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Amsterdam Molecular Therapeutics Reports Full Year Results 2007

Conference Call & Webcast Today at 10:00 CET

AMSTERDAM, February 20 /PRNewswire-FirstCall/ -- Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, today reported its full year 2007 results.

- Successful IPO, raising gross proceeds of EUR 55.7 million

- Cash & cash equivalents of EUR 51.3 million at June 30, 2007

- U.S. FDA orphan drug designation for lead product AMT 011

- Positive results of Phase I/II in LPL type I deficiency

- Pre-registration trial in Canada on track

- Appointment of Ferdinand Verdonck as chairman of supervisory board.

- Global rights for acute intermittent porphyria treatment

- Exclusive license to all gene therapy products from CIMA - Agreement with CIMA/Digna Biotech for AAV-mediated IGF-I treatment of late stage liver cirrhosis

- Patent for treatment of Non-Alcoholic Steatotic Hepatitis with AMT-11 (January 2008)

Results comparison

Total revenues for year ended December 31, 2007, were EUR 110,000 compared to EUR 417,000 in 2006. The decrease was primarily due to a decrease of government grants since the grant project for LPL deficiency was completed in 2006.

The operating loss increased to EUR 14.7 million for the year ended December 31, 2007, from EUR 9.1 million in 2006. This was primarily due to the increase of research & development costs to EUR 9.8 million for the year ended December 31, 2007 from EUR 5.3 million in 2006. This increase is particularly related to the development work on the company's lead product AMT 011 in LPL deficiency and increased staffing. General and administrative costs rose primarily as a function of the higher number of staff employed, stock based compensation, increased facility expenses and advisory costs. G&A increased to EUR 5.0 million for the year ended December 31, 2007, from EUR 4.2 million in 2006.

The net loss for the full year was EUR 14.9 million, as compared to a net loss of EUR 8.8 million in 2006.

As of December 31, 2007, AMT had cash and cash equivalents of EUR 51.3 million, compared to EUR 14.1 million at December 31, 2006.

Ronald Lorijn, CEO of AMT, said: "AMT had an excellent 2007. We believe we have forged a company that rests on very solid foundations and that is today a leading force in bringing gene therapy to the clinic. The proceeds from our successful initial public offering in June 2007 allow us to continue to execute our business plan, bring our lead product to the clinic, and accelerate the development of our pipeline programs, focused on serious disorders for which there is currently no treatment. We expect to continue to make solid progress in our clinical programs and business development activities, and look forward to update our investors as these materialize."

Conference call and webcast presentation

AMT will conduct a conference call open to the public today at 10.00 CET, which will also be webcast. Netherlands Dial In: 0800-949-4517 (toll free); US Dial In: +1-866-291-4166 (toll free); UK Dial In: +44-207-107-0611. The webcast can be accessed via AMT's website at Please go to the website 15 minutes prior to the call to register, download and install the necessary audio software. Playback of the call will be availably for 24 hours after the call. Dial In: +41-91-612-4330; +44-20-7108-6233; or +1-866-416-2558; conference ID 14203 followed by #. The archived webcast also will be available for replay shortly after the close of the call.

About Amsterdam Molecular Therapeutics

AMT has a unique gene therapy platform that to date appears to circumvent many if not all of the obstacles that have prevented gene therapy to become a mainstay of clinical medicine. Using adeno-associated viral (AAV) vectors as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. As such, AMT's proprietary platform holds tremendous promise for thousands of rare (orphan) diseases that are caused by one faulty gene. AMT currently has a product pipeline with six products at different stages of development.

AMT intends to publish its full annual report on March 21, 2008.

