14.04.2016
WILEX AG DE000A11QVV0
DGAP-News: WILEX AG: Interim management statement on the first quarter of 2016
DGAP-News: WILEX AG / Key word(s): Quarterly / Interim Statement
WILEX AG: Interim management statement on the first quarter of 2016
14.04.2016 / 07:10
The issuer is solely responsible for the content of this announcement.
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WILEX AG: Interim management statement on the first quarter of 2016
Munich, Germany, 14 April 2016. WILEX AG (ISIN DE000A11QVV0 / WL6 / FSE)
today reported on the first three months of the 2016 financial year (1
December 2015 - 29 February 2016) and the Group's financial figures.
"The first quarter of 2016 proceeded according to plan. We are working on
the further development of our proprietary platform technology for Antibody
Targeted Amanitin Conjugates. A considerable part of the financing strategy
we initiated for this has been implemented, and a further capital increase
is currently being carried out," commented Dr Jan Schmidt-Brand, Spokesman
of the Executive Management Board and CFO of WILEX AG.
The ATAC technology is used to cross-link the highly effective compound
amanitin to antibodies developed by various partners and perform
preclinical testing of these. At the same time, WILEX is working on
optimising an Antibody Targeted Amanitin Conjugate (ATAC) as our first
proprietary ATAC candidate and on making this ready for early clinical
development. In addition to preclinical investigations, this will entail
establishing the manufacturing process for the relevant antibodies, the
amanitin drug and different ATAC candidates at subcontractors in accordance
with GMP standards.
Important events in the reporting period
- Announcement of an extensive financing strategy in November and
implementation of the first two corporate actions in December 2015
In late November, a financing strategy was adopted that is expected to
ensure the further development and marketing of the ADC technology at the
Company's subsidiary Heidelberg Pharma GmbH. The multi-level financing
package comprises several corporate actions. WILEX's main shareholder,
dievini Hopp BioTech holding GmbH & Co. KG, Walldorf, supports this
strategy with up to EUR 10 million, provided the subscription price does
not exceed EUR 1.84 per share.
The first capital increase by 10% of the share capital was carried out by
way of a private placement excluding the other shareholders' subscription
rights. Main shareholder dievini Hopp BioTech holding GmbH & Co. KG
acquired all 930,560 new no par value bearer shares from authorised capital
at an issue price of EUR 1.84. After the execution of this capital increase
was entered in the Commercial Register, this lifted the Company's share
capital from EUR 9,305,608.00 to EUR 10,236,168.00.
The second corporate action was a capital increase using authorised capital
including subscription rights of all shareholders. By the end of the
subscription period on 8 December 2015 the shareholders of WILEX AG had
exercised their subscription and additional subscription rights for 443,124
new shares at a subscription price of EUR 1.84 per share. dievini exercised
all of its subscription rights and also subscribed shares as part of the
additional subscription. Accordingly, this second capital increase lifted
the Company's share capital from EUR 10,236,168.00 to EUR 10,679,292.00.
Both actions were completed on 11 December 2015 when they were entered in
the Commercial Register. The plan is to use the net issue proceeds of EUR
2.5 million from both capital increases to further develop the proprietary
ADC technology.
- WILEX partner Link Health submits study protocol for Phase I clinical
trial with the uPA inhibitor MESUPRON(R) in China
In January 2016, it was announced that Link Health had submitted an
investigational new drug (IND) application to the China Food and Drug
Administration (CFDA) for completing a Phase I dose-escalation study with
the product candidate MESUPRON(R).
This open-label, dose-escalation trial aims to investigate the safety,
pharmacokinetics, pharmacodynamics and clinical activity of MESUPRON(R) in
cancer patients in China. WILEX received the remaining amount of an agreed
milestone payment totalling EUR 500 k.
Events after the reporting period
- Changes on the Executive Management Board
Dr Paul Bevan retired on 31 March 2016 according to plan, but will continue
to maintain close ties with the Company as an advisor. At the present time,
the Executive Management Board is temporarily composed of just one member,
Dr. Jan Schmidt-Brand, Spokesman of the Executive Management Board and
Chief Financial Officer.
