02.06.2015
Formycon AG DE000A1EWVY8
DGAP-News: Formycon AG: Results announced for 1Q 2015, forecast raised for full-year 2015
Formycon AG / Key word(s): Quarter Results
02.06.2015 07:02
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Munich - Formycon AG has announced its financial results for the first
quarter of 2015, reflecting the continued advances of its biosimilar
development projects in line with plan. The group's revenue for the period
was largely attributable to its licensing and development agreement with
Santo Holding GmbH for FYB201, the first of its biosimilar drug projects.
Expenses consisted mainly of research and development costs for its three
pending biosimilar projects. Subsequent to the end of the quarter, an
important operational milestone was reached with the signing of an
out-licensing agreement for FYB203, which will provide a further boost to
the company's financial flexibility. As to FYB201, the farthest advanced of
its development projects, preparations and consultations with U.S. and
European regulatory authorities for the commencement of phase III clinical
trials essential for final regulatory approval are proceeding according to
plan.
In the first quarter of 2015, Formycon reported consolidated revenues of
EUR 3.0 MM (1Q 2014: EUR 5.8 MM). The decline was due to the fact that the
prior-year period included a one-time payment following the signing of the
above-mentioned licensing agreement. Consolidated EBITDA for the period was
negative EUR 0.3 MM (1Q 2014: EUR 4.2 MM), with the decline likewise
attribute to the one-time payment in the prior-year period. Based upon the
recently announced successful signing of a partnership deal for FYB203, the
company has raised its full-year forecast for fiscal year 2015, which it
now expects to end with positive EBITDA.
About Formycon:
Formycon AG is a leading independent developer of biosimilars for global
marketing and has become a recognized innovator in the field. The team of
the company which has today become Formycon AG has extensive experience in
the development of complex molecules. The company has already successfully
licensed two protein-based product portfolios out to major pharmaceutical
companies - in 2008 and 2011. Its specialist expertise allows the company
to develop high-quality biosimilars that meet the strict requirements of
the regulatory authorities in highly regulated countries and regions such
as Europe and the USA. Formycon currently has three biosimilar candidates
under development, the first of which has already been licensed out to
Santo Holding GmbH, with further product development projects in the
pipeline. Its aim is to be the first company in the world to present
clinical data for each respective product candidate and on this basis to
license these products out to major pharmaceutical and generics companies
for further development. Alternatively, Formycon offers further development
of its biosimilars all the way through to marketing authorization, as well
as commercial production on behalf of its licensees.
Contact:
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg
Germany
phone +49 (0) 89 - 86 46 67 100
fax + 49 (0) 89 - 86 46 67 110
[email protected] // www.formycon.com
Disclaimer:
This release may contain forward-looking statements and information which
may be identified by formulations using terms such as "expects", "aims",
"anticipates", "intends", "plans", "believes", "seeks", "estimates" or
"will". Such forward-looking statements are based on our current
expectations and certain assumptions which may be subject to variety of
risks and uncertainties. The results actually achieved by Formycon AG may
substantially differ from these forward-looking statements. Formycon AG
assumes no obligation to update these forward-looking statements or to
correct them in case of developments which differ from those anticipated.
02.06.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Formycon AG
Fraunhoferstraße 145
82152 Planegg-Martinsried
Germany
Phone: 089 864667 100
Fax: 089 864667 110
E-mail:
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Listed: Regulated Unofficial Market in Berlin; Open Market (Entry
Standard) in Frankfurt
End of Announcement DGAP News-Service
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