12.07.2018
Heidelberg Pharma AG DE000A11QVV0
DGAP-News: Heidelberg Pharma reports on first half-year
DGAP-News: Heidelberg Pharma AG / Key word(s): Half Year Results
Heidelberg Pharma reports on first half-year
12.07.2018 / 07:06
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Heidelberg Pharma reports on first half-year
- Exclusive ATAC research collaboration with Magenta creates new options in
oncology and other indications
- Patent-related license agreement for potential biomarker signed with
University of Texas MD Anderson Cancer Center
- Successful consultations with Paul Ehrlich Institute and FDA
- Financials in line with planning; sales revenue up significantly
- Public conference call to be held on 12 July 2018 at 3:00 p.m. CEST
Ladenburg, Germany, 12 July 2018. Heidelberg Pharma AG (FSE: WL6) today
published its financial report on the first six months of 2018 (1 December
2017 - 31 May 2018).
Dr. Jan Schmidt-Brand, CEO and CFO of Heidelberg Pharma AG, commented: "We
have successfully completed the first half of the fiscal year. Based on
extensive financing at the end of last year, we have taken important steps
to advance our candidate HDP-101. Preparations for the Phase I trial are
also proceeding according to plan. We have made significant progress with
establishing the GMP manufacturing process for our first Antibody Targeted
Amanitin Conjugate, and in the next few weeks we expect to see the first
batches of HDP-101 for the upcoming trials. We were very pleased to receive
feedback from the regulatory authorities that confirmed our assumptions for
the preclinical development of HDP-101. The signing of the exclusive license
agreement with US biotech company Magenta represents an outstanding
milestone for us. The collaboration has gotten off to a good start, and we
are pleased to support Magenta's innovative approach to stem cell
transplantation with our ATAC technology."
Key events in the first six months of 2018
- Exclusive ATAC research collaboration with Magenta creates new options in
oncology and other indications: In early March 2018, Heidelberg Pharma
announced an exclusive multi-target research agreement with Magenta
Therapeutics. This collaboration will use antibodies from Magenta's stem
cell platform to produce new Antibody Targeted Amanitin Conjugates (ATACs)
for up to four exclusive targets. Magenta has the option to license global
development and commercialization rights to each of the product candidates
resulting from the research collaboration.
As licensor, Heidelberg Pharma receives technology access and exclusivity
fees, and payments for providing research support. Under the license
agreement, Heidelberg Pharma would be eligible to receive clinical
development, regulatory and sales-related milestone payments of up to USD
334 million, if Magenta were to exercise the options on all target molecules
and reach all milestones.
Magenta is a US-based biotechnology company headquartered in Cambridge, MA.
It develops therapeutics for the treatment of blood cancer, autoimmune
diseases and genetic diseases in order to improve bone marrow transplant
currently used as a last option. The company's goal is to make these
transplants available to more patients and enhance its tolerability.
- License agreement with the University of Texas MD Anderson Cancer Center
signed: Also in early March 2018, Heidelberg Pharma and The University of
Texas System signed an exclusive license agreement for patent rights as a
basis for developing a biomarker test. The agreement concerns diagnostics
and therapeutics for patients with RNA polymerase II deletion and the
potential development of a personalized treatment of patients with ATAC
technology.
- Conversion rate of the convertible bond nearly at 99%: A mixed non-cash
and cash capital increase was completed in November 2017, which also
involved the placement of 14,968,380 convertible bonds with a principal
amount of EUR 1.00 each with existing shareholders of Heidelberg Pharma AG
and new, institutional investors. The bondholders have the right to convert
the convertible bonds into a maximum of 5,757,069 new shares at a conversion
price of EUR 2.60 per share from 11 January 2018 up to the final maturity
date, subject to certain lock-up periods.
In the first six months, nearly 99% of the mandatory convertible bond was
converted, resulting in 5,677,212 new no par value shares. The share capital
of Heidelberg Pharma AG now amounts to EUR 28,129,782.
Report on post-balance sheet date events:
- Legal dispute with Siemens Corporation: In accordance with the principle
of prudence, Heidelberg Pharma AG as of 30 November 2015 recognized a
provision in the amount of EUR 408 thousand for a liability from a rent
guarantee to Siemens Corporation, NJ/USA, and reported this matter in the
2016 and 2017 Annual Report. Heidelberg Pharma had to assume this rent
guarantee in 2010 in connection with the acquisition of WILEX Inc. (Oncogene
Science). WILEX Inc. was sold to Nuclea Biotechnologies Inc. in 2013 and
merged with Nuclea shortly afterwards, which went into bankruptcy in
mid-2016. Siemens demanded that Heidelberg Pharma pay rent in arrears and
compensation for damages in respect of Nuclea amounting to USD 832 thousand
plus interest and legal costs, and in May 2017 brought an action against
Heidelberg Pharma for this amount before the United States District Court
for the District of Massachusetts.
The court of first instance has ruled that Siemens is entitled to a portion
of the claims. Heidelberg Pharma is currently in talks about a final
amicable settlement with Siemens. The Company continues to believe that the
provision it recognized is adequate.
Financial results for the first six months of fiscal year 2018
The Heidelberg Pharma Group (Heidelberg Pharma) - comprising Heidelberg
Pharma AG and its subsidiary Heidelberg Pharma Research GmbH - reports
consolidated figures.
In the first six months of the 2018 fiscal year, the Heidelberg Pharma Group
generated sales revenue and income totaling EUR 2.2 million, thus doubling
the prior-year figure of EUR 1.1 million. This figure includes sales revenue
of EUR 2.0 million (previous year: EUR 0.8 million), primarily from
collaboration agreements and the service business conducted by Heidelberg
Pharma Research.
