Amsterdam Molecular Therapeutics reports 2009 half year financials

Aug 13 2009

Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, today reported its results for the first half year of 2009.

Highlights - Start of the preregistration clinical trial with Glybera(R) in Canada following two previous clinical trials - Presentation of additional data indicating that Glybera(R) offers a clinically important health benefit, accomplished by a significant and clinically important reduction in the incidence of acute pancreatitis in patients - Significant progress in research and development for other pipeline projects including hemophilia B, Duchenne muscular dystrophy and Parkinson's disease - Key financial figures in line with guidance - Cash & cash equivalents of EUR 25 million at June 30, 2009

Results comparison

AMT's key financial figures are well within the budgets for the first semester and therefore remain in line with the guidance that the company has given for 2009. The operating loss increased to EUR 9.9 million for the six months ended June 30, 2009, from EUR 9.1 million for the same period in 2008. This difference is primarily due to the increase of research & development costs to EUR 7.1 million from EUR 5.8 million in the same period of 2008. This increase is particularly related to the clinical development and regulatory work on the company's lead product, Glybera(R), as well as increased staffing for this and other programs. General and administrative costs decreased to EUR 2.9 million, from EUR 3.3 million in the first half of 2008, primarily as a result of decreased advisor's fees.

The net loss for the half of 2009 was EUR 9.4 million, as compared to a net loss of EUR 8.1 million for the first half of 2008.

At June 30, 2009, AMT's cash and cash equivalents amounted to EUR 25 million, compared to EUR 34 million at December 31, 2008.

"AMT showed important results in the first half of 2009. We presented additional data showing the clinically important health benefit of our lead product, Glybera(R), while good progress was made in the further development of our pipeline-products and the strengthening of the company. The search process for a new permanent CEO is progressing expeditiously but carefully to ensure the engagement of a capable new CEO. All of this reinforces our position as a leader in gene therapy and gives us a strong foundation for further growth," said Sander van Deventer, CEO of AMT.