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Amsterdam Molecular Therapeutics Provides Business Update for the Third Quarter 2011
Date:11/16/2011

nt by 50% to 45 full-time employees

Business Update

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. Therefore, AMT is exploring all options with regard to the business and its financing, with support from existing shareholders. 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's cash position* on September 30, 2011 amounted to € 3.8 million compared to € 9.1 million on June 30, 2011. The cash outflow in the third quarter of 2011, € 5.3 million compared to € 3.4 million in the prior year, mainly represented operational cash flow impacted by certain non-recurring items: outstanding debtors at September 30, 2011 included two amounts totaling € 0.7 million which were due to AMT in the third quarter. In addition, payments to two third parties under an old grant were triggered, giving rise to a cash outflow of € 0.75 million. Adjusting for these on a pro forma basis, AMT's cash position would have been € 5.25 million, in line with budget, and the third quarter cash outflow would have been € 3.85 million. AMT employed 83 permanent staff as of September 30, 2011. Total expenses in the third quarter of 2011 were € 3.7 million compared to € 4.7 million in the same period last year.

*The Company's cash position is composed of cash and cash equivalents.

Material events after September 30, 2011

Since September 30, 2011, AMT was informed of the outcome of the Glybera re-examination process and has consequently initiated a reorganization of the company, in each case as described above. On November 16, 2011, AMT announced
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SOURCE Amsterdam Molecular Therapeutics (AMT) B.V
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