Certain statements in this press release are "forward-looking statements" including those that refer to management's plans and expectations for future operations, prospects and financial condition. Words such as "strategy," "expects," "plans," "anticipates," "believes," "will," "continues," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT's business, including, but not limited to, the timely commencement and success of AMT's clinical trials and research endeavors, delays in receiving U.S. Food and Drug Administration or other regulatory approvals (i.e. EMEA, Health Canada), market acceptance of AMT's products, effectiveness of AMT's marketing and sales efforts, development of competing therapies and/or technologies, the terms of any future strategic alliances, the need for additional capital, the inability to obtain, or meet, conditions imposed for required governmental and regulatory approvals and consents. AMT expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, refer to the prospectus of AMT's initial public offering on June 20, 2007, and AMT's public announcements made from time to time.

Consolidated income statement

(In EUR x 1,000)

Year ended

31 December 2007 31 December 2006

Revenues - 52

Cost of sales - 42

Gross profit - 10

Other income 110 417

Total net income 110 427

Research and development costs (9,804) (5,342)

General and administrative costs (4,966) (4,169)

Total operating costs (14,770) (9,511)

Operating result (14,660) (9,084)

Interest income 1,406 14

Interest costs (1,681) (803)

(275) (789)

Result on deconsolidation - 1,113

Result before corporate income taxes (14,935) (8,760)

Corporate income taxes - -

Result for the year (14,935) (8,760)

Attributable to:

Equity holders of the Company (14,935) (8,760)

Result attributable to equity holders is

split as follows:

Ordinary shareholders (14,935) (3,392)

Preference shareholders - (5,368)

Earnings per share for result

attributable to the equity holders of

the Company during the period

(expressed in Euro per share)

Basic and diluted earnings per share (1.28) (1.94)

Consolidated balance sheet

(after appropriation of result)

(In EUR x 1,000)

31 December 2007 31 December 2006


Non-current assets

Intangible assets 1,897 1,540

Property, plant and equipment 2,102 1,091

3,999 2,631

Current assets

Receivables from related parties 985 1,202

Social security and other taxes 714 276

Other receivables 1,211 51

Cash and cash equivalents 51,330 14,058

54,240 15,587

Total assets 58,239 18,218


Shareholders' equity 51,407 (1,682)

Total group equity 51,407 (1,682)


Non-current liabilities

Loans from related parties - 1,038

Liabilities to preference shareholders - 15,504

Financial lease liabilities 402 498

Other non-current liabilities 604 45

1,006 17,085

Current liabilities

Trade payables 2,168 963

Payables to related parties 730 266

Social security and other taxes 227 153

Other current liabilities 2,701 1,433

5,826 2,815

Total liabilities 6,832 19,900

Total equity and liabilities 58,239 18,218

Consolidated cash flow statement

(In EUR x 1,000)

Year ended

31 December 2007 31 December 2006

(Unaudited) (Unaudited)

Cash flow from operating activities

Result before corporate income tax (14,935) (8,760)

Adjustments for:

- Depreciation 334 319

- Share-based payment expenses 1,143 159

- Gain on derecognition financial - 25


- Re-purchase of EMT sales rights - 1,736

- Gain on deconsolidation AVP - (1,113)

- Changes in working capital 1,003 420

- Interest income/(expense) 275 789

Cash used in operations (12,180) (6,425)

Interest paid - (86)

Net cash generated from operating (12,180) (6,511)


Cash flow from investing activities

Purchases of property, plant and (1,345) (387)


Purchases of intangible fixed assets (357) (1,400)

Interest received 1,406 14

Net cash used in investing activities (296) (1,773)

Cash flow from financing activities

Proceeds from issuance of loans - 1,700

Redemption of loans (1,613) (1,700)

Capital contribution shareholders 51,361 -

Proceeds from issuance of preference - 21,821


Net cash generated from financing 49,748 21,821


Net (decrease)/ increase in cash,

cash equivalents

and bank overdrafts 37,272 13,537

Cash, cash equivalents and bank


In the beginning of the year 14,058 521

Cash, cash equivalents at the end of 51,330 14,058

the year

SOURCE Amsterdam Molecular Therapeutics B.V
Copyright©2008 PR Newswire.
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