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Amsterdam Molecular Therapeutics Reports Half-Year Results 2010
Date:8/30/2010

hin operating costs reflects the investment in Glybera(R) to support the registration process. Development of our Duchenne Muscular Dystrophy program, which is 35% funded by a research credit from SenterNovem through to completion of a Phase I clinical study continues. Expenditure on our other development projects has been reduced as we are constrained by our current resources and are focusing on the successful completion of the Glybera registration process. Research and development costs increased to EUR 8.1 million for the period ended June 30, 2010 from EUR 7.1 million in the same period of 2009. At the same time, general and administrative costs decreased to EUR 1.8 million in the period ended June 30, 2010 from EUR 2.9 million in the same period of 2009.

Net interest income/(cost) decreased to EUR (0.0) million for the period ended June 30, 2010 from EUR 0.5 million in the same period in 2009 as a result of the Company's decreasing cash balance combined with continuing low market interest rates for deposits.

Cash and cash equivalents amounted to EUR 13.5 million at June 30, 2010, a decrease of EUR 9.1 million compared to EUR 22.6 million at December 31, 2009. The decrease in cash and cash equivalents mainly stems from the operational cash outflow which amounted to EUR 8.9 million for the period ended June 30, 2010 (compared to an operating cash outflow of EUR 9.5 million for the period ended June 30, 2009).

Outlook

The Company's expenditure continues in line with budget. However, as AMT has not yet reached the point of generating significant revenues that could fund operations we continue to explore additional opportunities for funding, including non-dilutive sources such as grants and/or collaborations with partners. In addition, AMT is also tracking opportunities for raising additional capital in conjunction with its bankers. The outlook for the year remains unchanged.
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SOURCE Amsterdam Molecular Therapeutics B.V
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