- WKN: A0B65S
- ISIN: DE000A0B65S3
- Land: Deutschland
Nachricht vom 09.05.2012 | 07:30
PAION AG: INTERIM REPORT BY MANAGEMENT FOR THE FIRST HALF OF THE YEAR 2012 ACCORDING TO § 37X WPHG FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2012
PAION AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 09.05.2012 07:30 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- INTERIM REPORT BY MANAGEMENT FOR THE FIRST HALF OF THE YEAR 2012 ACCORDING TO § 37X WPHG FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2012 - Sale of Desmoteplase rights to Lundbeck generated net income of EUR 17.8 million - Cash and cash equivalents of EUR 21.5 million secures cash reach into 2014 - Partnering of lead compound Remimazolam remains highest priority; Signing of an exclusive option agreement with Yichang for Remimazolam in China - Focus on the strategic realignment of PAION as a specialised provider of anaesthesia products Aachen (Germany), 09 May 2012 - The biopharmaceutical company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, General Standard: PA8) today reports its consolidated financial results according to International Financial Reporting Standards (IFRS) for the period from 1 January to 31 March 2012. Revenues in the first three months of 2012 amounted to EUR 22.9 million and increased by EUR 22.5 million compared to the prior-year period. The revenues relate in the amount of EUR 20.1 million to the sale of Desmoteplase to Lundbeck. The income for the first three months of 2012 amounted to EUR 17.8 million meaning an increase of EUR 20.4 million compared to the prior-year period. Dr Wolfgang Söhngen, CEO of PAION commented: 'The course of business during the first quarter of 2012 was very gratifying for PAION. Important strategic decisions were made to position the company as a sustainable commercial provider of specialized products in the anaesthesia area. The sale of Desmoteplase rights secures our financial resources into the year 2014 and allows our continued focus on the successful partnering of our lead compound Remimazolam. In particular the recently concluded exclusive option agreement with Yichang in China encourages us.' Risk minimized portfolio as the core of the new corporate strategy To eliminate the known market and development risks and the former high exposure of PAION in the indication stroke, all remaining rights of Desmoteplase have been sold to H. Lundbeck A/S in February 2012. The amount of EUR 20.1 million, which was obtained from the sale of Desmoteplase will partly be used to implement PAION's new strategic orientation and focus on anaesthesia. The key element of a viable strategy for this market is PAION's lead compound Remimazolam. Intensive partnering efforts will continue, with the aim of participating in the active commercialisation in selected central EU countries. Furthermore, in order to successfully establish a new platform in the anaesthesia market, PAION is aiming to purchase marketing rights for suitable anaesthetic products and to market these in selected European markets. For this purpose PAION has allocated an investment budget in the mid-single digit million range. These complementary products will be used to prepare the ground for the commercialisation of Remimazolam. Based on the results of the market research and market access study conducted in 2011, PAION believes that Remimazolam is an excellent drug candidate to serve as a focal point for the planned commercial anaesthesia platform. Portfolio Update Remimazolam In the first quarter of 2012, PAION was still focussing on the development and partnering of Remimazolam and will continue the discussion with interested parties. In March 2012 PAION signed an exclusive option agreement with Yichang for Remimazolam in China. Within this agreement, PAION will be eligible to receive upfront payments of EUR 3 million and additional payments, if a final licensing agreement within a certain exclusivity period will be executed. For the Japanese market Remimazolam is currently being developed in the anaesthesia indication by Ono Pharmaceutical. Since May 2011, Ono is conducting a Phase II study with Remimazolam in Japan. Solulin In August 2011 PAION started a Phase Ib study for the treatment of haemophilia with Solulin. First results of the study are expected in 2012. Finances Revenues Revenues in the first three months of 2012 amounted to EUR 22.9 million and increased by EUR 22.5 million compared to the prior-year period. The revenues mainly relate in the amount of EUR 20.1 million to the sale of Desmoteplase to Lundbeck. Furthermore the revenues relate in the amount of EUR 2.5 million (prior-year period: EUR 0.4 million) to the complete release of deferred income resulting from the milestone payment of EUR 8 million received from Lundbeck in 2008. Further revenues of EUR 0.3 million incurred in connection with partnerships. Net income The income for the first three months of 2012 amounted to EUR 17.8 million meaning an increase of EUR 20.4 million compared to the prior-year period. Development costs Research and development expenses amounted to EUR 1.2 million in the first three months of 2012. This means a decrease of EUR 0.2 million compared to the prior-year period. The decrease is due to reduced development activities. The main research and development focus in the first three months of 2012 was on Remimazolam and Solulin. General administrative and selling expenses decreased in the first three months of 2012 by KEUR 43 to EUR 1.4 million. This includes one-off costs, especially for termination payments due to the restructuring of the company. Income taxes In connection with the sale of Desmoteplase to Lundbeck an accrual in the amount of EUR 2.4 for expected tax payments was provided. Liquidity Cash and cash equivalents on 31 March 2012 have increased compared to 31 December 2011 by EUR 14.0 million to EUR 21.5 million. The cash and cash equivalents include EUR 16.5 million received from Lundbeck. Further EUR 2.1 million were received in April 2012 and another EUR 1.5 million is payable in February 2013. The sale of the Desmoteplase rights to Lundbeck secures a cash reach into 2014 including the repayment of a subordinated loan of EUR 7 million, due in April 2013. Business and Financial Outlook 2012 PAION confirms its outlook for 2012 made on 14 March 2012 with the publication of the annual financial results of 2011. PAION's major goals for 2012 are the out-licensing of Remimazolam outside Japan, the completion of the ongoing Phase Ib study with Solulin, as well as the implementation of its strategic realignment and focus on anaesthesia. Furthermore, PAION expects the continuation of the development activities by its cooperation partners Ono (Remimazolam) and Acorda (GGF2). ### Key Consolidated Financial Figures, IFRS (unaudited)(all figures in KEUR unless otherwise noted) Q1 2012 Q1 2011 Revenues 22,945 369 Research and development expenses -1,163 -1,390 General administrative and selling expenses -1,398 -1,441 Net result for the period 17.839 -2,528 Earnings per share in EUR for the period (basic) 0.70 -0.10 Earnings per share in EUR for the period (diluted) 0.70 -0.10 Q1 2012 Q1 2011 Cash flows from operating activities 14,111 -3,021 Cash flows from investing activities 0 3 Cash flows from financing activities -146 454 Average number of group employees 23 26 31 Mar. 2012 31 Dec. 2011 Intangible assets 3,947 4,013 Cash and cash equivalents 21,482 7,516 Equity 17,390 -464 Non-current liabilities 8,133 9,955 Balance sheet total 30,383 12,606### About PAION PAION is headquartered in Aachen, Germany and has a second site in Cambridge, UK. The company is specialised in developing innovative drugs for the hospital-based treatment in indications for which there is a substantial unmet medical need. PAION is extending its 'Search & Develop' business model, by transforming into a 'Specialty Pharma Company', with a focus on anaesthesia products. Aachen, Germany, 9. May 2012 The Management Board Contact Ralf Penner Director Investor Relations / Public Relations PAION AG Martinstrasse 10-12, 52062 Aachen - Germany Phone +49 241 4453-152 E-mail firstname.lastname@example.org http://www.paion.com Disclaimer: This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments. 09.05.2012 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: PAION AG Martinstr. 10-12 52062 Aachen Germany Internet: www.paion.com End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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