MECHELEN, BELGIUM--(Marketwire - November 16, 2012) - Galapagos NV (EURONEXT BRUSSELS: GLPG)
today that third quarter 2012 operational and financial results were in
with management expectations. Management confirms the 2012 financial
given earlier this year:group revenues of EUR150 million, sustained
and net profitability, and a year-end cash position of at least EUR130
the end of 2012.
GLPG0634 Phase 2a results
Galapagos announced that a second Phase 2A clinical trial with GLPG0634
the excellent safety of the drug, as well as the significant
improvements to rheumatoid arthritis (RA) patients within 4
Statistically significant improvements were seen for DAS28, HAQ-DI, ACR
for the 300mg dose. The results enable Galapagos to move rapidly into
clinical studies in early 2013. GLPG0634 is the first selective JAK1
to potentially treat multiple autoimmune diseases, such as RA. In
2012, Galapagos and Abbott announced a global collaboration for
treat RA and other autoimmune diseases.
Tax ruling on Abbott collaboration
Galapagos received a positive ruling from the Belgian tax authorities
collaboration agreement with Abbott. Galapagos may exempt 80% of
income, based on the Galapagos patents covering JAK1 inhibitor GLPG0634,
Belgian corporate income tax. This will result in an effective income tax
of under 5% for Galapagos for this income.
Initiation of Phase I study with GLPG0974
In October, Galapagos started its second Phase I clinical study with
GPR43 inhibitor being developed to treat chronic neutrophil-driven
conditions such as inflammatory bowel disease (IBD). In this clinical
the safety and tolerability of GLPG0974 will be evaluated for 2 weeks
healthy volunteers. Aim of the study is also to confirm the strong
signal and the once-daily (QD) dosing of the compound after 14 days.
the study are expected to be reported early next year.
The Capital Group Companies gave notification of a holding of
Galapagos shares, which represents 5.8% of Galapagos' shares outstanding
Johnson & Johnson notified that it indirectly held 2,350,061 Galapagos
through Tibotec-Virco and Crucell, which represents 8.8% of Galapagos'
outstanding today. .
Management reiterates the full-year 2012 guidance given earlier in the
service operations are expected to increase further their cash and
contribution in 2012. Management guides for at least EUR150 million in
sustained operational and net profitability, and a year-end cash position
least EUR130 million by the end of 2012.
Galapagos (EURONEXT BRUSSELS: GLPG) (PINKSHEETS: GLPYY) is a mid-size
biotechnology company specialized in the discovery and development of
molecule and antibody therapies with novel modes-of-action. The
progressing its JAK1 inhibitor GLPG0634, as well as one of the largest
in biotech, with four programs in development and over 30 discovery
The Galapagos Group has over 800 employees and operates facilities
countries, with global headquarters in Mechelen, Belgium. More
This release may contain forward-looking statements, including,
limitation, statements containing the words "believes,"
"expects," "intends," "plans," "seeks," "estimates," "may," "will,"
"stands to," and "continues," as well as similar expressions. Such
forward-looking statements may involve known and unknown risks,
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factors which might cause the actual results, financial condition,
or achievements of Galapagos, or industry results, to be materially
from any historic or future results, financial conditions,
achievements expressed or implied by such forward-looking statements.
these uncertainties, the reader is advised not to place any undue
such forward-looking statements. These forward-looking statements speak
of the date of publication of this document. Galapagos expressly
obligation to update any such forward-looking statements in this
reflect any change in its expectations with regard thereto or any
events, conditions or circumstances on which any such statement is based,
required by law or regulation.
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Source: Galapagos NV via Thomson Reuters ONE