Other income of EUR 0.2 million was slightly lower than the previous year's
figure of EUR 0.3 million and mainly includes income from a grant from the
Federal Ministry of Education and Research (BMBF) for research projects and
the reversal of accrued liabilities that were not needed in the projected
amount.
Operating expenses, including depreciation, amortization and impairment,
amounted to EUR 6.9 million in the reporting period, slightly higher than
the previous year (EUR 5.2 million), according to plan.
The Heidelberg Pharma Group's net loss for the first half of the year rose
by 9% to EUR 4.7 million from EUR 4.3 million for the same period in 2017;
the increase was in line with expectations. Earnings per share were EUR
-0.21, a year-over-year improvement (previous year: EUR -0.32) as a result
of a higher average number of shares.
Heidelberg Pharma had cash and cash equivalents of EUR 25.5 million as of 31
May 2018 (30 November 2017: EUR 30.4 million). The Group's average monthly
funding requirement in the first six months of the fiscal year - excluding
the capital increase 2017 - was EUR 0.8 million (previous year: EUR 0.7
million).
Total assets as of the end of the reporting period amounted to EUR 36.9
million, down from EUR 41.5 million as of the 30 November 2017 reporting
date. Equity as of the end of the reporting period was EUR 32.6 million (30
November 2017: EUR 37.0 million). This corresponded to an equity ratio of
88.2% (30 November 2017: 89.2%).
The Heidelberg Pharma Group confirms its guidance for the current fiscal
year provided at the end of March 2018.
Key figures for the Heidelberg Pharma Group
In EUR thsd. H1 2018 1 EUR H1 2017 1 EUR
thsd. thsd.
Earnings
Sales revenue 1,993 838
Other income 200 252
Operating expenses (6,906) (5,236)
of which research and development (4,641) (3,521)
costs
Operating result (4,713) (4,147)
Earnings before tax (4,713) (4,259)
Net loss for the period (4,713) (4,259)
Earnings per share in EUR (0.21) (0.32)
Balance sheet as of the end of the
period
Total assets 36,900 16,188
Cash and cash equivalents 25,535 5,504
Equity 32,555 10,539
Equity ratio2 in % 88.2 65.1
Cash flow statement
Cash flow from operating activities (4,103) (3,787)
Cash flow from investing activities (743) (186)
Cash flow from financing activities 0 4,977
Employees (number)
Employees as of the end of the 65 54
period3
Full-time equivalents as of the end 59 50
of the period3
1 The reporting period begins on 1 December and ends on 31 May
2 Equity / total assets
3 Including members of the Executive Management Board
Rounding of exact figures may result in differences.
The full half-yearly financial report including the consolidated financial
statements prepared in accordance with International Financial Reporting
Standards (IFRS) was published at
http://heidelberg-pharma.com/en/press-and-investors/announcements/financial-reports.
Invitation to the conference call
On 12 July 2018, Heidelberg Pharma will hold a public conference call for
media, analysts and investors in English at 3:00 p.m. CEST. Please dial in
ten minutes before the conference call using the following dial-in numbers:
1. Germany: +49 69 71044 5598
2. UK: +44 20 3003 2666
3. USA: +1 212 999 6659
4. USA toll free: +1 866 966 5335
You will be welcomed by an operator who will ask for the password
(Heidelberg Pharma) and take your name and company. The presentation for the
conference (in English) will be available for download at
www.heidelberg-pharma.com from 2:30 p.m. CEST.
Contact Heidelberg Pharma AG IR/PR support MC Services AG
Corporate Communications Sylvia Katja Arnold (CIRO) Tel.: +49
Wimmer Schriesheimer Str. 101, 68526 89 210 228-40 Cell: +49 (0)160
Ladenburg Tel.: +49 89 41 31 38-29 9360 3022 Email:
Email: investors[at]hdpharma.com katja.arnold[at]mc-services.eu
About Heidelberg Pharma
Heidelberg Pharma AG is a biopharmaceutical company based in Ladenburg,
Germany. Heidelberg Pharma is an oncology specialist and the first company
to develop the toxin Amanitin into cancer therapies using its proprietary
Antibody Targeted Amanitin Conjugate (ATAC) technology and to advance the
biological mode of action of the toxin as a novel therapeutic principle.
This proprietary technology platform is being applied to develop the
Company's proprietary therapeutic ATACs as well as in third-party
collaborations to create a variety of ATAC candidates. The proprietary lead
candidate HDP-101 is a BCMA-ATAC for multiple myeloma.
The Company has entered into partnerships to further develop and
commercialize its clinical assets MESUPRON(R) and REDECTANE(R), while
RENCAREX(R) is available for out-licensing and further development.
Heidelberg Pharma AG is listed on the Frankfurt Stock Exchange: ISIN
DE000A11QVV0 / WKN A11QVV / Symbol WL6. More information is available at
www.heidelberg-pharma.com.
This communication contains certain forward-looking statements relating to
the Company's business, which can be identified by the use of
forward-looking terminology such as "estimates", "believes", "expects",
"may", "will", "should", "future", "potential" or similar expressions or by
a general discussion of the Company's strategy, plans or intentions. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors, which may cause our actual results of operations,
financial condition, performance, achievements, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Given these
uncertainties, prospective investors and partners are cautioned not to place
undue reliance on such forward-looking statements. We disclaim any
obligation to update any such forward-looking statements to reflect future
events or developments.
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12.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Heidelberg Pharma AG
Schriesheimer Str. 101
68526 Ladenburg
Germany
Phone: +49 (0)89 41 31 38 - 0
Fax: +49 (0)89 41 31 38 - 99
E-mail: [email protected]
Internet: www.heidelberg-pharma.com
ISIN: DE000A11QVV0
WKN: A11QVV
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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