Ablynx Announces 2015 Full Year Results
Conference call and webcast today at 4pm CET/10am EST
GHENT, Belgium, Feb. 25, 2016 (GLOBE NEWSWIRE) -- Ablynx [Euronext Brussels: ABLX; OTC: ABYLY] today announced its financial results for 2015, which have been prepared in accordance with IFRS as adopted by the European Union.
- Total revenues of €77.5 million (+57%); cash position of €236.2 million (+15%), strengthened by the successful placement of 5-year convertible bonds (raising €100 million; 3.25% coupon rate and 26.5% conversion rate)
- Net cash burn of €67.2 million(1), an improvement over the previously guided range of €70-80 million
- R&D highlights: initiated 1 Phase III study and 3 Phase II studies to include a total of over 900 patients; completed recruitment of 35 infants in the Phase I/IIa RSV study; completed recruitment of 345 patients in the Phase IIb combination study with ALX-0061 in RA patients; initiated 14 new discovery programmes both proprietary and as part of pharmaceutical collaborations; achieved the first pre-clinical proof-of-concept with a bi-specific Nanobody in the immuno-oncology collaboration with Merck & Co., Inc.
- Signed 3 new pharmaceutical partnerships and extended 2 existing collaborations
- Significant catalysts anticipated in 2016 with a number of potential pre-clinical/clinical milestones and several important clinical trial read-outs
"We are very pleased with our strong performance in 2015 with excellent progress reported in all areas," said Dr Edwin Moses, CEO of Ablynx. "Our product pipeline is advancing well and now includes more than 40 proprietary and partnered programmes, with our first Nanobody product expected to be launched in 2018. We remain focused on delivering sustainable value to all our stakeholders and look forward to an exciting year with multiple pre-clinical, clinical and commercial catalysts across our extensive pipeline."
Financial highlights
| (€ million) | FY 2015 | FY 2014 | Variance | |
| Total revenue and grant income | 77.5 | 49.3 | 57% | |
| R&D income | 76.8 | 47.7 | 61% | |
| Grants | 0.7 | 1.6 | (56%) | |
| Operating expenses | (94.5) | (65.5) | 44% | |
| R&D | (83.1) | (54.5) | 52% | |
| G&A | (11.4) | (11.0) | 4% | |
| Operating result | (17.0) | (16.2) | 5% | |
| Net financial result | (37.6) | 3.5 | > 100% | |
| Net result | (54.5) | (12.7) | > 100% | |
| Net cash flow | (67.2) (1) | (34.1) (3) | 97% | |
| Cash(5) at 31 December | 236.2 (2) | 206.2 (4) | 15% | |
(1) excluding €97.2 million net proceeds from the convertible bonds (which raised €100 million, announced on 20 May 2015)
(3) excluding €39.9 million net proceeds from the private placement (which raised €41.7 million, announced 30 June 2014)
(4) including €2.0 million in restricted cash
(5) defined as liquidity position in the cash flow statement
To read the full press release, including the outlook 2016, please click on the link below.
About Ablynx
Ablynx is a biopharmaceutical company engaged in the development of Nanobodies®, proprietary therapeutic proteins based on single-domain antibody fragments, which combine the advantages of conventional antibody drugs with some of the features of small-molecule drugs. Ablynx is dedicated to creating new medicines which will make a real difference to society. Today, the Company has more than 40 proprietary and partnered programmes in development in various therapeutic areas including inflammation, haematology, immuno-oncology, oncology and respiratory disease. The Company has collaborations with multiple pharmaceutical companies including AbbVie, Boehringer Ingelheim, Eddingpharm, Genzyme, Merck & Co., Inc., Merck KGaA, Novartis, Novo Nordisk and Taisho Pharmaceuticals. The Company is headquartered in Ghent, Belgium. More information can be found on www.ablynx.com.