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Arpida Announces Full Year 2008 Financial Results
Date:2/25/2009

Cash and financial investments at 38.7 68.1 year-end Equity at year-end 21.9 67.1

Results

Research and development expenses decreased to CHF 43.8 million in 2008 (2007: CHF 45.0 million). Major elements of the costs were related to staff, to the Phase II trial with intravenous iclaprim in HAP/VAP/HCAP and to spending on pre-marketing activities for iclaprim. The R&D expenses for 2008 include an impairment charge of CHF 3.6 million related to TLT.

Management and general expenses were CHF 13.4 million in 2008 (2007: CHF 15.4 million). The change relative to 2007 stems primarily from substantially lower IFRS-2 charges for share-based compensation.

The cost-saving measures that were implemented in December 2008 have led to restructuring charges of CHF 12.6 million in the 2008 result.

Balance sheet and cash flow

Cash and financial investments (including rent deposit) stood at CHF 38.7 million as of 31 December 2008, compared with CHF 68.1 million at year-end 2007. The funds are held in current and money market accounts with leading banks.

Cash used in operating activities amounted to CHF 44.5 million (2007: CHF 57.1 million), mainly driven by lower spending on clinical trials. Investing activities required CHF 3.1 million (2007: CHF 1.0 million), primarily reflecting the payment of a clinical milestone for TLT. Financing activities provided CHF 19.3 million, reflecting the proceeds from the share issue of April 2008.

Arpida has adjusted the assumptions regarding the TLT-programme, resulting in an updated business plan. The revised cash flow projections based on this updated business plan indicated that the recoverable amount of the TLT-related assets is below the carrying amount. This has resulted in an impairment charge in the 2008 accounts of CHF 0.7 million for goodwill and CHF 2.9 million for I
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SOURCE Arpida Ltd
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