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ExonHit Therapeutics - 2007 Financial Results
Date:3/5/2008

the increase in interest expenses between 2006 and 2007 at EUR 0.8 million. Meanwhile, a more active management of our cash as well as an increased cash balance over 2007 leads to higher financial gains in 2007 at EUR 1.3 million. Nonetheless, the unfavourable evolution of the euro/dollars exchange rate between the two year years has led to a currency rate loss of EUR 0.7 million during 2007, compared to a loss of EUR 0.3 million in 2006. As a consequence, the financial result amounts to a loss of EUR 0.22 million in 2007 as compared to a gain of EUR 0.4 million in 2006.

The progression of our R&D expenses leads to an increase of the income tax benefit from EUR 0.5 million in 2006 to EUR 0.7 million in 2007. On December 31, 2007, the company had a Research Tax Credit receivable of EUR 1.8 million.

As a consequence, ExonHit recorded a consolidated net loss of EUR 7.3 million in 2007 compared to EUR 4.5 million in 2006.

- Balance sheet

On December 31, 2007, the cash position of the Company amounted to EUR 31.3 million, against EUR 24.0 million at the end of 2006. As a result of a number of share capital increases following the exercise of warrants and stock-options and the issuance of new shares using the equity line with Societe Generale convertible bonds, the Company strengthened its stockholders' equity.

- Cash flow statements

In 2007, ExonHit's net use of cash due to operating activities was EUR 4.9 million as compared to EUR 3.9 million for 2006. This difference is mainly due to the increase of the loss from operations that is partly balanced by a decrease in the "accounts receivables" line.

The capital expenditure to strengthen the SpliceArray(TM) business with the opening of a new service laboratory in Paris mainly explains the capital expenditure level of EUR 0.9 million in 2007, compared to EUR 0.3 million in 2006.

The financial operations generated EUR 13.3 million in 2007, this compares with a generati
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SOURCE ExonHit Therapeutics SA
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