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Alizyme PLC  (AZM.L) Release: Unaudited Preliminary Results For The Year Ended 31 December 2008


3/23/2009 2:54:26 PM

Cambridge UK, 23 March 2009: Alizyme plc (“Alizyme”) (LSE: AZM) today announces its unaudited preliminary results for the year ended 31 December 2008.

Highlights

Commercial

• COLAL-PRED® - Licence agreement with Norgine for Europe and other territories; €2.0 million upfront payment received

• Cetilistat - US$3.0 million milestone received from Takeda on entering Phase III development in Japan

Operational

Cetilistat (obesity and type 2 diabetes)

• Successful results of Phase II study in Japan in obese diabetic patients

• Phase III development commenced in Japan

• Protocols of all three studies in the Phase III obesity programme now agreed with FDA under SPA procedure

• FDA indicated a potential labelling for type 2 diabetes

COLAL-PRED® (ulcerative colitis)

• Headline results reported for EU Phase III clinical trial in approximately 800 patients with active moderate to severe ulcerative colitis

• Phase II clinical development commenced in the US by Prometheus

• Phase I clinical development commenced in Japan by TSD

ATL-104 (mucositis)

• Preparations for Phase II study in patients being treated for head and neck cancer ongoing

Renzapride (irritable bowel syndrome)

• Development by Alizyme discontinued

Financial

• Revenues of £1.9 million (2007: £0.01 million)

• Net loss after tax of £10.1 million (2007: £31.2 million)

• Cash, cash equivalents and money market investments of £2.2 million at 31 December 2008 (2007: £5.8 million)

• £10.0 million gross raised from shareholders in March 2008

• Cost saving measures introduced including reduction in headcount

Board changes

• Roger Lloyd and Richard de Souza appointed as Non-Executive Directors, with effect from 1 April 2009

• Bill Edge to resign as Non-Executive Director, with effect from 1 April 2009

• Richard Forrest resigned as Non-Executive Director on 31 August 2008

• David Campbell resigned as Finance Director and Company Secretary on 5 September 2008

• Nick Blech appointed as Company Secretary on 5 September 2008


Read at BioSpace.com


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