Ablynx Provides Business Update for the First Nine Months 2011

GHENT, BELGIUM--(Marketwire - November 16, 2011) -

* Seven products in clinical trials; four in Phase II and three in Phase I * EUR84.6 million in cash, cash equivalents, restricted cash and short term investments * EUR16.6 million in revenues for the period January-September 2011 * Net cash burn for the third quarter at EUR8.0 million

GHENT, Belgium, 16 November 2011 - Ablynx [Euronext Brussels: ABLX] today announced its non-audited business update, in compliance with the European transparency directive, summarising Ablynx's financial position for the first nine months of 2011, material events post 30 September 2011, and the guidance for the full year 2011.

Total revenues for the period were EUR16.6 million (2010: EUR17.0 million) with R&D income at EUR15.3 million (2010: EUR15.3 million). Total operating expenses increased to EUR50.8 million (2010: EUR39.5 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 EUR33.1 million (2010: EUR21.5 million). The net cash burn during the third quarter remained well under control at just EUR8.0 million, resulting in a net cash burn for the period January-September 2011 of EUR31.2 million. Ablynx's cash, cash equivalents, restricted cash and short term investments were EUR84.6 million at 30 September 2011 (2010: EUR109.5 million).

During the third quarter, Ablynx finished the recruitment of the single ascending dose part of the Phase I/II study with the anti-IL-6R Nanobody, ALX- 0061, in patients with RA. Ablynx completed pre-clinical development and toxicology studies with the first inhaled Nanobody, ALX-0171, for the treatment of RSV and is on track to initiate a Phase I trial during the fourth quarter 2011. The Phase I study, with the anti-RANKL Nanobody, ALX-0141, including preliminary analysis of the immunogenicity data, was successfully completed. ALX-0141 was well-tolerated and no treatment-related serious adverse events occurred. There was a 5% incidence of neutralising anti-drug antibodies, in-line with reported results for monoclonal antibodies in general. During the third quarter, Ablynx also began the process of transferring its research activities in Porto to its headquarters in Ghent.

Outlook for the remainder 2011

Before year end, Ablynx expects to announce interim results from the Phase I/II study in RA patients with the anti-IL-6R Nanobody, ALX-0061, and to initiate the multiple ascending dose Phase II study in patients with RA.

Ablynx is on track to initiate a Phase I study before the end of 2011, with ALX- 0171, an anti-RSV Nanobody, which will be administered by inhalation.

For the full year, Ablynx expects to generate revenues in the range of EUR20-25 million and to have a net cash burn between EUR25-35 million.

Complete version of the press release: http://hugin.info/137912/R/1564452/485274.pdf

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Source: Ablynx via Thomson Reuters ONE

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