• Member Login
• Sitemap
• Contact
• RSS feed

Movetis announces 2009 full year results

26/02/2010

Movetis NV (MOVE), releases its audited financial results, drawn up in accordance with IFRS as adopted by the EU, for the full year ending December 31, 2009.

• Cash position of €105.7 million and net loss of €15.4 million
• Key achievements in 2009: EU approval for Resolor® in its first indication and IPO on Euronext raising €97.75 million
• Since January 2010: Resolor launched in Germany at target price and reimbursement level
• 2010 anticipated newsflow: Resolor launch in other European markets, update on potential Resolor launches beyond Europe and advancement of clinical trial programmes for Resolor and other GI compounds

Business Highlights

In October 2009 Movetis’ lead compound, Resolor (prucalopride), was approved for commercialisation in the European Economic Area (EEA) for the symptomatic treatment of chronic constipation (CC) in women in whom laxatives fail to provide adequate relief.

In early December, Movetis raised €97.75 million in an Initial Public Offering which listed the Company on Euronext. As a result, Movetis has secured the funds allowing the Company to invest in preparing for the market launch of Resolor in a number of European countries as well as to continuing to advance its broad pipeline of novel GI programmes.

During 2009, Movetis has been focused on preparing for the commercial launch of Resolor in the EU. The German launch took place in January 2010 at target price and reimbursement level. The commercial launch in the UK is on track for the second quarter of 2010.

Commercial milestones that Movetis anticipates in 2010 include additional launches of Resolor by Movetis in the Netherlands and via potential partner(s) in other EU countries. Movetis continues to work closely with Johnson & Johnson (JNJ) to enable the potential commercialisation of Resolor in the JNJ territories. Expected development events include the initiation of three Phase III clinical trials of Resolor to support marketing authorization applications for opioid induced constipation, chronic constipation in males in whom laxatives fail to provide adequate relief and paediatric constipation, as well as the further development of M0002 and M0003, Movetis’ compounds in Phase II.

Dirk Reyn, CEO, commented on today’s announcement: “Movetis had a very successful 2009, achieving two major milestones: the first marketing approval of Resolor, in the EEA, with a well-balanced product label, and our IPO on Euronext. Movetis has now entered the next phase of its corporate development in building a leading commercial presence in gastroenterology in selected European markets. In parallel, we continue to pursue new opportunities to address underserved segments of the GI market that will allow us to build a well-rounded GI specialty company with proprietary, innovative drugs that can improve the treatment of GI diseases with a high unmet medical need.

Source: Movetis