Jerini Reports Financial Results for First Nine Months of 2007
Berlin, November 14, 2007 - Jerini AG (FSE:JI4) reported financial
results according to International Financial Reporting Standards
(IFRS) for the first nine months ended September 30, 2007.
Total revenues for the nine-month period ended September 30, 2007,
increased by 70.8 percent to ¤ 16.2 million (prior year period: ¤ 9.5
million). Revenues from collaboration agreements increased to ¤ 13.0
million (prior year period: ¤ 7.0 million), mainly due to a payment
from Abbott in accordance with an agreement concluded on September 4,
2007, in which Jerini regained the worldwide rights to Icatibant for
the treatment of hereditary angioedema (HAE). Cash and cash
equivalents as of September 30, 2007, amounted to ¤ 50.6 million.
"Jerini has made significant progress in the last year. The
completion of US and EU regulatory filings for Icatibant in HAE along
with the start of clinical testing in age-related macular
degeneration have brought the company to a new level in its
development," said Jens Schneider-Mergener, CEO of Jerini. "We are
now in a very strong position to realize our goal of launching
Icatibant for the treatment of HAE in 2008."
Research and development expenses increased in the first nine months
of 2007 to ¤ 20.3 million (prior year period: ¤ 17.4 million) as a
result of a milestone payment to sanofi-aventis. General and
administrative expenses increased to ¤ 7.0 million (prior year
period: ¤ 5.7 million), mainly attributable to the hiring of new
employees. Marketing and sales expenses increased to ¤ 4.8 million
(prior year period: ¤ 3.4 million) mainly due to intensified
preparations undertaken by Jerini US, Inc. for the planned market
launch of Icatibant in 2008. Loss from operations before tax and
finance cost (EBIT) decreased to ¤ 17.2 million (prior year period: ¤
18.4 million). Net loss for the nine-month period ended September 30,
2007 amounted to ¤ 15.5 million (¤ 16.7 million for the first nine
months of 2006). Loss per share for this period amounted to ¤ 0.29
(prior year period: ¤ 0.32).
Net cash burn for the first nine months of 2007 amounted to ¤ 15.4
million (prior year period: ¤ 21.5 million). Net cash burn is
calculated by the addition of cash used in operating activities (¤
14.6 million) and cash used in investing activities (¤ 0.8 million),
as disclosed in the unaudited consolidated cash-flow statements for
the nine-month period ended September 30, 2007.
Outlook
Having regained worldwide marketing rights to Icatibant, Jerini plans
to launch Icatibant with its own sales and marketing teams in both
the US and Europe. Launch preparations for both regions are running
in parallel, with the current emphasis on implementing pre-marketing
programs, which include working with patient organizations, key
opinion leaders, and HAE-treating physicians to raise awareness of
Icatibant, HAE, and bradykinin as its key mediator.
Led by Jerini's commercial directors and key account managers, the
company is conducting market research, participating in national and
international medical conferences, targeting publications in
scientific media, and attending national patient meetings. The
commercial teams will also work closely with national reimbursement
authorities to ensure Icatibant's full reimbursement following
approval. Jerini also has manufacturing and logistic plans in place
to ensure rapid product distribution following product launch.
Jerini Ophthalmic, Inc. continues to enroll patients in its Phase I
clinical trial evaluating JSM 6427 for the treatment of age-related
macular degeneration. The company expects the trial to be completed
in 2008.
Management projects a cash burn for the year of approximately ¤ 32
million, which is lower than previous guidance due to a payment from
Abbott and revised timing of clinical programs. Clinical development
expenses, market launch preparations, and further development of
other preclinical programs are the main factors behind cash burn and
spending in 2007 and 2006.
About Jerini AG
Jerini is a pharmaceutical company based in Berlin, Germany, focusing
on the discovery, development, and commercialization of novel
peptide-based drugs. The company pursues disease indications that
have limited or no treatment options and has built a drug pipeline
composed of its own programs, as well as others in collaboration with
established partners. Jerini has completed Phase III clinical trials
of Icatibant in the subcutaneous treatment of hereditary angioedema
(HAE). In August 2007, the company's Marketing Authorization
Application (MAA) was accepted for review by the European Medicines
Evaluation Agency (EMEA) and granted accelerated assessment by the
agency, shortening the regulatory review period from 210 to 150
calendar days. In October 2007, Jerini filed a New Drug Application
(NDA) with the US Food and Drug Administration (FDA) and requested
priority review. Based on its technology platform, Jerini has also
established several in-house development programs, which address
indications within the therapeutic areas of ophthalmology, oncology,
and inflammatory disease.
ISIN: DE0006787476
For questions, please contact:
Stacy Wiedenmann
Director Investor Relations &
Corporate Communications
Jerini AG
Invalidenstr. 130
10115 Berlin
T + 49 - 30 - 97893 - 285
X + 49 - 30 - 97893 - 105
wiedenmann@jerini.com
