COPENHAGEN, Denmark, May 2 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN) announced today results for the three-month period ended March 31, 2006. During this period, Genmab reported the following results:
- Genmab’s revenues were DKK 43.0 million (approx. USD 7.0 million) for the first quarter of 2006. In the same period of 2005, the Company recognized no revenues. - An Operating Loss of DKK 94.8 million (approx. USD 15.4 million). This compares to an Operating Loss of DKK 108.0 million (approx. USD 17.5 million) reported for the corresponding period of 2005. - Net Financial Expenses totaled DKK 6.4 million (approx. USD 1.0 million), compared to Net Financial Income of DKK 7.0 million (approx. USD 1.1 million) in the first three months of 2005. The Company has generated significant interest on its investments but experienced a decrease in market value due to increasing interest rates. - A Net Loss of DKK 101.1 million (approx. USD 16.4 million) compared to a Net Loss of DKK 100.9 million (approx. USD 16.4 million) for the same period in 2005. The Net Loss per share was DKK 2.71 (approx. USD 0.44) for the first quarter of 2006 compared to DKK 3.37 (approx. USD 0.55) in the first quarter of 2005. - Genmab ended the first quarter period with a cash position of DKK 2.008 billion (approx. USD 325.8 million), which is an increase of DKK 755.5 million (approx. USD 122.5 million) from the end of 2005. Highlights
During the first quarter of 2006, Genmab achieved a number of business and scientific milestones, as follows:
- HuMax-EGFr was awarded fast track status by FDA in January 2006. This designation covers patients with head and neck cancer who have previously failed standard therapies. - Genmab completed a private placement of 5,750,000 new shares in January at a price of DKK 147 per share, corresponding to the closing price of the day of the placement. - In March, Genmab announced results from the HuMax-CD20 Phase I/II rheumatoid arthritis study. Results showed that out of 26 patients who received both planned doses of HuMax-CD20, 73% achieved ACR20, 38% ACR50 and 15% ACR70. In the placebo group of 7 patients no response was reported. - An update on the development status of AMG 714 was provided by Amgen on March 10, 2006. AMG 714 has been reformulated in a more commercially productive cell line and the antibody is undergoing pre-clinical testing with a Phase I study scheduled for this year. - The delivery of a HuMax-TAC cell line to Serono in February marked the first milestone in the development and commercialization agreement between the two companies. The milestone triggered a payment to Genmab of USD 1 million. - On February 13, 2006 Genmab and Bionomics Limited announced that Genmab had acquired exclusive worldwide rights to develop therapeutics based upon a series of angiogenesis targets identified by Bionomics. - Annarie Lyles, Ph.D., was appointed as Head of Business Development in January. 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 of 5,750,000 new shares in January 2006, resulting in net proceeds to the company 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 first quarter results tomorrow, Wednesday, May 3, 2006, at
3.00 pm CEST 2.00 pm BST 9.00 am EDT The conference call will be held in English. The dial in numbers are as follows: +1 800-289-0518 (in the US) and ask for the Genmab conference call +1 913-981-5532 (outside the US) and ask for the Genmab conference call
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, Amgen and Serono. 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. Genmab has operations in Copenhagen, Denmark, Utrecht, the Netherlands, and Princeton, New Jersey in the US. 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) and HuMax-CD38(TM) are all trademarks of Genmab A/S.
UltiMAb(R) is a trademark of Medarex, Inc.
Genmab A/S
CONTACT: Helle Husted, Director, Investor Relations of Genmab A/S, +45 3344 77 30, or mobile, +45 25 27 47 13, or hth@genmab.com
Web site: http://www.genmab.com/
