Ablynx Announces 2012 Full Year Results

GHENT, BELGIUM--(Marketwire - February 27, 2013) - Ablynx (EURONEXT BRUSSELS: ABLX) today announced its consolidated results for 2012, which have been prepared in accordance with IFRS as adopted by the European Union.

Operating highlights

• First Nanobody®, ALX-0171 (anti-RSV), successfully delivered directly into the lungs using a nebuliser
• Second clinical proof-of-concept for Nanobodies achieved with the anti-IL-6R product, ALX-0061, in RA patients
• Three pre-clinical candidates selected as part of the Strategic Alliance with Boehringer Ingelheim and FTE payments under that Alliance extended by two years
• Boehringer Ingelheim filed a Clinical Trials Application for a Nanobody as part of the Alzheimer's collaboration
• Progress in the Merck Serono collaboration with the selection of a second pre-clinical candidate, ALX-0751 in oncology
• New partnership signed with Merck & Co for the discovery of Nanobodies targeting a voltage-gated ion channel and an option to a second undisclosed target
• Entered into a feasibility study with Algeta to explore the use of Nanobodies in radio-immunotherapy for oncology
• Strengthened the Board of Directors with the appointment of two key industry experts (ex-Amgen and ex-GSK)

Financial highlights

• Revenue growth of 22% to EUR 26.7M (2011: EUR 21.9M)
• Cash-in increased by 28% to EUR 36.5M (2011: EUR 28.5M)
• Operating expenses decreased by 16% to EUR 56.3M (2011: EUR 66.7M)
• Net loss for the year reduced by 35% to EUR 28.5M (2011: EUR 43.9M)
• Net cash burn well controlled at just EUR 21.1M
• Strong year-end financial position of EUR 62.8M in cash, cash equivalents, restricted cash and short-term investments

Post year end highlights

• Promising 24 week Phase II efficacy and safety results with the anti-IL-6R Nanobody, ALX-0061, in patients with RA
• Entered into a research collaboration with Spirogen to evaluate the potential of toxin-Nanobody drug conjugates in cancer

Commenting on the 2012 results, Dr Edwin Moses, Chairman and CEO of Ablynx, said:
"2012 was an excellent and rewarding year for Ablynx across all areas of our business. We were able to further demonstrate the power and broad applicability of the Nanobody platform, including the opportunity to deliver Nanobodies directly via the pulmonary route, the potential to design best-in-class molecules and the capability to address difficult disease targets in areas where conventional technologies have not yet been successful. The progression of our existing partnerships and the start of new collaborations are a further endorsement of our achievements to date. During the coming year, we expect important new partnering deals and advances in existing collaborations as some of our partnered programmes move into clinical development. We remain committed to building shareholder value."

Key figures

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(EUR million)                             2012       2011       % change  
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Revenues                                  26.7       21.9       22%       
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           R&D income                     25.6       19.9       29%       
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           Grants                         1.1        2.0        (45%)     
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Operating expenses                        (56.3)     (66.7)     (16%)     
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           R&D                            (46.9)     (56.3)     (17%)     
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           G&A                            (9.4)      (10.4)     (10%)     
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Other operating income/(expense)          (0.2)      (0.7)      (71%)     
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Operating result                          (29.8)     (45.5)     35%       
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Finance income (net)                      1.3        1.6        (23%)     
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Net result                                (28.5)     (43.9)     35%       
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Cash burn                                 (21.1)     (32.0)     (34%)     
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Cash at year end(1)                       62.8       83.8       (25%)     
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(1) including EUR 2.7 million restricted cash

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 human diseases, including inflammation, haematology, oncology and pulmonary disease. Today, the Company has approximately 25 programmes in the pipeline and five Nanobodies at clinical development stage. Ablynx has on-going research collaborations and significant partnerships with major pharmaceutical companies including Boehringer Ingelheim, Merck Serono, Novartis and Merck & Co. The Company is headquartered in Ghent, Belgium.
More information can be found on www.ablynx.com.

complete version of the press release http://hugin.info/137912/R/1681214/549494.pdf