Genmab Announces 2008 First Half Ye... (articipated in the ongoing Phase III NHL...)

Genmab Announces 2008 First Half Year Results

Date:8/27/2008

articipated in the ongoing Phase III NHL study.

4) Phase I study in Japan. The primary objective of the study is to evaluate the safety and tolerability of ofatumumab in Japanese relapsed/refractory follicular NHL and CLL patients.

We completed recruitment of 56 patients in the Phase II study of ofatumumab in combination with fludarabine and cyclophosphamide to treat CLL in previously untreated patients.

Amgen informed Genmab that it would discontinue development for AMG714 in psoriasis and RA based on disappointing results from recent clinical studies. Amgen is exploring options to maximize the value of this asset, but at this time no further internal development of a lead indication is planned.

Outlook

Genmab is maintaining its financial guidance for the net loss in 2008 in the range of DKK 800 to 900 million and projects a slightly improved operating loss of DKK 850 to 950 million compared to previous guidance of DKK 900 to 1,000 million. This is despite a lower revenue estimate, which is now anticipated to be in the range of DKK 850 to 900 million due to a slight change in the timing of some anticipated milestone events and lower net financial income which is now expected to be DKK 40 to 50 million. The savings are driven by a reduction in our research and development costs which is a result of our efforts to focus on the most critical programs in our portfolio in the most efficient manner. We therefore currently anticipate that we will start fewer new studies in 2008 than the 17 previously planned.

As of December 31, 2007, Genmab had cash, cash equivalents and short-term marketable securities of DKK 3.7 billion. For 2008, we project that our operations together with the DKK 1.2 billion acquisition of the manufacturing facility in Minnesota will lead to a year end cash position of DKK 1.7 to 1.8 billion (USD 359 million to USD 380 million), unchanged from previous guidance. The proportion of the budget spent on research
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SOURCE Genmab A/S
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