AMSTERDAM, February 20 /PRNewswire-FirstCall/ -- Amsterdam Molecular Therapeutics , a leader in the field of human gene therapy, today reported its full year 2007 results.
- Agreement with CIMA/Digna Biotech for AAV-mediated IGF-I treatment of late stage liver cirrhosis
- Patent for treatment of Non-Alcoholic Steatotic Hepatitis with AMT-11 (January 2008)
Results comparison
Total revenues for year ended December 31, 2007, were EUR 110,000 compared to EUR 417,000 in 2006. The decrease was primarily due to a decrease of government grants since the grant project for LPL deficiency was completed in 2006.
The operating loss increased to EUR 14.7 million for the year ended December 31, 2007, from EUR 9.1 million in 2006. This was primarily due to the increase of research & development costs to EUR 9.8 million for the year ended December 31, 2007 from EUR 5.3 million in 2006. This increase is particularly related to the development work on the company’s lead product AMT 011 in LPL deficiency and increased staffing. General and administrative costs rose primarily as a function of the higher number of staff employed, stock based compensation, increased facility expenses and advisory costs. G&A increased to EUR 5.0 million for the year ended December 31, 2007, from EUR 4.2 million in 2006.
The net loss for the full year was EUR 14.9 million, as compared to a net loss of EUR 8.8 million in 2006.
As of December 31, 2007, AMT had cash and cash equivalents of EUR 51.3 million, compared to EUR 14.1 million at December 31, 2006.
Ronald Lorijn, CEO of AMT, said: “AMT had an excellent 2007. We believe we have forged a company that rests on very solid foundations and that is today a leading force in bringing gene therapy to the clinic. The proceeds from our successful initial public offering in June 2007 allow us to continue to execute our business plan, bring our lead product to the clinic, and accelerate the development of our pipeline programs, focused on serious disorders for which there is currently no treatment. We expect to continue to make solid progress in our clinical programs and business development activities, and look forward to update our investors as these materialize.”
Conference call and webcast presentation
AMT will conduct a conference call open to the public today at 10.00 CET, which will also be webcast. Netherlands Dial In: 0800-949-4517 (toll free); US Dial In: +1-866-291-4166 (toll free); UK Dial In: +44-207-107-0611. The webcast can be accessed via AMT’s website at http://www.amtbiopharma.com. Please go to the website 15 minutes prior to the call to register, download and install the necessary audio software. Playback of the call will be availably for 24 hours after the call. Dial In: +41-91-612-4330; +44-20-7108-6233; or +1-866-416-2558; conference ID 14203 followed by #. The archived webcast also will be available for replay shortly after the close of the call.
About Amsterdam Molecular Therapeutics
AMT has a unique gene therapy platform that to date appears to circumvent many if not all of the obstacles that have prevented gene therapy to become a mainstay of clinical medicine. Using adeno-associated viral (AAV) vectors as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. As such, AMT’s proprietary platform holds tremendous promise for thousands of rare (orphan) diseases that are caused by one faulty gene. AMT currently has a product pipeline with six products at different stages of development.
AMT intends to publish its full annual report on March 21, 2008.
Certain statements in this press release are “forward-looking statements” including those that refer to management’s plans and expectations for future operations, prospects and financial condition. Words such as “strategy,” “expects,” “plans,” “anticipates,” “believes,” “will,” “continues,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT’s business, including, but not limited to, the timely commencement and success of AMT’s clinical trials and research endeavors, delays in receiving U.S. Food and Drug Administration or other regulatory approvals (i.e. EMEA, Health Canada), market acceptance of AMT’s products, effectiveness of AMT’s marketing and sales efforts, development of competing therapies and/or technologies, the terms of any future strategic alliances, the need for additional capital, the inability to obtain, or meet, conditions imposed for required governmental and regulatory approvals and consents. AMT expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, refer to the prospectus of AMT’s initial public offering on June 20, 2007, and AMT’s public announcements made from time to time.
CONTACT: For informattion: Andre Verwei, CFO, +31-20-566-5686,
a.verwei@amtbv.com. Hans Herklots, +31-20-566-8125, h.herklots@amtbv.com
