 2011 AMT's cash position amounted to € 2.1 million; AMT does not have any loan, credit or other borrowing facilities other than the € 5 million convertible loan issued in December 2009.
The Company continues partnering discussions with pharma companies. At this time, AMT anticipates that it may be possible to conclude a partnership for its hemophilia B program during the first half of 2012, provided that additional funding can be secured in the meantime. AMT is also looking at additional collaborations with academic groups, which would contribute towards the short-term funding of its GDNF program for up to three indications.
AMT is continuing to explore all options with regard to the business, its financing, and support from existing shareholders. This includes selling all or part of the business, and raising additional capital in conjunction with its bankers and investors. AMT is also tracking opportunities for funding, from non-dilutive sources such as grants, and collaborations with partners. The Company has already taken appropriate action to reduce its costs, and the number of employees has decreased by approximately 50 per cent to 45 staff. Further cost reductions are possible but the savings would not provide a significantly longer runway for seeking a funding solution. Additional reductions m
|SOURCE Amsterdam Molecular Therapeutics (AMT) B.V|
Copyright©2010 PR Newswire.
All rights reserved