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

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AMSTERDAM, August 29 /PRNewswire-FirstCall/ -- Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, today reported its results for the first half year of 2007.

Highlights

- Successful IPO, raising gross proceeds of EUR 55.7 million

- Cash & cash equivalents of EUR 56.3 million at June 30, 2007

- Exclusive license to all gene therapy products from CIMA, one of Europe's leading gene therapy centers

- 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 commenced in Canada of AMT 011 in LPL deficiency

- Appointment of Ferdinand Verdonck as chairman of supervisory board.

- Global rights for our product AMT 020 for the treatment of acute intermittent porphyria

Results comparison

Total revenues for the six months ended June 30, 2007, were EUR 50,000 compared to EUR 208,000 for the same period 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 7.2 million for the six months ended June 30, 2007, from EUR 4.2 million for the same period in 2006. This was primarily due to the increase of research & development costs to EUR 3.8 million for the six months ended June 30, 2007 from EUR 1.9 million in the same period of 2006. This increase is particularly related to the development work on the company's lead product AMT 011 for 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. These costs increased to EUR 3.5 million for the six months ended June 30, 2007, from EUR 2.6 million for the same period in 2006.

The net loss fo
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