ThromboGenics Business Update and Interim Results for the Seven Month Period Ending 30 June 2007
Leuven, Belgium - August 24, 2007 - ThromboGenics NV (Euronext Brussels: THR), a biotechnology company focused on vascular diseases, today announces a business update and its financial results for the seven month period ending 30 June 2007.
During this period, ThromboGenics has raised additional funds to invest in its development pipeline and has continued to make good progress with its clinical programs.
Successful placing of a total of 5,166,517 shares, which increased the
companys free float to 70%, and led to an improvement in stock liquidity. As part of this placement, ThromboGenics issued 2,214,030 new shares raising a total of 23.9m. These new funds have strengthened ThromboGenics financial position, and will allow it to continue to advance the development of its product portfolio and strengthen its operations. The companys cash position amounted to 49.3m as of 30 June 2007.
Further progress with microplasmin for ophthalmic indications. Initiation of a Phase IIb clinical trial of microplasmin in vitrectomy (MIVI III - Microplasmin for Vitreous Injection) in the United States, as well as the initiation of twoPhase IIa clinical trials of microplasmin in Europe, for Vitreomacular traction and diabetic macular edema (MIVI IIT and MIVI II, respectively).
Progressed TB-402 (anti-factor VIII) into man, in collaboration with BioInvent International. TB-402 is being developed as a potential anti-coagulant for the treatment and prevention of deep vein thrombosis (DVT) and atrial fibrillation.
For the December 2006 to June 2007 period, revenues amounted to 1.3m, mainly coming from out-licensing. Operating expenses were 10.5m, the majority of which were due to R&D expenses related to the microplasmin clinical development program. The net loss for the period was 8.6m.
As of 30 June 2007, ThromboGenics had 49.3m in cash and cash
equivalents. This compared to 33.7m on 30 November, 2006, and results from the fundraising that the company completed in May 2007.
The Group streamlined its organization with the absorption of the fully owned subsidiary Thromb-X.
Prof Désiré Collen, CEO of ThromboGenics, commenting on todays announcement, said: I am very pleased with the all-round progress that we have made during the first half of 2007. We have been able to attract additional funding to advance our product portfolio, and to broaden our shareholder base. I am particularly excited with the very encouraging results we have obtained with microplasmin in clinical trials targeting back of the eye diseases, and with the good progress in our early clinical
programs such as with the anti-coagulant TB-402.
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