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Intercell AG Announces Q1 2011 Results and Updates on R&D Progress


5/10/2011 9:41:18 AM

VIENNA, May 10, 2011 /PRNewswire/ -- Today, the biotech-vaccine company Intercell AG (VSE: ICLL) announced its financial results for Q1 and presented an update on the Company's development programs.

Financial Results

  • Year-on-year revenue growth of 19.7% driven by strong IXIARO®/JESPECT® sales revenues
  • Restructuring process progressing successfully operating loss reduced by 33.1%
  • Higher sales and reduced spending lead to reduced net loss of EUR 11.3m
  • Cash position of EUR 87.7m at quarter-end
  • Unchanged net loss expectation of EUR 30 40m for full year 2011

Key Financial Figures

EUR in thousands

3 months ended
March 31,


Year ended

Dec. 31,


2011


2010


2010

Revenues

5,692


4,756


34,215

Net loss

(11,257)


(14,702)


(255,182)

Net operating cash flow

(23,453)


(15,468)


(65,120)

Cash and marketable securities, end of period

87,697


158,216


86,182




IXIARO®/JESPECT®

Revenues from IXIARO®/JESPECT® product sales increased from EUR 0,4m in Q1 2010 to EUR 3.3m in Q1 2011. This excellent result in the usually weakest quarter of the year - due to travel seasonality - reflects the positive trend of increasing sales of IXIARO®/JESPECT® a already seen in 2010 in key travel markets and to U.S. military.

Intercell expects a growth of sales to the U.S. military in 2011 due to higher vaccination rates and the finally expired stock of no longer manufactured JE-Vax®.

Intercell continues to expand the global availability of IXIARO® by increasing the number of regulatory approvals and subsequent launches in various global markets. Furthermore it is planning to launch the product with its partner Novartis in additional European countries as well as Hong Kong and Singapore as the first Asian territories during 2011.

The U.S. authorities recently confirmed to Intercell that the first postmarketing safety evaluation of IXIARO® concluded that no new safety concerns were identified and no labeling changes are requested at this time.

Progress in Intercell's growing nosocomial vaccine franchise

  • Next steps defined for Pseudomonas vaccine candidate: Agreement with Novartis to advance investigational Pseudomonas vaccine into confirmatory clinical efficacy trial in ventilated ICU patients
  • Update on Staphylococcus aureus vaccine candidate: Study not futile - pre-specified futility criteria not met in Phase II/III trial (cardiothoracic surgery) - Independent DMC recommended suspension of enrollment pending further analyses of the benefit/risk profile - further update expected after completion of analyses.
  • Clostridium difficile vaccine candidate - Phase I trial progressing according to plan - First study results expected in 2011

Progress in Pandemic Influenza Vaccine Enhancement Patch (VEP) Intercell and GSK maintain commitment on strategic patch collaboration

IC31® adjuvant Novartis has initiated a Phase I clinical trial, combining an undisclosed vaccine candidate with Intercell's IC31® adjuvant. Under a Strategic Alliance Agreement signed in 2007, Novartis received a non exclusive license for the use of IC31® in selected new vaccines.

Corporate

  • Thomas Lingelbach appointed new CEO of Intercell, effective May 10, 2011; Gerd Zettlmeissl resigns from the management board as of today

The full report can be downloaded at http://www.intercell.com/main/forinvestors/downloads/quarterly-reports/

This communication expressly or implicitly contains certain forward-looking statements concerning Intercell AG and its business, including words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," or similar words. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Intercell AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Intercell AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SOURCE Intercell AG


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