COPENHAGEN, Denmark, Feb. 16 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN) announced today results for the financial year ended December 31, 2005. The results were in line with management’s expectations:
* A Net Loss of DKK 394 million (approx. USD 62 million) compared to a Net Loss in 2004 of DKK 423 million (approx. USD 67 million). The Net Loss per share was DKK 12.59 (approx. USD 1.99) in 2005 compared to a Net Loss per share of DKK 16.00 (approx. USD 2.53) in 2004. * An Operating Loss of DKK 428 million (approx. USD 67 million). This compares to an Operating Loss of DKK 449 million (approx. USD 71 million) reported in 2004. * Net Financial Income totaled DKK 34 million (approx. USD 5 million) compared to Net Financial Income of DKK 26 million (approx. USD 4 million) in 2004. * Revenue of DKK 99 million (approx. USD 16 million) compared to DKK 4 million (approx. USD 1 million) in 2004. * Genmab ended the year with a cash position of DKK 1.253 billion (approx. USD 198 million), which is an increase of DKK 94 million (approx. USD 15 million) from the end of 2004.
USD 1.00 = DKK 6.3241 (Danish Central Bank’s spot rate on December 31, 2005)
Highlights
During 2005, Genmab achieved a number of business and scientific milestones, as follows:
HuMax-CD4 * Demonstrated long lasting responses in Phase II cutaneous T-cell lymphoma (CTCL) study. * Obtained Special Protocol Assessment agreement from FDA for pivotal study in CTCL and initiated pivotal study in this fast track indication. * Acquired European and Asian rights for HuMax-CD4. * Licensed HuMax-CD4 to Serono. * Presented encouraging preliminary response data from Phase II non- cutaneous T-cell lymphoma study. HuMax-CD20 * Presented laboratory data demonstrating efficacy in killing tumor cells with very low CD20 expression levels. * Induced clinical response in non-Hodgkin’s lymphoma (NHL) Phase I/II study at all dose levels. * Initiated Phase II clinical trial in rheumatoid arthritis. * Presented positive efficacy and response rate data in Phase I/II trial with relapsed CLL patients. HuMax-EGFr * Presented encouraging efficacy data from Phase I/II study in refractory head and neck cancer in this fast track indication. Pre-clinical Pipeline * Announced HuMax-CD38 program for treatment of multiple myeloma. * Expanded pre-clinical pipeline by acquiring rights to 16 cancer targets. * Received US patent for HuMax-HepC. *Presented data demonstrating HuMax-CD38 is effective in killing multiple myeloma cells in pre-clinical studies. Roche Collaboration * Achieved ninth milestone in collaboration when Roche filed IND application for Genmab-generated antibody. Serono Collaboration * Signed global development and commercialization agreement for HuMax-CD4. * Signed global development and commercialization agreement for HuMax-TAC. * Received license fees of USD 22 million and equity investment of USD 50 million. 2006 Guidance
Management currently expects to enter late stage clinical studies in 2006 and to expand clinical development activities. Consequently, Genmab’s operating expenses are expected to be higher in 2006 compared to 2005. In 2006, we are projecting an operating loss of DKK 490 to 530 million. The net loss for 2006 is expected to be in the range of DKK 440 to 480 million. In January 2006, Genmab completed a private placement of 5,750,000 new shares, resulting in net proceeds to the company of DKK 800 million. Consequently, the company’s cash position is expected to increase DKK 340 to 380 million at the end of 2006 compared to 2005. As of December 31, 2005, the company’s cash, cash equivalents and short term marketable securities equaled DKK 1.253 billion and 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’s management will hold a conference call to discuss the Financial Results 2005, tomorrow, Friday, February 17, 2006 at:
3:30 pm CET 2:30 pm GMT 9:30 am EST The dial-in numbers are as follows: +1 800 478 6251 (in the US) and ask for the Genmab conference call +1 913 981 5558 (outside the US) and ask for the Genmab conference call
Slides relevant for the conference call can be found on Genmab’s website http://www.genmab.com. The conference call will be held in English.
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.
UltiMAb(R) is a trademark of Medarex, Inc.
Genmab(R); HuMax(R); HuMax-CD4(TM) and the Y-shaped Genmab logo are all trademarks of Genmab A/S.
Genmab A/S
CONTACT: Helle Husted, Director, Investor Relations, Genmab A/S, +45 33 4477 30 or mobile, +45 25 27 47 13, hth@genmab.com
Web site: http://www.genmab.com//
