Transgene Announces Fiscal Year 2004 Financial Results
2005年2月23日 - 3:00PM
PRニュース・ワイアー (英語)
Transgene Announces Fiscal Year 2004 Financial Results STRASBOURG,
France, Feb. 23 /PRNewswire-FirstCall/ -- Transgene (Nasdaq: TRGNY;
Eurolist Paris: FR0005175080) announced today unaudited second half
and 2004 financial results. Condensed Consolidated Statements of
Operations US GAAP (Amounts in thousands) Six months ended December
31, 2004 2004 2003 US$ euro euro (unaudited) (unaudited) (audited)
Total revenues 2 067 1 527 1 182 Research and development (13 442)
(9 929) (10 358) General & administrative (3 104) (2 293) (2
209) Restructuring 0 0 94 Total operating expenses (16 546) (12
222) (12 473) Loss from operations (14 479) (10 695) (11 291)
Interest and other income, net 200 148 415 Income tax benefit 965
713 0 Net loss (13 313) (9 834) (10 876) US GAAP (Amount in
thousands) Twelve months ended December 31, 2004 2004 2003 US$ euro
euro (unaudited) (unaudited) (audited) Total revenues 3 403 2 514 2
501 Research and development (27 091) (20 011) (20 257) General
& administrative (5 649) (4 173) (4 274) Restructuring 0 0 94
Total operating expenses (32 740) (24 184) (24 437) Loss from
operations (29 337) (21 670) (21 936) Interest and other income,
662 489 1 061 Income tax benefit 942 696 0 Net loss (27 733) (20
485) (20 875) "In 2004, our net cash expenditure was controlled and
remained below our original estimate, and our clinical developments
progressed very well with the accumulation of promising results,"
stated Philippe Archinard, Chief Executive Officer of Transgene.
For the year ended December 31, 2004, Transgene reported unchanged
total revenues of 2.5 million euro (US$ 3.4 million) compared to
2003. Contract manufacturing and research revenues increased 0.3
million euro (US$ 0.4 million) due to sub-contracting agreements
with the Association National de Recherche contre le Sida, Merial
and International AIDS Vaccine Initiative. Revenues from the
manufacturing of clinical lots for Eurovacc, most of which were
received during 2004, will be recognized upon final pharmaceutical
release of the batches in the first half of 2005. Licensing
revenues decreased 0.2 million euro (US$ 0.3 million) mainly due to
the up-front payment received from Merck & Co., Inc in January
2003. Cost reimbursements from the Association Francaise contre les
Myopathies slightly decreased from 1.2 million euro (US$ 1.6
million) to 1.1 million euro (US$ 1.5 million) in 2004. Operating
expenses were 24.2 million euro (US$ 32.8 million) in 2004, almost
unchanged compared to 2003. Research and development costs were
down 0.2 million euro (US$ 0.3 million) at 20 million euro (US$ 27
million). Costs related to basic research and clinical studies
decreased. This decrease was largely offset by increases in the
costs of manufacturing and control due to work performed under
sub-contracts, and in other research and development support
activities. General and administrative expenses remained flat at
4.2 million euro (US$ 5.7 million). Due principally to a lower
level of cash and cash equivalents, interest income was halved in
2004 (0.5 million euro or US$ 0.7 million) compared to 2003 (1.1
million euro or US$ 1.5 million). The research and development tax
credit amounted to 0.7 million euro (US$ 0.9 million) in 2004.
According to the French tax authorities' current policies, it will
be refunded in 2008 if it has not been used to offset taxable
income within the next three years. Transgene reported a net loss
of 20.5 million euro (US$ 27.8 million), or 2.04 euro (US$ 2.76)
per share, in 2004, compared to a net loss of 20.9 million euro
(US$ 28.30 million), or 2.08 euro (US$ 2.82) per share, in 2003.
Cash expenditures in 2004 amounted to 20.3 million euro (US$ 27.5
million) compared to 19.6 million euro (US$ 26.5 million) in 2003.
This increase was primarily due to the decrease by 0.6 million euro
(US$ 0.8 million) in the cash refund of research tax credit
received in 2004 compared to 2003. Interest income also decreased
by 0.6 million euro (US$ 0.8 million) in 2004 compared to 2003.