- Announcement of a rights issue using authorised capital with
subscription rights
On 5 April 2016, WILEX announced that, using authorised capital, the
Company's share capital is to be increased by up to EUR 2,248,272.00, from
EUR 10,679,292.00 to up to EUR 12,927,564.00, through the issue of up to
2,248,272 new no par value bearer shares in return for cash contributions.
With this capital increase, the Company is implementing the next step in
its financing strategy.
The new shares will be offered exclusively to existing shareholders at a
19:4 ratio by means of an indirect subscription right. Hence, shareholders
will be entitled to subscribe for 4 new shares for each 19 existing shares
held. The subscription period began on 8 April 2016 and will end on 22
April 2016 at 4:00 pm. The subscription price is fixed at EUR 1.84. There
will be no organised trading in subscription rights. The subscription offer
was published in the Federal Gazette on 7 April 2016 and is available on
the Company's website, www.wilex.com, under "Press+Investors > Share >
Capital increase April 2016".
- Downsizing of the Supervisory Board planned
On 6 April 2016, the Company announced plans to reduce the size of its
Supervisory Board from six to five members. The required amendment to the
Articles of Association will be presented to the Annual General Meeting for
approval on 13 May 2016. Behind this is the decision by Supervisory Board
member Andreas Krebs to leave the Supervisory Board following the Annual
General Meeting at his own request and for professional reasons.
- Invitation to the 2016 Annual General Meeting
WILEX AG invites all shareholders to its Annual General Meeting that will
take place on 13 May 2016 at 11:00 am at the Munich Conference Center
(Konferenzzentrum München, Hanns-Seidel-Stiftung, Lazarettstr. 33, 80636
Munich). The agenda of the AGM was published in the Federal Gazette on 6
April 2016. All information on the Annual General Meeting has been
published on the Company's website under "Press+Investors > Annual General
Meeting".
Results of operations, financial position and net assets
The WILEX Group - as of the reporting date comprising WILEX AG and the
subsidiary Heidelberg Pharma GmbH - reports consolidated figures. The
reporting period referred to below concerns the period from 1 December 2015
to 29 February 2016 (3M 2016).
In the first three months of the 2016 financial year, the WILEX Group
generated sales revenue and income totalling EUR 1.0 million, up 11% on the
previous year (EUR 0.9 million). This figure includes sales revenue of EUR
0.5 million (previous year: EUR 0.4 million), which is made up of the
business of Heidelberg Pharma (EUR 0.4 million) and a component of the
licence agreements with Link Health (EUR 0.1 million). At EUR 0.5 million,
other income was at the same level as in the previous year (EUR 0.5
million), due in particular to income from the reversal of a liability (EUR
0.3 million) that was not needed in the projected amount. Income of EUR 0.1
million was also generated in the context of the 2013 sale of former
subsidiary WILEX Inc. to Nuclea Biotechnologies Inc. As a consequence of
the write-off of the full amount of the loan granted at the reporting date
of the last financial year, any interest and capital repayments received
must be recognised in profit or loss. A government grant of EUR 0.1 million
from the Federal Ministry of Education and Research (BMBF) for research
projects was also recorded.
Operating expenses including depreciation and amortisation amounted to EUR
2.0 million in the reporting period, as in the previous year. Cost of sales
concerns costs that are directly related to revenues and were incurred by
the Group for customer-specific research; they amounted to EUR 0.1 million
(previous year: EUR 0.4 million). Research and development (R&D) costs of
EUR 1.3 million were up EUR 0.5 million on the prior-year period (EUR 0.8
million), due to the expansion of preclinical investigations at Heidelberg
Pharma. R&D costs accounted for by far the largest share of all operating
expenses, at 65%. Administrative costs decreased in the first quarter of
2016 to EUR 0.5 million from EUR 0.7 million in the previous year. This
figure includes the costs for the holding activities and the stock market
listing. Other expenses for activities in the areas of business
development, marketing and commercial market supply remained steady
year-on-year at EUR 0.1 million in the current reporting period.
At EUR 1.1 million, the WILEX Group's net loss for the first three months
of the financial year was maintained at a stable level compared with the
previous year, with higher sales revenue and income offsetting higher
operating expenses, especially for R&D. In spite of an almost identical net
loss for the period, earnings per share rose by 29% to EUR -0.10 (previous
year: EUR -0.14), due exclusively to the higher average number of shares
resulting from the capital increases implemented in December 2015.
