AMSTERDAM, August 13 /PRNewswire/ --
- Conference Call & Webcast Today at 2:00 p.m. CET
Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, today reported its results for the first half year of 2008.
Highlights - Positive results of pivotal trial for Glybera(R) (AMT-011) for Hyperlipoproteinemia type I - European patent for treatment of Non-Alcoholic Steatotic Hepatitis - License for treatment of Duchenne Muscular Dystrophy from La Sapienza University, Rome, Italy - License for prevention of immune response against treatment of Hemophilia B from 'TIGET", San Raffaele Telethon Gene Therapy Institute, Milan, Italy - Collaboration with St. Jude Children's Research Hospital, Memphis, Tennessee, USA, including license for treatment of Hemophilia B - GMP manufacturing development: License for raising yields of production platform from NIH, Bethesda, USA - Key financial figures in line with guidance - Cash & cash equivalents of EUR 43.1 million at June 30, 2008 - Independent supervisory board with three new members bringing extensive knowledge and experience.
AMT's key financial figures are in line with the guidance that the company has given for 2008. The operating loss increased to EUR 9.1 million for the six months ended June 30, 2008, from EUR 7.2 million for the same period in 2007. This difference is primarily due to the increase of research & development costs to EUR 5.8 million from EUR 3.8 million in the same period of 2007. This increase is particularly related to the development work on the company's lead product Glybera(R) (AMT-011) and increased staffing for this and other programs. General and administrative costs decreased slightly to EUR 3.3 million from EUR 3.5 million for the same period in 2007 due to lower share-based payments.
The net loss for the first six months was EUR 8.1 million, as compared to a net loss of EUR 8.6 million in the same period of 2007.
At June 30, 2008, AMT's cash and cash equivalents amounted to EUR 43.1 million, compared to EUR 51.3 million at December 31, 2007.
"AMT had an excellent first half of 2008. During the first half of this year AMT has made substantial progress in the development of our lead product, in strengthening our pipeline, and in our business and corporate development. All of this reinforces our position as a leader in gene therapy and gives us a strong foundation for further growth," said Ronald Lorijn, CEO of AMT.
Conference call and webcast presentation
AMT will conduct a conference call open to the public today at 2.00 p.m. CET, which will also be webcast. Netherlands Dial In: +31(0)800-949-4517 (toll free); US Dial In: +1-866-291-4166 (toll free); UK Dial In: +44-207-107-0611. The webcast can be accessed via AMT's website at http://www.amtbiopharma.com. Please go to the website 15 minutes prior to the call to register, download and install the necessary audio software. Playback of the call will be availably for 24 hours after the call. Dial In: +41-91-612-4330; +44-20-7108-6233; or +1-866-416-2558. The archived webcast also will be available for replay shortly after the close of the call.
About Amsterdam Molecular Therapeutics
AMT has a unique gene therapy platform that to date appears to circumvent many if not all of the obstacles that have prevented gene therapy from becoming a mainstay of clinical medicine. Using adeno-associated viral (AAV) vectors as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. As such, AMT's proprietary platform holds tremendous promise for thousands of rare (orphan) diseases, especially the ones that are caused by one faulty gene. AMT currently has a product pipeline with seven products at different stages of development.
Basis of accounting
The condensed interim financial statement for the period ended June 30, 2008 has been prepared in accordance with IAS 34, 'interim financial reporting'. The accounting policies are consistent with those of the annual financial statements for the year ended December 31, 2007, as described in the annual financial statements for the year ended December 31, 2007.
Certain statements in this press release are "forward-looking statements" including those that refer to management's plans and expectations for future operations, prospects and financial condition. Words such as "strategy," "expects," "plans," "anticipates," "believes," "will," "continues," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT's business, including, but not limited to, the timely commencement and success of AMT's clinical trials and research endeavors, delays in receiving U.S. Food and Drug Administration or other regulatory approvals (i.e. EMEA, Health Canada), market acceptance of AMT's products, effectiveness of AMT's marketing and sales efforts, development of competing therapies and/or technologies, the terms of any future strategic alliances, the need for additional capital, the inability to obtain, or meet, conditions imposed for required governmental and regulatory approvals and consents. AMT expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, refer to the prospectus of AMT's initial public offering on June 20, 2007, and AMT's public announcements made from time to time.
For information: Andre Verwei, CFO, +31-20-566-5686, email@example.com; Rob Janssen, Director Corporate Communications & Investor Relations, +31-20-566-7509, firstname.lastname@example.org