Ablynx Announces Its Q1 2011 Business Update

GHENT, BELGIUM--(Marketwire - May 18, 2011) -

REGULATED INFORMATION * Six products in clinical trials; three in Phase II, one in Phase I/II, and two in Phase I * Start of Phase I/II study with anti-IL-6R Nanobody® in RA patients * Excellent financial position with EUR107.3 million in cash, cash equivalents, restricted cash and short term investments * EUR3.9 million in revenues * Net cash burn well managed at just EUR8.6 million * Post 31 March 2011: first clinical proof-of-concept with a Nanobody

GHENT, Belgium, 18 May 2011 - Ablynx [Euronext Brussels: ABLX] today announced its non-audited business update, in compliance with the European transparency directive, summarising material pipeline events and Ablynx's financial position for the first quarter of 2011.

Total revenues for the quarter decreased to EUR3.9 million (2010: EUR4.4 million) while R&D income increased to EUR3.4 million (2010: EUR3.2 million). Total expenses increased to EUR18.1 million (2010: EUR12.0 million), mainly driven by higher R&D costs as a result of the progress of the product pipeline. The net loss for the period was EUR13.8 million (2010: EUR7.4 million). The net cash burn during the first quarter remained well under control at just EUR8.6 million. Ablynx's cash, cash equivalents, restricted cash and short term investments were EUR107.3 million at 31 March 2011 (2010: EUR131.8 million, including the net proceeds of EUR47.2 million from the Secondary Public Offering).

During the first quarter, the Company continued to make progress in its internal product pipeline. In January, Ablynx published additional interim Phase I data for its anti-RANKL Nanobody, ALX-0141, in 42 healthy post-menopausal women. At this nine month time point, ALX-0141 continued to show statistically significant suppression of the bone biomarker CTX-1 following a single subcutaneous injected dose of 1mg/kg, which confirms the product's prolonged high biological activity. In addition, no serious safety side effects were reported. In March, Ablynx initiated a Phase I/II clinical trial with its anti-IL-6R Nanobody, ALX- 0061, it is expected that 72 patients with rheumatoid arthritis (RA) will be recruited in this study. As a result of the progression of ALX-0061, the number of Nanobodies in clinical development increased from five to six.

Complete version of the press release: http://hugin.info/137912/R/1516994/453437.pdf

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Source: Ablynx via Thomson Reuters ONE

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