These negative impacts have been partially offset by lower
operating expenses (a decrease of 0.4 million euro or US$ 0.5
million) and capital expenditures (a decrease of 0.3 million euro
or US$ 0.4 million) in 2004 compared to 2003. At December 31, 2004,
Transgene had 14.7 million euro (US$ 19.9 million) in cash and cash
equivalents. In December 2004, the principal shareholder of
Transgene announced its commitment to cover Transgene's cash needs
until the end of 2005 unless another financing option is adopted
during this timeframe. Conference Call Transgene will conduct a
conference call today, February 23, 2005, at 17:00 Central European
Time (11 am US Eastern time). To participate in the conference
call, please call one of the following numbers within 10 minutes
prior to commencement: +1 718 354 1158 for the U.S. +33 (0) 1 55 17
41 79 for France +44 (0) 20 7784 1014 for other countries
Transgene, based in Strasbourg, France, is a biopharmaceutical
company dedicated to the discovery and development of therapeutic
vaccines and immunotherapy products for the treatment of cancer and
infectious diseases. Transgene has a broad portfolio of products in
clinical development. This press release contains a forward-looking
statement referring to the promising results of Transgene's
clinical studies during 2004; however, all of Transgene's potential
products are in research, preclinical development or early stage
clinical trials, and, as is the case with all biopharmaceutical
products under development, results from future studies with more
data may show less favorable outcomes. Current results are
preliminary and based upon a small number of patients. It is
uncertain whether any of the products which Transgene is developing
will ever demonstrate adequate therapeutic efficacy or achieve
regulatory approval or commercial use. For a description of the
risks facing the successful development of Transgene's products,
see Transgene's Annual Report on Form 20-F for the year ended
December 31, 2003, filed with the U.S. Securities and Exchange
Commission (the "Annual Report"). This press release also contains
a forward-looking statement regarding the funding of Transgene's
cash needs through the end of 2005 which reflects statements made
by the Company's principal shareholder at the Board of Directors
meeting on December 7, 2004. It is not a guaranty by the Company of
on-going operations or future performance. Notes: The official
financial information of Transgene is stated in Euros. The
financial information expressed in US$ is translated solely for the
convenience of the reader at 1.00 euro = $ 1.3538, the noon buying
rate of the Federal Reserve Bank of New York on December 31, 2004.
The 2003 accounts have been restated to SFAS 123 "Accounting for
Stock based Compensation". *** Tables to follow *** Condensed
Consolidated Balance Sheets (US GAAP) (Amounts in thousands)
December 31, December 31, 2004 2004 2003 US$ euro euro (Unaudited)
(Audited) ASSETS Cash and cash equivalents 19 833 14 650 34 940
Other current assets 3 563 2 632 2 522 23 396 17 282 37 462
Property, plant and equipment, net 9 605 7 095 8 034 Other assets 1
523 1 125 322 34 525 25 502 45 818 LIABILITIES AND SHAREHOLDERS'
EQUITY Total current liabilities 7 447 5 501 5 301 Total long-term
liabilities 7 809 5 768 5 998 Total shareholders' equity 19 269 14
233 34 519 34 525 25 502 45 818 Condensed Consolidated Statements
of Operations US GAAP (Amounts in thousands except share and per
share data) Six months ended December 31, 2004 2004 2003 US$ euro
euro (unaudited) (unaudited) (audited) Revenues Revenues from
collaborative and licensing agreements 2 067 1 527 1 140 Grants
received for research and development 0 0 42 Total revenues 2 067 1
527 1 182 Operating expenses Research and development (13 442) (9
929) (10 358) General & administrative (3 104) (2 293) (2 209)
Restructuring 0 0 94 Total operating expenses (16 546) (12 222) (12
473) Loss from operations (14 479) (10 695) (11 291) Interest and
other income, net 200 148 415 Income tax benefit 965 713 0 Net loss
(13 313) (9 834) (10 876) Loss per ordinary share (1,32) (0,98)
(1,08) Weighted average number of shares outstanding 10 055 760 10
055 760 10 055 760 Loss per ADS (American Depositary Share) (0,44)
(0,33) (0,36) Weighted average number of ADSs outstanding 30 167
280 30 167 280 30 167 280 US GAAP (Amounts in thousands except
share and per share data) Twelve months ended December 31, 2004
2004 2003 US$ euro euro (unaudited) (unaudited) (audited) Revenues
Revenues from collaborative and licensing agreements 3 403 2 514 2
459 Grants received for research and development 0 0 42 Total
revenues 3 403 2 514 2 501 Operating expenses Research and
development (27 091) (20 011) (20 257) General & administrative
(5 649) (4 173) (4 274) Restructuring 0 0 94 Total operating
expenses (32 740) (24 184) (24 437) Loss from operations (29 337)
(21 670) (21 936) Interest and other income, net 662 489 1 061
Income tax benefit 942 696 0 Net loss (27 733) (20 485) (20 875)
Loss per ordinary share (2,76) (2,04) (2,08) Weighted average
number of shares outstanding 10 055 760 10 055 760 10 055 760 Loss
per ADS (American Depositary Share) (0,92) (0,68) (0,69) Weighted
average number of ADSs outstanding 30 167 280 30 167 280 30 167 280
Notes: The official financial information of Transgene is stated in
Euros. The financial information expressed in US$ is translated
solely for the convenience of the reader at 1.00 euro = $ 1.3538,
the noon buying rate of the Federal Reserve Bank of New York on
December 31, 2004. The 2003 accounts have been restated to SFAS 123
"Accounting for Stock based Compensation". DATASOURCE: Transgene
CONTACT: Philippe Poncet, C.F.O. and Investors Relations of
Transgene, +33-3-88-27-91-01; or Michael Long of Cohn & Wolfe,
+1-415-365-8523; or Tiphaine Hecketsweiler of Image 7,
+33-1-53-70-74-70 Web site: http://www.transgene.fr/
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