COPENHAGEN, Denmark, Oct. 31 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN) announced today results for the nine-month period ended September 30, 2006. During this period, Genmab reported the following results:
-- Genmab's revenues were DKK 105.6 million (approx. USD 17.9 million) for the nine-month period ended September 30, 2006. In the same period of 2005, the company recognized DKK 45.3 million (approx. USD 7.7 million) in revenues. -- An Operating Loss of DKK 324.1 million (approx. USD 55.0 million). This compares to an Operating Loss of DKK 323.0 million (approx. USD 54.8 million) reported for the corresponding period of 2005. -- Net Financial Income totaled DKK 22.7 million (approx. USD 3.8 million), compared to Net Financial Income of DKK 29.9 million (approx. USD 5.1 million) in the nine-month period ended September 30, 2005. -- A Net Loss of DKK 301.5 million (approx. USD 51.2 million) compared to a Net Loss of DKK 293.1 million (approx. USD 49.8 million) for the same period in 2005. The Net Loss per share was DKK 7.79 (approx. USD 1.32) for the nine-month period ended September 30, 2006 compared to DKK 9.57 (approx. USD 1.62) in the nine-month period ended September 30, 2005. -- Genmab ended the nine-month period ended September 30, 2006 with a cash position of DKK 1.858 billion (approx. USD 315.5 million), which is an increase of DKK 605 million (approx. USD 102.8 million) from the end of 2005. Highlights
During the third quarter of 2006, Genmab achieved a number of business and scientific milestones, as follows:
-- On July 10, we initiated a Phase III pivotal study in HuMax-CD20(TM) (ofatumumab) to treat follicular non-Hodgkin's lymphoma (NHL) patients. -- Genmab's fourth pivotal study was announced on September 14 when we initiated a Phase III pivotal study in HuMax-EGFr(TM) (zalutumumab) to treat patients with head and neck cancer that is considered incurable with standard treatment. -- On September 22 we announced completion of patient enrollment in the HuMax-CD20 Phase II rheumatoid arthritis (RA) study. -- Subsequent to the balance sheet date, on October 18, we unveiled the UniBody(TM) platform, a proprietary new technology. In addition, we announced expanded development plans for the HuMax-CD20 and HuMax-EGFr clinical programs. Outlook
Genmab is maintaining its financial guidance for the year. We project a 2006 operating loss of DKK 490 to 530 million and a net loss in the range of DKK 440 to 480 million. Following the completion of the private placement in January 2006, resulting in net proceeds of approximately DKK 800 million, the company's cash position is expected to increase DKK 340 to 380 million at the end of 2006 compared to 2005. The company's projected December 31, 2006 cash position is expected to be in the range of DKK 1.593 to 1.633 billion.
Conference Call
Genmab will hold a conference call to discuss the results for the nine-month period ended September 30, 2006 tomorrow, Wednesday, November 1, 2006, at:
3:00 pm CET 2:00 pm GMT 9:00 am EST The conference call will be held in English. The dial-in numbers are as follows: +1 800 616 9004 (in the US) and ask for the Genmab conference call +1 719 457 2620 (outside the US) and ask for the Genmab conference call
To listen to a live webcast of the call please visit: https://cis.premconf.com/sc/scw.dll/usr?cid=vlllrznlnwlvdmzwn
Relevant slides for the call can be found on http://www.genmab.com prior to the call.
About Genmab A/S
Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, infectious disease, rheumatoid arthritis and other inflammatory conditions, and intends to continue assembling a broad portfolio of new therapeutic products. At present, Genmab has multiple partnerships to gain access to disease targets and develop novel human antibodies including agreements with Roche and Amgen. A broad alliance provides Genmab with access to Medarex, Inc.'s array of proprietary technologies, including the UltiMAb(R) platform for the rapid creation and development of human antibodies to virtually any disease target. In addition, Genmab has developed UniBody(TM), a new proprietary technology that creates a stable, smaller antibody format. Genmab has operations in Copenhagen, Denmark, Utrecht, the Netherlands, Princeton, New Jersey, US and Hertfordshire in the United Kingdom. For more information about Genmab, visit http://www.genmab.com.
This press release contains forward-looking statements. The words "believe," "expect," "anticipate," "intend" and "plan" and similar expressions identify forward-looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with product discovery and development, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. Genmab is not under an obligation to update statements regarding the future following the publication of this release; nor to confirm such statements in relation to actual results, unless this is required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD4(R); HuMax-EGFr(TM); HuMax-Inflam(TM); HuMax-CD20(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM); and UniBody(TM) are all trademarks of Genmab A/S.
UltiMAb(R) is a trademark of Medarex, Inc.
Genmab A/SCONTACT: Helle Husted, Director, Investor Relations, Genmab, T: +45 33 4477 30 or M: +45 25 27 47 13 or hth@genmab.com
Web site: http://www.genmab.com/
