Genmab Announces Results for the First Nine Months of 2007
30/10/2007 18:56
PR Newswire
COPENHAGEN, Denmark, October 30 /PRNewswire/ --
- Summary: Genmab Reports Results for the Nine Month Period Ended
September 30, 2007
Genmab A/S (OMX: GEN) announced today results for the nine month period
ended September 30, 2007, as follows:
Revenues of DKK 356.1 million (approx. USD 67.7 million) for the nine
month period ended September 30, 2007. In the same period of 2006, Genmab
recognised DKK 105.6 million (approx. USD 20.1 million) in revenues.
An Operating Loss of DKK 309.0 million (approx. USD 58.8 million). This
compares to an Operating Loss of DKK 324.1 million (approx. USD 61.7 million)
reported for the corresponding period of 2006.
Net Financial Income totalled DKK 47.7 million (approx. USD 9.1 million),
compared to Net Financial Income of DKK 22.7 million (approx. USD 4.3
million) in the nine month period ended September 30, 2006. Net financial
income has benefited from the higher average cash position in 2007.
A Net Loss of DKK 261.2 million (approx. USD 49.7 million) compared to a
Net Loss of DKK 301.5 million (approx. USD 57.3 million) for the same period
in 2006. The Net Loss per share was DKK 5.97 (approx. USD 1.14) for the nine
month period ended September 30, 2007 compared to DKK 7.79 (approx. USD 1.48)
in the nine month period ended September 30, 2006.
Genmab ended the nine month period with a cash position of DKK 3.921
billion (approx. USD 746 million), which is a net increase of DKK 2.197
billion (approx. USD 417.9 million) from the end of 2006.
Highlights
During the third quarter of 2007, Genmab achieved a number of business
and scientific milestones, including:
Regaining all rights to the HuMax-TAC(TM) antibody from Merck Serono
following a portfolio review.
Roche filing an investigational new drug application (IND) with the FDA
for a Genmab antibody.
Initiation of a Phase III clinical study of HuMax-EGFr(TM) (zalutumumab)
to treat front line head and neck cancer in cooperation with the Danish Head
and Neck Cancer Group (DAHANCA).
An asset exchange agreement with Medarex to gain all rights to
HuMax-Inflam(TM), now known as HuMax-IL8(TM). Genmab plans to develop the
antibody for the treatment of glioblastoma, a cancer of the central nervous
system.
Amending a pivotal study of HuMax-CD20(R) (ofatumumab) to treat
non-hodgkin's lymphoma from two arms to a single arm study.
Outlook
Genmab is maintaining its financial guidance for the year. We expect our
revenues to benefit from the achievement of certain development milestones in
the fourth quarter of 2007 and we continue to project a 2007 operating loss
of DKK 385 to 435 million and a net loss in the range of DKK 260 to 310
million.
Genmab's projected December 31, 2007 cash position is expected to be in
the range of DKK 3.8 to 3.9 billion.
Conference Call
Genmab will hold a conference call to discuss the results for the nine
month period ended September 30, 2007 tomorrow, Wednesday, October 31, 2007,
at
2.00 pm CET 1.00 pm GMT 9.00 am EDT
The conference call will be held in English.
The dial in numbers are as follows:
+1-800-231-9012 (in the US) and ask for the Genmab conference call
+1-719-457-2706 (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-IL8(TM); HuMax-TAC(TM); HuMax-HepC(TM);
HuMax-CD38(TM); and UniBody(R) are all trademarks of Genmab A/S.
Contact:
Helle Husted,
Sr. Director,
Investor Relations,
T: +45-33-44-77-30,
M: +45-25-27-47-13,
E: hth@genmab.com
Contact: Helle Husted, Sr. Director, Investor Relations, T: +45-33-44-77-30, M: +45-25-27-47-13, E: hth@genmab.com