LEUVEN, Belgium, March 13 /PRNewswire-FirstCall/ -- ThromboGenics NV (Euronext Brussels: THR), a biotechnology company focused on vascular diseases, today announces a business update and its financial results for the twelve month period ending 31 December 2007. During this period, ThromboGenics has raised additional funds to invest in its development pipeline and has continued to make good progress with its clinical programs.
- Successful placing of a total of 5,166,517 shares in May 2007, which increased the Company's free float to 70%, and led to an improvement in stock liquidity. As part of this placement, ThromboGenics issued 2,214,030 new shares raising a total of EUR23.9m. These new funds have strengthened ThromboGenics financial position, and have allowed it to continue to advance its product pipeline and strengthen its operations. The Company's cash position amounted to EUR46.1m as of 31 December 2007.
- Achievement of key milestones with microplasmin for ophthalmic indications. Initiation of a Phase IIb clinical trial of microplasmin in vitrectomy (MIVI III - Microplasmin for Vitreous Injection) in the United States, as well as the initiation of two Phase IIa clinical trials of microplasmin in Europe, for vitreomacular traction and diabetic macular edema (MIVI IIT and MIVI II, respectively). Positive results from the Phase I MIVI I and the MIVI IIT were presented at two international ophthalmology conferences.
- Positive Phase I results with TB-402 (anti-factor VIII), in collaboration with BioInvent International. TB-402 is being developed as a long acting anti-coagulant for the treatment and prevention of deep vein thrombosis (DVT) and atrial fibrillation. The product will enter Phase II clinical studies by the end of 2008.
- Exciting pre-clinical results with TB-403 (anti-PIGF) were published in Cell as the featured article in the November 2, 2007 issue. The paper highlighted that antibodies against PIGF, such as TB-403, can selectively inhibit tumor growth by blocking its blood supply without affecting normal tissues. TB-403 is now in Phase I development.
- ThromboGenics may enter into partnerships or license agreements to commercialize its products and this preferably after Phase II.
- In 2007, revenue amounted to EUR1.5m, mainly coming from out-licensing. Operating expenses were EUR20.0m in 2007, the majority of which were due to R&D expenses related to our increasing number of clinical development programs. The net loss for the year was EUR16.0m.
- As of 31 December 2007, ThromboGenics had EUR46.1m in cash and cash equivalents. This compared to EUR32.04m on 31 December, 2006, and results from the fundraising that the Company completed in May 2007.
- The Group streamlined its organization with the absorption of the fully owned subsidiary Thromb-X.
Prof Desire Collen, CEO of ThromboGenics, commenting on today's announcement, said: "I am very pleased with what we have achieved during the course of 2007, particularly the successful fund raising we completed in May, which broadened our shareholder base. The additional funds raised will allow us to advance our exciting clinical development portfolio, which is progressing as planned. I am also very happy with the encouraging results that we have obtained with microplasmin in clinical trials targeting "back of the eye" diseases. These results further strengthen our belief that this product will be of great value to the ophthalmic community. In addition, we have made good progress with our earlier programs, including anti-PlGF (TB-403), where our Cell paper generated significant interest in this exciting new approach for cancer therapy, and which progressed to Phase I."
The full financial results statement can be found at http://www.thrombogenics.com
ThromboGenics is a biotechnology company focused on discovery and development of biopharmaceuticals for the treatment of a range of vascular diseases. The Company has several programs in Phase II clinical development including microplasmin, which is being evaluated as a treatment for vitreoretinal disorders and as a thrombolytic agent for vascular occlusive diseases, including acute stroke. ThromboGenics is also developing novel antibody therapeutics in collaboration with BioInvent International; these include TB-402 (Anti-Factor VIII), scheduled to enter Phase II clinical development in 2008, and TB-403 (Anti-PlGF), which has begun Phase I clinical trials for the treatment of cancer. ThromboGenics has built strong links with the University of Leuven and has exclusive rights to certain therapeutics developed at the University. ThromboGenics is headquartered in Leuven, Belgium and has subsidiaries in Dublin, Ireland and New York, U.S. The Company is listed on Eurolist by Euronext Brussels under the symbol THR. More information is available at http://www.thrombogenics.com.
Important information about forward-looking statements
Certain statements in this press release may be considered
"forward-looking". Such forward-looking statements are based on current
expectations, and, accordingly, entail and are influenced by various risks
and uncertainties. The Company therefore cannot provide any assurance that
such forward-looking statements will materialize and does not assume an
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or any other reason. Additional
information concerning risks and uncertainties affecting the business and
other factors that could cause actual results to differ materially from any
forward-looking statement is contained in the prospectus.
For further information please contact:
Chris Buyse, Chief Financial Officer,
Citigate Dewe Rogerson
Sylvie Berrebi/ Amber Bielecka/ David Dible
|SOURCE ThromboGenics NV|
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