Affitech A/S

  • ISIN: DK0015966592
  • Land: .

Nachricht vom 31.03.2012 | 23:47

Affitech A/S announces Financial Results 2011


Affitech A/S 

31.03.2012 23:47

Release no. 5/2011 Copenhagen and Oslo 31st March, 2012, 2012-03-31 23:47 CEST (GLOBE NEWSWIRE) -- Summary -- Following the year end, on 27th January 2012, Trans Nova Investments Ltd announced that acceptances of its voluntary purchase offer to Affitech shareholders had failed to meet the conditions of the offer, which had therefore lapsed. On 28th February 2012, Trans Nova Investments Ltd made a second voluntary purchase offer to acquire the shares in Affitech, which offer expired on 27th March 2012. The results of the offer were announced on 30th March 2012 and were as follow: Trans Nova has received valid acceptances in respect of 152,419,544 shares of Affitech, corresponding to 31.3 % of the share capital, which together with shares already owned or under its control, gives Trans Nova an aggregate total representing 71,3% of the share capital. As all conditions for the Offer have been met, Trans Nova has decided to complete the Offer and the valid acceptances will be settled on 4 April 2012 when a further press release will be issued describing Trans Nova's future plans in respect of Affitech. Meanwhile Trans Nova confirmed its original intentions to seek a substantial restructuring of Affitech, keeping only essential research activities and, if possible, to seek a delisting of all Affitech Shares from NASDAQ OMX Copenhagen A/S ('NASDAQ OMX'). -- On 31 March 2012, the Company's largest shareholder Trans Nova Investment Ltd. has stated that they are willing to support Affitech's research and development activities throughout the next 12 months and is currently considering different measures in order to do so. On this basis, the Board continues to view the Company as a going concern. -- In December 2011, an application for Affitech's novel anti-VEGF cancer antibody (AT001/r84) to commence human clinical studies was submitted to the Russian Health Authorities by Affitech's Russian collaboration partner, IBC Generium. The Company has recently been notified that this application will shortly be approved. -- During 2011, Affitech received in total EUR 7 million in license and milestone payments from IBC Generium relating to R&D collaborations on Affitech's anti-cancer antibodies, AT001/r84 and AT008/anti-CCR4. -- In November 2011, Affitech initiated a restructuring of the Company resulting in a staff reduction of 24 people. This initiative has enabled Affitech to focus its resources on advancing the development of its lead antibody products, AT001/r84 and AT008/anti-CCR4. -- Affitech (the Group) reported a net loss for 2011 of DKK 49.5 million in 2011, compared to a net loss of DKK 71.7 million in 2010. -- At 31st December 2011, the Group's balance sheet total was DKK 80.9 million, compared to DKK 116.9 million on 31st December 2010. -- The consolidated net cash flow for 2011 was negative at DKK 50.9 million, compared to positive cash flows of DKK 78.5 million in 2010. Cash flow in 2010 includes a net amount of DKK 153.1 million from the directed share offering to Trans Nova Investments Ltd. in April, 2010. -- The Company expects total operating expenses excluding royalty costs for 2012 to be in the range of DKK 48-53 million and the net loss to be in the range of DKK 45-50 million. About Affitech A/S Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic antibody company based in Copenhagen, Denmark with R&D facilities in Oslo, Norway. The company utilizes a range of proprietary antibody technologies for the discovery of fully human antibodies for application in oncology, inflammation and other disease areas. CBAS(TM) (Cell Based Antibody Selection) is Affitech's premier discovery engine for the isolation of lead antibodies to cell surface molecules in situ. Several of the Company's proprietary product candidates were generated by CBAS(TM). Further information is available at www.affitech.com. Contact: Randi Krogsgaard, Director IR & Communications Tel # +45 2320 1001, e-mail: ir@affitech.com News Source: NASDAQ OMX 31.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: Affitech A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0015966592 WKN: End of Announcement DGAP News-Service

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