Summary: Genmab Reports Results for the Six Month Period Ended June 30,
COPENHAGEN, August 22 /PRNewswire-FirstCall/ -- Genmab A/S (OMX: GEN) announced today results for the six month period ended June 30, 2007. During this period, Genmab reported the following results:
Genmab's revenues were DKK 279.6 million (approx. USD 50.7 million) for the first half of 2007. In the same period of 2006, Genmab recognized DKK 74.3 million (approx. USD 13.5 million) in revenues.
An Operating Loss of DKK 118.9 million (approx. USD 21.6 million). This compares to an Operating Loss of DKK 187.5 million (approx. USD 34.0 million) reported for the corresponding period of 2006.
Net Financial Income totaled DKK 31.8 million (approx. USD 5.8 million), compared to Net Financial Expenses of DKK 2.3 million (approx. USD 0.4 million) in the first six months of 2006. Net Financial Income has benefited from the higher average cash position, whereas the negative net financial income reported for the first half of 2006 was impacted by increasing interest rates and weakening of the USD against the DKK.
A Net Loss of DKK 87.0 million (approx. USD 15.8 million) compared to a Net Loss of DKK 189.8 million (approx. USD 34.4 million) for the same period in 2006. The Net Loss per share was DKK 2.01 (approx. USD 0.36) for the first half of 2007 compared to DKK 4.96 (approx. USD 0.90) in the first half of 2006.
Genmab ended the six month period with a cash position of DKK 3.980 billion (approx. USD 722 million), which is a net increase of DKK 2.256 million (approx. USD 409.4 million) from the end of 2006.
During the second quarter of 2007, Genmab achieved a number of business and scientific milestones, as follows:
On June 29, Genmab regained all rights to HuMax-CD4(R) (zanolimumab) from Merck Serono S.A. and announced final data from the HuMax-CD4 Phase II data in cutaneous T-cell lymphoma (CTCL).
On June 18, Genmab announced further development plans for HuMax-CD20(R) (ofatumumab), including clinical expansion into the new disease indications of multiple sclerosis and diffuse large B-cell lymphoma (DLBCL).
Effective June 18, Genmab became a member of the OMXC20 index on the OMX Nordic Exchange Copenhagen.
Genmab and GlaxoSmithKline reported positive results from the Phase II study of HuMax-CD20 in rheumatoid arthritis (RA) on June 15. These positive results triggered the first milestone payment to Genmab in the companies' collaboration.
On June 14, we announced initiation of a Phase II study of HuMax-CD20 in combination with CHOP chemotherapy in previously untreated follicular non-Hodgkin's lymphoma (NHL) patients.
On June 3, Genmab presented positive pre-clinical data illustrating the broad potential of HuMax-EGFr(TM) for the treatment of cancer.
On May 21, Genmab announced positive data showing that HuMax-HepC(TM) prevented Hepatitis C infection in a pre-clinical study.
On April 12, Genmab initiated a Phase II study of HuMax-EGFr in combination with chemo-radiation to treat non small cell lung cancer.
Genmab is maintaining its financial guidance for the year. We project a 2007 operating loss of DKK 385 to 435 million and a net loss in the range of DKK 260 to 310 million. The company's projected December 31, 2007 cash position is expected to be in the range of DKK 3.8 to 3.9 billion.
Genmab will hold a conference call to discuss the first quarter results
tomorrow, Wednesday, August 22, 2007, at
3.00 pm CEST
2.00 pm BST
9.00 am EDT
The conference call will be held in English.
The dial in numbers are as follows:
+1-800-475-3716 (in the US) and ask for the Genmab conference call
+1-719-457-2728 (outside the US) and ask for the Genmab conference call
A live webcast of the call and relevant slides will be available at http://www.genmab.com. The webcast will also be archived on Genmab's website.
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing fully human antibody therapeutics for unmet medical needs. Using unique, cutting-edge antibody technology, Genmab's world class discovery and development teams have created and developed an extensive pipeline of products for potential treatment of a variety of diseases including cancer and autoimmune disorders. As Genmab advances towards a commercial future, we remain committed to our primary goal of improving the lives of patients who are in urgent need of new treatment options. For more information on Genmab's products and technology, visit http://www.genmab.com.
This press release contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with product discovery and development, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. Genmab is not under an obligation to up-date statements regarding the future following the publication of this release; nor to confirm such statements in relation to actual results, unless this is required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD4(R); HuMax-CD20(R); HuMax-EGFr(TM); HuMax-Inflam(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM); HuMax-ZP3(TM); and UniBody(TM) are all trademarks of Genmab A/S.
|SOURCE Genmab A/S|
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