Affitech A/S announces Financial Results 2011

Affitech A/S 

31.03.2012 23:47
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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



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Language:     English
Company:      Affitech A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0015966592
WKN:          
 
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