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
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 is in line with the guidance AMT has given for 2008.
"Despite the setback in the filing date for AMT's lead product GlyberaTM, our Company made substantial progress in 2008 with positive clinical data for GlyberaTM, the development of three new products and the strengthening of our production platform as well as our organization. Because of these important developments we are confident in AMT's future success," said Sander van Deventer, CEO of AMT.
Conference call and webcast presentation
AMT will conduct a conference call open to the public today at 3.00 p.m. CET, which will also be webcast. The dial-in number for the Netherlands is 0800-949-4166 (toll free). The number for Germany is 0800-000-22-63 (toll free). For the UK the number is +44(0)207-107-0611 and for the rest of Europe: +41-91-610-5600. The number for the USA is +1-866-291-4166 (toll free). The webcast can be accessed via AMT's website at http://www.amtbiopharma.com. 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(0)20-7108-6233; or +1-866-416-2558. 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 from becoming 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, especially the ones that are caused by one faulty gene. AMT currently has a product pipeline with nine products at different stages of development.
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.
|SOURCE Amsterdam Molecular Therapeutics B.V|
Copyright©2009 PR Newswire.
All rights reserved