- WKN: A0B65S
- ISIN: DE000A0B65S3
- Land: Deutschland
Nachricht vom 07.05.2014 | 07:30
PAION AG REPORTS RESULTS FOR THE FIRST QUARTER 2014
PAION AG / Key word(s): Quarter Results
PAION AG REPORTS RESULTS FOR THE FIRST QUARTER 2014
- Revenues and net result for the period in line with plans
- Gross proceeds of EUR 11.2 million from the capital increases
- Cash and cash equivalents of EUR 20,6 million secure cash reach into the first quarter of 2016
- Conference call (in English) today at 2:00 pm CEST (1:00 pm BST/8:00 am EDT)
Aachen (Germany), 07 May 2014 - The biopharmaceutical company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8), today reports its consolidated financial results according to International Financial Reporting Standards (IFRS) for the first quarter 2014.
Cash and cash equivalents increased by EUR 7.4 million in the first quarter of 2014 mainly due to the capital increases conducted earlier this year minus the cash need for the operating business. As of 31 March 2014, PAION's cash and cash equivalents amounted to EUR 20.6 million. The cash and cash equivalents alone secure PAION's cash reach into the first quarter 2016.
Dr Wolfgang Söhngen, CEO of PAION commented, "The focus of the first quarter this year was the preparation of the Remimazolam Phase III programs in EU and the US. The capital actions were undertaken in preparation for these trials. Primarily, we will use the proceeds to produce the study medication and to validate production at market scale. Furthermore, the analysis of the Phase II clinical study in the EU with Remimazolam was prepared and further consultations with the authorities in preparation for the Phase III program in the US and the EU were undertaken. Subject to a successful financing by mid-year we expect to initiate the Phase III trials in the US and the EU around year-end."
Development and Commercial Activities
On 15 January 2014, the Management Board decided with the approval of the Supervisory Board and based on the authorisation of the General Meeting to issue 1,245,899 new bearer shares to Capital Ventures International in a private placement excluding existing shareholder pre-emptive rights. The new shares were issued at a price of EUR 2.4079 per share. As a result, PAION's share capital increased to EUR 29,403,582. The capital increase was recorded in the commercial register on 22 January, 2014 and led to a cash inflow of EUR 3 million.
On 12 February, 2014, the Management Board decided to issue another 1,290,178 new bearer shares to Capital Ventures International in a private placement excluding existing shareholders' pre-emptive rights. The new shares were issued at a price of EUR 2.4553 per share and led to a cash inflow of EUR 3.17 million. As a result, PAION's share capital increased to EUR 30,693,760. The capital increase was recorded in the commercial register on 17 February 2014.
Due to the three capital measures the Authorised Capital 2011 decreased to EUR 7,366,534.00.
After the end of the reporting period, PAION announced on 11 April 2014 that it is planning a capital increase with subscription rights by issuing up to 18.5 million shares to fund the Phase III Remimazolam clinical trials in the US and EU. The resolution on this capital increase is planned to be adopted at the upcoming Annual General Meeting on 21 May 2014.
Key Consolidated Financial Figures, IFRS
The full quarterly financial report will be available as from 07 May 2014 on our corporate website at http://www.paion.com/en/berichte-2014.
Earnings call and webcast
To access the call, participants from:
The conference call will be supplemented by a webcast presentation which can be accessed during the call under the following link: http://www.anywhereconference.com?UserAudioMode=DATA&Name=&Conference=137351751&PIN=327669. To connect, please just click on the link or enter 137351751 in the field "Weblogin" and 327669 in the field "PIN Code" on http://www.anywhereconference.com.
The dial-in details for the conference call and the webcast link will also be available on our website http://www.paion.com on the date of the call. The conference call will be recorded. Details on how to access the replay will be posted on the same webpage after the call.
End of Corporate News
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