Cambridge UK, 23 March 2009: Alizyme plc (“Alizyme”) (LSE: AZM) today announces its unaudited preliminary results for the year ended 31 December 2008.
Highlights
Commercial
• COLAL-PRED® - Licence agreement with Norgine for Europe and other territories; €2.0 million upfront payment received
• Cetilistat - US$3.0 million milestone received from Takeda on entering Phase III development in Japan
Operational
Cetilistat (obesity and type 2 diabetes)
• Successful results of Phase II study in Japan in obese diabetic patients
• Phase III development commenced in Japan
• Protocols of all three studies in the Phase III obesity programme now agreed with FDA under SPA procedure
• FDA indicated a potential labelling for type 2 diabetes
COLAL-PRED® (ulcerative colitis)
• Headline results reported for EU Phase III clinical trial in approximately 800 patients with active moderate to severe ulcerative colitis
• Phase II clinical development commenced in the US by Prometheus
• Phase I clinical development commenced in Japan by TSD
ATL-104 (mucositis)
• Preparations for Phase II study in patients being treated for head and neck cancer ongoing
Renzapride (irritable bowel syndrome)
• Development by Alizyme discontinued
Financial
• Revenues of £1.9 million (2007: £0.01 million)
• Net loss after tax of £10.1 million (2007: £31.2 million)
• Cash, cash equivalents and money market investments of £2.2 million at 31 December 2008 (2007: £5.8 million)
• £10.0 million gross raised from shareholders in March 2008
• Cost saving measures introduced including reduction in headcount
Board changes
• Roger Lloyd and Richard de Souza appointed as Non-Executive Directors, with effect from 1 April 2009
• Bill Edge to resign as Non-Executive Director, with effect from 1 April 2009
• Richard Forrest resigned as Non-Executive Director on 31 August 2008
• David Campbell resigned as Finance Director and Company Secretary on 5 September 2008
• Nick Blech appointed as Company Secretary on 5 September 2008
