Ablynx Announces 2010 Full Year Results

GHENT, BELGIUM--(Marketwire - February 22, 2011) -

REGULATED INFORMATION

* Five Nanobody-based products in clinical trials; three in Phase II and two in Phase I * Good progress in preparations for three new Phase I trials to start in 2011 * Excellent financial position with EUR115.9 million in cash, cash equivalents, restricted cash and short term investments * EUR31.4 million in revenues * Net cash burn, excluding the Secondary Public Offering, well managed at just EUR23.6 million 

Ablynx (Euronext Brussels: ABLX) today announced its consolidated results for 2010, which have been prepared in accordance with IFRS as adopted by the European Union, and highlighted the developments in its product pipeline and partnerships.

In 2010, revenues increased by 6% to EUR31.4 million (2009: EUR29.7 million), primarily driven by milestone payments from Boehringer Ingelheim. Total research and development costs increased to EUR48.5 million (2009: EUR42.8 million), in line with the increasing number of pre-clinical and clinical development candidates. General and administrative expenses remained well under control at EUR8.9 million (2009: EUR9.0 million). The loss from continuing operations, before tax and net finance income, increased to EUR25.9 million (2009: EUR22.2 million). The net loss for the period was EUR24.5 million (2009: EUR20.0 million). In part thanks to the successful Secondary Public Offering (SPO) in March 2010, which raised EUR50 million, the Company ended the year with EUR115.9 million in cash, cash equivalents, restricted cash and short term investments.

During the last 12 months, Ablynx made significant progress in developing its product pipeline with both its wholly-owned and collaborative programmes. At the end of 2010, Ablynx had over 25 programmes in its R&D pipeline, including partnered programmes, and there were five Nanobodies in clinical development. The Company selected two Nanobodies for pre-clinical development, reported positive interim Phase I data for its anti-RANKL Nanobody (ALX-0141), initiated a Phase II clinical trial with its anti-vWF Nanobody (ALX-0081/ALX-0681) in an orphan disease, and filed an IMPD for the initiation of a Phase I/II trial with its anti-IL-6R Nanobody (ALX-0061) in patients with rheumatoid arthritis (RA).

In addition to the continued development of its internal programmes, Ablynx’s collaborations showed important progress.

Complete version of the press release: http://hugin.info/137912/R/1491433/427076.pdf

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Source: Ablynx via Thomson Reuters ONE

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