Amsterdam Molecular Therapeutics Reports Full Year Re...( AMSTERDAM the Netherlands Februar...)

AMSTERDAM, the Netherlands, February 24 /PRNewswire-FirstCall/ -- Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, today reported its results for the year of 2008.

    Highlights

    - Extra clinical trial in LPL deficiency causes a delay of the announced
      filing date for lead product GlyberaTM which is now expected H2 2009
    - Positive clinical data on GlyberaTM
    - CEO Ronald Lorijn resigned for personal reasons
    - Start of clinical multicenter Hemophilia B trial in 2009
    - Start development of treatments for Duchenne Muscular Dystrophy and
      Parkinson's disease
    - Scale up of unique and proprietary production platform to fully support
      worldwide commercial supply for current products
    - Independent supervisory board with three new members bringing extensive
      knowledge and experience.
    - Key financial figures in line with guidance
    - Cash & cash equivalents of EUR 34.2 million at December 31, 2008

Results comparison

AMT's operating loss increased to EUR 18.8 million for 2008, from EUR 14.7 million for 2007. The difference is primarily due to the increase of research & development costs to EUR 13.1 million, from EUR 9.8 million in 2007. This increase is particularly related to the development work on the company's lead product, GlyberaTM, increased staffing for this and other programs and an increase in research collaborations. General and administrative costs increased to EUR 5.9 million, from EUR 5.0 million in 2007, primarily as a result of increased employee costs and increased advisor's fees. The net loss for 2008 was EUR 16.9 million, as compared to a net loss of EUR 14.9 million for 2007. As of December 31, 2008, AMT had cash and cash equivalents of EUR 34.2 million, compared to EUR 51.3 million at December 31, 2007. The cash burn for the year amounted to EURO 17.2 million which i
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