Ablynx Announces Half Year 2011 Results

GHENT, BELGIUM--(Marketwire - August 25, 2011) -

REGULATED INFORMATION * Seven Nanobody-based products in clinical trials; three in Phase II and four in Phase I * First clinical proof-of-concept achieved with a Nanobody * Strong financial position with EUR92.6 million in cash, cash equivalents, restricted cash and short-term investments * EUR12.8 million in revenues * Net cash burn of EUR23.3 million

GHENT, Belgium, 25 August 2011 - Ablynx [Euronext Brussels: ABLX] today announced its results for the six-month period ending 30 June 2011, which have been prepared in accordance with the IAS 34 Interim Financial Reporting as adopted by the European Union, and highlighted the developments in its product pipeline and partnerships.

In the six-month period ending 30 June 2011, revenues increased by 27% to EUR12.8 million (2010: EUR10.1 million), primarily driven by milestones from existing collaborations and recognised income from new collaborations. Total research and development costs increased to EUR28.9 million (2010: EUR21.4 million), in line with the increasing number of pre-clinical and clinical development candidates. General and administrative expenses amounted to EUR4.9 million (2010: EUR4.6 million). The loss from continuing operations before tax and net finance income, increased to EUR21.0 million (2010: EUR15.8 million). The net loss for the period was EUR20.2 million (2010: EUR15.3 million). The Company ended the six- month period with EUR92.6 million in cash, cash equivalents, restricted cash and short-term investments.

During the past six months, Ablynx continued to make progress in developing its product pipeline with both its proprietary and collaborative programmes. The first clinical-proof-of concept with a Nanobody in a patient population was achieved by Pfizer in May with the lead anti-TNF-alpha Nanobody, ATN- 103. Two new Nanobody programmes entered the clinic, and the Phase II study recruitment for the anti-vWF Nanobody, ALX-0081, in ACS was successfully completed. At 30 June 2011, Ablynx had over 25 programmes in its R&D pipeline, including partnered programmes, and there were seven Nanobodies in clinical development.

Complete version of the press release: http://hugin.info/137912/R/1541309/471534.pdf

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Source: Ablynx via Thomson Reuters ONE

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