Total assets as of 29 February 2016 amounted to EUR 13.0 million, up from
the figure of EUR 12.1 million shown as of the 30 November 2015 reporting
date. At EUR 10.9 million, equity was up compared to the end of the 2015
financial year (EUR 9.5 million). This corresponds to an equity ratio of
83.5% (30 November 2015: 78.3%).
A cash inflow from financing activities of EUR 2.5 million was recorded in
the reporting period as a result of the successfully completed capital
increases. Cash and cash equivalents as of the end of the first quarter
amounted to EUR 2.3 million (30 November 2015: EUR 1.3 million). Hence,
WILEX's average monthly cash inflow in the first quarter of the financial
year was EUR 0.33 million (previous year: cash outflow of EUR 0.28
million). Excluding the capital increases, this is equivalent to an average
monthly reduction of EUR 0.48 million resulting from the operating and
investing activities.
There is no change to the guidance for the WILEX Group for the current
financial year issued at the end of March 2016. Based on current planning
and assuming the planned corporate actions are carried out, the Company's
financing has been secured into the second quarter of 2017.
Since WILEX announced its quarterly financial figures only shortly after
publishing the figures for the 2015 financial year and the analyst and
investor conference held on 22 March 2016, the Company will not hold a
conference call for this interim statement. The complete figures for the
interim financial statements can be downloaded from www.wilex.com
"Press+Investors > Financial Reports > Interim Management Statement of 14
April 2016".
Key figures for the WILEX Group
Q1 2016 1 Q1 2015 1 In EUR '000 EUR '000 EUR '000 Earnings Sales revenue 455 427 Other income 502 471 Operating expenses (2,026) (1,972) of which research and development costs (1,311) (813) Operating result (1,069) (1,074) Earnings before tax (1,071) (1,074) Net loss for the period (1,080) (1,074) Earnings per share in EUR (0.10) (0.14) Balance sheet as of the end of the period Total assets 13,028 13,994 Cash and cash equivalents 2,305 1,369 Equity 10,879 10,813 Equity ratio2 in % 83.5 77.3 Cash flow statement Cash flow from operating activities (1,399) (823) Cash flow from investing activities (42) (6) Cash flow from financing activities 2,452 (11) Employees (number) Employees as of the end of the period3 53 51 Full-time equivalents as of the end of the period3 48 451 The reporting period begins on 1 December and ends on 29/28 February. 2 Equity / total assets 3 Including members of the Executive Management Board Rounding of exact figures may result in differences. Contact IR/PRsupport MC Services AG WILEX AG Katja Arnold (CIRO) Corporate Communications Executive Director & Partner Sylvia Wimmer Tel.: +49 (0)89-210 228-40 Tel.: +49 (0)89-41 31 38-29 Mobile: +49 (0)160 9360 3022 Email: investors[at]wilex.com Email: katja.arnold[at]mc- Grillparzerstr. 18, 81675 Munich, services.eu GermanyAbout WILEX and Heidelberg Pharma WILEX AG is a biopharmaceutical company which discontinued all clinical development activities at its Munich site and now exercises a holding function as the Group parent. Research and development focus on the operations of its subsidiary Heidelberg Pharma GmbH in Ladenburg, which primarily advances the development of the innovative ADC platform technology for antibody-targeted amanitin conjugates (ATAC technology) and provides preclinical drug research and development services. WILEX has the diagnostic and therapeutic drug candidates REDECTANE(R) and RENCAREX(R), which are available for out-licensing and further development in Phase III for external partners. WILEX is listed at the Frankfurt Stock Exchange: ISIN DE000A11QVV0 / WKN A11QVV / Symbol WL6. More information is available at http://www.wilex.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 position, earnings, achievements, or industry results, to be materially different from any future results, earnings 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. --------------------------------------------------------------------------- 14.04.2016 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: WILEX AG Grillparzerstr. 18 81675 München Germany Phone: +49 (0)89 41 31 38 - 0 Fax: +49 (0)89 41 31 38 - 99 E-mail: [email protected] Internet: www.wilex.com ISIN: DE000A11QVV0 WKN: A11QVV Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------------- 454167 14.04.2016
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