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Pharmsynthez Reports Full Year 2012 Results in line US GAAP Financial Reporting
Date:7/17/2013

US GAAP in 2012 were $0.3 million in losses from FOREX changes, $0.1 million from property taxes, and $0.3 million from provision allocations.

The Company's shareholder capital corresponding to its consolidated balance increased in 2012 by $2 million to $22.5 million. It should also be noted that in 2012 Pharmsynthez issued 2,605,067 ordinary shares at a nominal price of five rubles per share ($0.16 at 31.12.2012 exchange rate). Furthermore, 2,605,000 shares were swapped with Sympatica Pharmaceuticals Limited for a 100% stake in LifeBio Laboratories Limited. 67 shares were acquired by third parties.

At its Annual General Meeting of shareholders in June, the Company confirmed Ernst & Young as the auditor for OJSC Pharmsynthez for 2013. Pharmsynthez publishes US GAAP accounts to increase operational transparency.

Clinical Review

The Company continued its intensive work towards developing innovative products for its own portfolio and developing the Company's production base. As a result, the Company was able to make significant progress on its key projects.

Virexxa, for the treatment of endometrial cancer: Production of Virexxa has been organized in compliance with European cGMP standards. As requested by the FDA additional research was performed on the drug's safety and action mechanism. Phase II clinical research for the drug was completed for patients with advanced and recurrent endometrial cancer in the Russian Federation. Phase II clinical research in the US and EU is planned for the third quarter of 2013.

Myeloxen, for the treatment of multiple sclerosis: A Phase IIa study of Myeloxen is ongoing in the Russian Federation with results of this study expected in the fourth quarter. The Company has focused on ensuring that Myeloxen is produced to the highest standards and production of Myeloxen is in compliance with European cGMP standards. New and unique production capa
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SOURCE Pharmsynthez
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