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Ablynx announces 2011 full year results

23/02/2012

Ablynx (Euronext Brussels: ABLX), the Belgian-based biopharmaceutical company focused on the discovery and development of Nanobodies for the treatment of serious life-threatening diseases, today announced the Company's consolidated results for the year ending 31 December 2011, which have been prepared in accordance with IFRS as adopted by the European Union.

Operating Highlights

• First clinical proof-of-concept for a Nanobody
• Four Phase II and five Phase I trials for Nanobodies advanced or completed
• Third collaborative deal with Merck Serono, including a €20 million up-front payment

Financial Highlights

• Revenues of €21.9 million
• Net loss for the period of €43.9 million, reflecting increased R&D expenditure on higher number of development candidates
• Net cash burn controlled at €32 million
• Strong financial position with €83.8 million in cash at period end including cash, cash equivalents, restricted cash and short-term investments

Commenting on the 2011 results, Dr Edwin Moses, Chairman and CEO of Ablynx, said:

"Our strategy is to create a broad range of Nanobody-based, value-creating opportunities, developed initially both by ourselves and with partners. During 2011, Ablynx made substantial progress on many fronts, with the first clinical proof-of-concept for a Nanobody being achieved in a Phase II trial undertaken with Pfizer, the signing of a major new partnership and the delivery of our first Nanobody to patients using the pulmonary route. All are major achievements and have put our unique Nanobody-based technology platform firmly on the pharmaceutical map."

"We anticipate further strong progress during the coming year. We expect more Nanobodies to enter the clinic for the first time and to add further collaborations with pharmaceutical companies to our partnership list, helping us to widen the number of opportunities to create value for shareholders and at the same time manage our cash and diminish risk. We look forward to reporting news of our progress during 2012."

About Ablynx

Ablynx is a biopharmaceutical company engaged in the discovery and development of Nanobodies®, a novel class of therapeutic proteins based on single-domain antibody fragments, for a range of serious and life-threatening human diseases, including inflammation, haematology, oncology and pulmonary disease. Today, the Company has over 25 programmes in the pipeline and seven Nanobodies at clinical development stage. Ablynx has ongoing research collaborations and significant partnerships with major pharmaceutical companies, including Boehringer Ingelheim, Merck Serono and Novartis. The Company is headquartered in Ghent, Belgium.

Source: Ablynx