Genmab, October 30 /PRNewswire-FirstCall/ -- Genmab A/S (OMX: GEN) announced today results for the nine month period ended September 30, 2007, as follows:
Revenues of DKK 356.1 million (approx. USD 67.7 million) for the nine month period ended September 30, 2007. In the same period of 2006, Genmab recognised DKK 105.6 million (approx. USD 20.1 million) in revenues.
An Operating Loss of DKK 309.0 million (approx. USD 58.8 million). This compares to an Operating Loss of DKK 324.1 million (approx. USD 61.7 million) reported for the corresponding period of 2006.
Net Financial Income totalled DKK 47.7 million (approx. USD 9.1 million), compared to Net Financial Income of DKK 22.7 million (approx. USD 4.3 million) in the nine month period ended September 30, 2006. Net financial income has benefited from the higher average cash position in 2007.
A Net Loss of DKK 261.2 million (approx. USD 49.7 million) compared to a Net Loss of DKK 301.5 million (approx. USD 57.3 million) for the same period in 2006. The Net Loss per share was DKK 5.97 (approx. USD 1.14) for the nine month period ended September 30, 2007 compared to DKK 7.79 (approx. USD 1.48) in the nine month period ended September 30, 2006.
Genmab ended the nine month period with a cash position of DKK 3.921 billion (approx. USD 746 million), which is a net increase of DKK 2.197 billion (approx. USD 417.9 million) from the end of 2006.
Highlights
During the third quarter of 2007, Genmab achieved a number of business and scientific milestones, including:
Regaining all rights to the HuMax-TAC(TM) antibody from Merck Serono following a portfolio review.
Roche filing an investigational new drug application (IND) with the FDA for a Genmab antibody.
Initiation of a Phase III clinical study of HuMax-EGFr(TM) (zalutumumab) to treat front line head and neck cancer in cooperation with the Danish Head and Neck Cancer Group (DAHANCA).
An asset exchange agreement with Medarex to gain all rights to HuMax-Inflam(TM), now known as HuMax-IL8(TM). Genmab plans to develop the antibody for the treatment of glioblastoma, a cancer of the central nervous system.
Amending a pivotal study of HuMax-CD20(R) (ofatumumab) to treat non-hodgkin’s lymphoma from two arms to a single arm study.
Outlook
Genmab is maintaining its financial guidance for the year. We expect our revenues to benefit from the achievement of certain development milestones in the fourth quarter of 2007 and we continue to project a 2007 operating loss of DKK 385 to 435 million and a net loss in the range of DKK 260 to 310 million.
Genmab’s projected December 31, 2007 cash position is expected to be in the range of DKK 3.8 to 3.9 billion.
Conference Call
Genmab will hold a conference call to discuss the results for the nine month period ended September 30, 2007 tomorrow, Wednesday, October 31, 2007, at
+1-800-231-9012 (in the US) and ask for the Genmab conference call +1-719-457-2706 (outside the US) and ask for the Genmab conference call
A live webcast of the call and relevant slides will be available at http://www.genmab.com. The webcast will also be archived on Genmab’s website.
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing fully human antibody therapeutics for unmet medical needs. Using unique, cutting-edge antibody technology, Genmab’s world class discovery and development teams have created and developed an extensive pipeline of products for potential treatment of a variety of diseases including cancer and autoimmune disorders.
As Genmab advances towards a commercial future, we remain committed to our primary goal of improving the lives of patients who are in urgent need of new treatment options. For more information on Genmab’s products and technology, 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 up-date 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-CD20(R); HuMax-EGFr(TM); HuMax-IL8(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM); and UniBody(R) are all trademarks of Genmab A/S.
hth@genmab.com
CONTACT: Contact: Helle Husted, Sr. Director, Investor Relations, T:
+45-33-44-77-30, M: +45-25-27-47-13, E: hth@genmab.com
