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ThromboGenics NV Announces Business Update and Half Year Results 2009

Roche for the novel anti-cancer antibody TB-403 is also going well, as evidenced by the success fee that we received from them earlier in the year."

"ThromboGenics' business has never been so well placed. We have a clear strategy, an exciting lead product in microplasmin and two further assets in TB-402 and TB-403 which will provide us with further opportunities to deliver value for our shareholders."

    Financial Update

    - ThromboGenics achieved revenues of EUR3.6 million in the
      first half of 2009, nearly all of which came from a success fee from
      Roche, our partner for TB-403. R&D expenses were EUR8.8 million during
      this six month period. In addition EUR5.7 million of expenses related
      to the microplasmin Phase III clinical program (called MIVI TRUST) have
      been capitalized. General and administrative costs in the first half
      increased from EUR1.2 million to EUR1.7 million due to higher one-time
      legal costs, in part due to the merger of ThromboGenics NV and
      ThromboGenics Ltd. In the first half, ThromboGenics made a net loss of
      EUR4.7 million.

    - As of June 30, 2009, ThromboGenics had EUR52.6 million in
      cash and cash equivalents. This compares to EUR40.4 million on June 30,
      2008 and EUR58.9 million on December 31, 2008. The cash figure at the
      end of June includes the EUR3.1 million that ThromboGenics received in
      May as a result of the exercise of warrants. The Company's cash
      resources are expected to allow ThromboGenics to execute its current
      operational plans for approximately the next two years.

    Business Highlights
    Clinical Highlights

Microplasmin - Back of the Eye Disease: Phase III clinical program to evaluate non-surgical treatment of patients with vitreomacular adhesion.

    - Phase III program continues to progress well, with
      recruitment on track

SOURCE ThromboGenics NV
Copyright©2009 PR Newswire.
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