Paris, January 21, 2010 - Hybrigenics (ALHYG), a bio-pharmaceutical company listed on Alternext (NYSE-Euronext) in Paris with a focus on research and development of new cancer treatments and specialised in protein interactions, today announces its revenues and cash position for the year ended 31 December 2009.
a) not including EUR 251,000 already cached in from quarterly instalments from a 30year contract not yet booked as turnover
(b) not including the value of ongoing screens
For the second year in a row, total revenues experienced a double-digit growth: 15 percent at EUR 4.78 million in 2009 as compared with EUR 4.17 million in 2008. This confirms the trend started by the double-digit growth of 22 percent observed in 2008 over 2007. Hybrigenics’ total turnover also grew by 15 percent from EUR 3.64 million to EUR 4.17 million. The research collaboration between Hybrigenics’ Pharma division and Servier Laboratories continued to intensify with 50 percent increase following the increase of 33 percent in 2008 over 2007. In 2009, Hybrigenics’ Services increased its turnover by 8 percent. More precisely, Hybrigenics Services has enjoyed a stronger level of activity since mid-2008, in spite of the economic environment.
Despite the weakening dollar, Hybrigenics’ Services managed to increase its turnover in North America by 40 percent, from EUR 0.64 million to EUR 0.89 million. The United States now represent 25 percent of Hybrigenics Services turnover and Canada 2 percent. A 3-year contract has been finalized with an American life science company: this contract already contributed for EUR 82,000 to the turnover and, in addition, generated EUR 251,000 in cash proceeds.
Hybrigenics’ year end cash position increased from EUR 2.37 million in 2008 to EUR 3.61 million in 2009. This was achieved thanks to strict cost control and careful allocation of resources to priority R&D projects, and to a private placement of EUR 2.8 million completed in December. Additionally, the company obtained an equity line from Yorkville, an American fund, of which only EUR 80,000 has been drawn out of a potential total of EUR 5 million.
A sharp rise in the liquidity of Hybrigenics’ shares on the Alternext market has been achieved by switching from daily fixing to continuous trading of its stock by mid-June. This resulted in a spectacular increase from 150,000 shares exchanged from January 1st 2009 until June 9th, to a total of 9.66 million shares traded from June 10th till December 31st.
“In 2009, we managed to grow our different businesses and to advance our priority R&D projects based on the clinical development of inecalcitol and on the drug discovery of inhibitors of ubiquitin-specific proteases. During the same period, we strictly controlled costs and raised money to finance further key achievements in 2010. These include demonstrating the tolerance of twice daily administration of inecalcitol at the dose of 4 milligrams as the next step in its clinical development”, said Remi Delansorne, Hybrigenics’ CEO.
About Hybrigenics
Hybrigenics (http://www.hybrigenics.com) is a bio-pharmaceutical company listed (ALHYG) on Alternext (NYSE-Euronext) in Paris, focusing its internal R&D programs on innovative targets and therapies for the treatment of cancer. Hybrigenics’ development program is based on inecalcitol, a vitamin D analogue, for the treatment of hormone-refractory prostate cancer in combination with Sanofi-Aventis’ Taxotere(R), which is the current gold-standard chemotherapeutic treatment for this indication. Hybrigenics’ research program explores the role of enzymes known as ubiquitin-specific proteases (USP) in the degradation of onco-proteins, and the effectiveness of proprietary USP inhibitors in treating various types of cancer.
Hybrigenics is also the market leader in Yeast-Two Hybrid (Y2H) and related services to identify, validate and inhibit protein interactions for researchers in all areas of life sciences, using its ISO 9001-certified high-throughput Y2H screening platform, its sophisticated bioinformatics tools and extensive database, along with its chemical library and chemical screening platform.
