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ThromboGenics Announces 2010 First Half Results

27/08/2010

ThromboGenics NV (Euronext Brussels: THR), a biopharmaceutical company focused on the discovery and development of innovative treatments for eye disease, cardiovascular disease and cancer, is today issuing a business update in conjunction with its financial results for the six months ending 30th June, 2010.

Patrik De Haes, CEO of ThromboGenics, commenting on today’s announcement said:

“During the first half of 2010 we have delivered a number of key milestones that have greatly increased our confidence that we can achieve our goal of becoming a profitable fully integrated ophthalmology company. This view has been driven by the results from our successful Phase III results of the first pivotal study with our lead product microplasmin. These results showed that microplasmin has the ability to resolve VMA in close to 30% of patients and to cure a significant proportion of patients with macular hole without the need for surgery. Together these two very important clinical findings highlight microplasmin’s potential to have a major impact on the treatment of retinal disorders. We are looking forward to announcing the results from our second Phase III study with microplasmin at the ASRS meeting in Vancouver next week as well as the pooled results from our Phase III program the week after at EURETINA, Paris.

Dr. De Haes continued, “The successful implementation of our strategy also requires us to deliver on our other pipeline products. In the first half, Roche took the decision to progress our partnered anti-cancer antibody TB-403 into a further clinical study triggering a €6m milestone payment for ThromboGenics. We also reported positive Phase II results for our long acting anti-coagulant TB-402, showing superior efficacy compared to the most widely used anti-coagulant, enoxaparin. These positive results combined with the clinical advantages of TB-402 will be important in supporting our partnering discussions for this novel one-shot anti-coagulant.”

Financial Update

• ThromboGenics achieved revenues of €6.1 million during the first six months of 2010 versus €3.6 million in the same period of 2009. Nearly all of this revenue came from a milestone payment from Roche, as TB-403 entered a new clinical study. R&D expenses were €9.1 million during the first half, versus €8.8 million in the same period in 2009, as the Company invested in the development of its attractive product pipeline. In addition, €5.4 million of the costs related to the microplasmin Phase III clinical program MIVI-TRUST have been capitalized. This compares to €5.7 million in the corresponding period in 2009. ThromboGenics reported a net loss of €2.7 million for the first half of 2010 compared to €4.7 million in the same period in 2009.
• As of 30 June, 2010, ThromboGenics had €61.2 million in cash and cash investments. This compares to €76.7 million at 31 December 2009 and €52.6 million on 30 June 2009. The end June 2010 cash figure does not include the €6 million milestone payment from Roche, which was received in July. This level of cash resources is expected to allow ThromboGenics to execute its operational plans for approximately the next two years.
• In March, ThromboGenics raised €0.6 million as the result of the exercise of warrants by a number of the Company’s employees and advisors.

Source: ThromboGenics