Transgene: Cash position of €55.7m as of 31st March 2010
Parc d’Innovation, Illkirch, France, 19th April 2010 – Transgene S.A (Euronext Paris: FR0005175080) today announced that cash and cash equivalents totalled €55.7m at 31st March, 2010 compared to €64.7m at 31st December, 2009. Net cash expenditures amounted to €9m in the first quarter of 2010. In the same period of 2009, net cash expenditures amounted to €5.6m, mainly due to the receipt of €5m of grants and repayable advances relating to the publicly-funded ADNA program.
Payment by Novartis of €7.3m is due in April as provided for under the option agreement concluded in March 2010 for the development of TG4010.
Transgene forecasts a net cash expenditure of approximately €33m for 2010.
(IAS/IFRS unaudited figures)
Transgene anticipates the following key development milestones over the next two years:
· Q2: Launch of the phase II study of TG4040 (MVA-HCV) for chronic hepatitis C.
· Q3:Scientific advice received from the EMEA and Special Protocol Assessment from the FDA for the phase IIb/III development of TG4010 (MVA-MUC1-IL2).
· Q4: Launch of the phase IIb/III clinical study of TG4010 for the treatment of non- small cell lung cancer (NSCLC).
· Q4: Phase I interim results of TG4023 (MVA-FCU1) for the treatment of liver cancer.
· Q2: Phase IIb final primary endpoint data of TG4001/RG3484 (MVA-HPV-IL2), partnered with Roche, for the treatment of precancerous cervical lesions caused by the Human Papillomavirus.
· Q2: Final results of the phase I study for TG4023 (MVA-FCU1) for the treatment of liver cancer.
· Q3: Final results of the phase II clinical study of TG4040 (MVA-HCV) for chronic hepatitis C.
Transgene is a France-based biopharmaceutical company dedicated to the development of therapeutic vaccines and immunotherapeutic products in oncology and infectious diseases. The company has four compounds in clinical development: TG4010 having completed phase II trials, TG4001/RG3484 in phase IIb trial, TG4040 having completed phase I studies and TG4023 in phase I trial. Transgene has concluded strategic agreements for the development of two of its immunotherapy products with:
· Roche: an exclusive license for the development of TG4001/RG3484 to treat HPV-mediated diseases, and
· Novartis: an option for an exclusive license for the development of TG4010 to treat various cancers.
Transgene has bio-manufacturing capacities for viral-based products. Additional information about Transgene is available on the Internet at www.transgene.fr.
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements referring to the planned clinical testing and development of Transgene’s therapeutic vaccine candidates and anticipated cash consumption. However, clinical testing and successful product development depend on a variety of factors, including the timing and success of future patient enrolment and the risk of unanticipated adverse patient reactions. Results from future studies with more data may show less favorable outcomes than prior studies, and there is no certainty that the timing of the initiation or availability of results of clinical testing will be as currently anticipated, or that product candidates will ever demonstrate adequate therapeutic efficacy or achieve regulatory approval or commercial use. The Company’s
anticipated cash consumption for 2010 is based on management’s currently expected costs for on-going and planned product development and testing, but may increase in the event of unanticipated expenses. Such unanticipated expenses may arise in the event additional expenses are required to initiate or continue testing or obtain testing rights; litigation of third party infringement claims require significant expenses; rights to proprietary genes and other technologies to further develop the Company’s business are more costly than anticipated; significant costs arise in connection with the Company’s product liability exposure; or the Company incurs unanticipated costs in connection with its use and handling of hazardous material. For further information on the risks and uncertainties involved in the testing and development of Transgene’s product candidates, see Transgene’s Document de Référence on file with the French Autorité des marchés financiers on its website at http://www.amf-france.org and Transgene’s website at www.transgene.fr.
For further information please contact:
Transgene Capital MS&L
Philippe Archinard, CEO Mary Clark, Director
+33 (0)3 88279122 +44 (0)20 7307 5336
Philippe Poncet, CFO Anna Davies, Account Director
+33 (0)3 88279102 +44 (0)20 7307 5346
Elisabetta Castelli, Director IR
+33 (0)1 44085505
|TRANSGENE||Euronext Paris||3.1250||-0.48%||7 789|