Transgene Announces Third Quarter 2013 Financial Results

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Transgene Announces Third Quarter 2013 Financial Results

Strasbourg, France, October 21, 2013 – Transgene SA (NYSE-Euronext: TNG) today announced its financial results as of September 30, 2013 (third quarter and first nine months of 2013).

Operating Revenue:

The following table summarizes the operating revenue for the third quarter and first nine months of 2013 compared to the same periods in 2012:

Unaudited[1]

Third quarter

Third quarter

First nine months

First nine months

In million euros

2013

2012

2013

2012

Revenue from collaborative and licensing agreements

1.4

1.2

2.8

2.8

Government financing for research expenditures

3.4

2.0

8.7

6.5

Operating revenue

4.8

3.2

11.5

9.3

During the first nine months of 2013, revenue from collaborative and licensing agreements was mainly composed of: (i) manufacturing services for Jennerex, Inc., Transgene’s strategic partner for the development of Pexa-Vec (JX594/TG6006) (1.5 million euros); (ii) revenue recognized from the payment made in 2010 by Novartis for an exclusive option agreement for TG4010 (0.8 million euros); and (iii) royalties from licensed technologies and products (0.4 million euros).

As of September 30, 2013, government financing for research expenditures included: (i) an estimate of the income accrued during the period for subsidies received and to be received (2.9 million euros) and (ii) 75% of the research tax credit for 2013, estimated as of June 30, 2013 (5.8 million euros).

Cash, Cash Equivalents, Available-for-sale Financial Assets and Other Financial Assets:

Cash, cash equivalents, available-for-sale financial assets and other financial assets amounted to 63.0 million euros as of September 30, 2013, compared to 72.0 million euros as of June 30, 2013. In the first nine months of 2013, Transgene’s cash[2] burn was 29.9 million euros, with cash burn of 12.8 million euros in the first quarter, 8.1 million euros in the second quarter, and 9.0 million euros in the third quarter of 2013. Transgene confirmed its previous guidance of approximately 50 million euros in total cash burn for fiscal year 2013. Cash burn for the fourth quarter of 2013 compared to previous quarters is expected to increase due to the timing of cash receipts and an increase in clinical trial costs.


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