Amsterdam Molecular Therapeutics Reports Full Year Re...( Conference Call & Web...)

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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.
Highlights

- 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
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