TRANSGENE Reports First Quarter 2015 Financial Results
€57 Million in Cash and Cash Equivalents as of March 31
STRASBOURG, France--(BUSINESS WIRE)--Regulatory News:
Transgene S.A. (Paris:TNG) today issued its quarterly financial report1 as of March 31, 2015 (first quarter of 2015).
Operating revenue:
The following table summarizes the first quarter operating revenue for 2015 compared to the same period in 2014:
Q1 | ||||
In thousands of euros | 2015 | 2014 | ||
Revenue from collaborative and licensing agreements | 585 | 880 | ||
Government financing for research expenditures | 2,286 | 2,161 | ||
Operating revenue | 2,871 | 3,041 |
During the first quarter of 2015, revenue from collaborative and licensing agreements was mainly composed of: (i) research and manufacturing services and (ii) royalties.
As of March 31, 2015, government financing for research expenditures mainly consisted of 25% of the research tax credit expected for 2015 (€2 million).
Cash, cash equivalents, available-for-sale financial assets and other financial assets:
Cash, cash equivalents, available-for-sale financial assets and other financial assets amounted to €57.0 million as of March 31, 2015, compared to €65.9 million as of December 31, 2014. Cash burn was €8.9 million in the first quarter of 2015, compared to €12.5 million, excluding the capital increase, in the first quarter of 2014. The decrease of €3.6 million in cash burn during the first quarter of 2015 compared to the same quarter last year was mainly due to a reduction in cash used for clinical trials and other operating activities.
The Company confirmed its cash burn guidance for 2015 to be around €45 million.
About Transgene:
Transgene
(Euronext: TNG), part of Institut Mérieux, is a publicly traded French
biopharmaceutical company focused on discovering, developing and
manufacturing targeted immunotherapies for the treatment of cancer and
infectious diseases. Transgene’s programs utilize viral vector
technology with the goal of indirectly or directly killing infected or
cancerous cells. The Company’s two lead clinical-stage programs are:
TG4010 for non-small cell lung cancer and Pexa-Vec for liver cancer. The
Company has several other programs in clinical and pre-clinical
development that are based on its core viral vector technology.
Transgene is based in Strasbourg, France, and has additional operations
in Lyon, as well as satellite offices in China and the U.S. Additional
information about Transgene is available at www.transgene.fr.
Disclaimer
This press release contains certain
forward-looking statements about the Company’s financial situation,
including statements about cash burn. Although the Company
believes its expectations are based on reasonable assumptions, these
forward-looking statements are subject to numerous risks and
uncertainties, which could cause actual results to differ materially
from those anticipated and have a significant negative outcome for the
Company’s activities, perspectives, financial situation, results and
development. The Company’s ability to commercialize its products depends
on but is not limited to the following factors: positive pre-clinical
data may not be predictive of human clinical results, the success of
clinical studies, the ability to obtain financing and/or partnerships
for product development and commercialization, and marketing approval by
government regulatory authorities. For a discussion of risks and
uncertainties which could cause the Company's actual results, financial
condition, performance or achievements to differ from those contained in
the forward-looking statements, please refer to the Risk Factors
(“Facteurs de Risque") section of the Document de Référence and its
Actualisation, which are available on the AMF website (http://www.amf-france.org)
or on Transgene’s website (www.transgene.fr).
1 Unaudited and not subject to approval by the Board of Directors.
Contacts
Transgene:
Elisabetta Castelli, Director, Investor Relations
+33
(0)3 88 27 91 21
Laurie Doyle, Director, Investor Relations U.S. &
Corporate Communications
+1 (339) 832 0752
investorrelations@transgene.fr
or
Media
Contacts:
MC Services
Raimund Gabriel
+49 89 210 228
30
raimund.gabriel@mc-services.eu
Shaun
Brown
+44 207 148 5998
shaun.brown@mc-services.eu