Amsterdam Molecular Therapeutics Reports Half Year Results 2009
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
months ended
This difference is primarily due to the increase of research & development
costs to
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
2008, primarily as a result of decreased advisor’s fees.
The net loss for the half of 2009 was
net loss of
At
million
“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
Conference call and webcast presentation
AMT will conduct a conference call open to the public today at
CET
free); US dial in: +1 866 291 4166 (toll free); UK dial in: +44 800 279 3 39
56 (toll free). To listen to the conference call live via the internet, visit
the investor relations portion of the AMT website at
http://www.amtbiopharma.com. Please go to the website 15 minutes prior to the
call to register, download and install the necessary audio software. Playback
of the call will be availably for 24 hours after the call. Dial In: +41 91
612 4330; +44 20 7108 6233; or +1 866 416 2558. The archived webcast also
will be available for replay shortly after the close of the call.
About Amsterdam Molecular Therapeutics
AMT has a unique gene therapy platform that to date appears to circumvent
many if not all of the obstacles that have prevented gene therapy from
becoming a mainstay of clinical medicine. Using adeno-associated viral (AAV)
vectors as the delivery vehicle of choice for therapeutic genes, the company
has been able to design and validate what is probably the first stable and
scalable AAV production platform. As such, AMT’s proprietary platform holds
tremendous promise, especially for thousands of rare (orphan) diseases that
are caused by one faulty gene. Currently, AMT has a product pipeline with
nine products at different stages of development.
Accounting policies
Basis of accounting
The condensed interim financial statement for the period ended
2009
reporting’. The accounting policies are consistent with those of the annual
financial statements for the year ended
the annual financial statements for the year ended
Please refer to our website http://www.amtbiopharma.com for the condensed
interim financial report
Certain statements in this press release are “forward-looking statements”
including those that refer to management’s plans and expectations for future
operations, prospects and financial condition. Words such as “strategy,”
“expects,” “plans,” “anticipates,” “believes,” “will,” “continues,”
“estimates,” “intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify such forward-looking statements.
Such statements are based on the current expectations of the management of
Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on
these statements because, by their nature, they are subject to known and
unknown risks and can be affected by factors that are beyond the control of
AMT. Actual results could differ materially from current expectations due to
a number of factors and uncertainties affecting AMT’s business, including,
but not limited to, the timely commencement and success of AMT’s clinical
trials and research endeavors, delays in receiving U.S. Food and Drug
Administration or other regulatory approvals (i.e. EMEA, Health Canada),
market acceptance of AMT’s products, effectiveness of AMT’s marketing and
sales efforts, development of competing therapies and/or technologies, the
terms of any future strategic alliances, the need for additional capital, the
inability to obtain, or meet, conditions imposed for required governmental
and regulatory approvals and consents. AMT expressly disclaims any intent or
obligation to update these forward-looking statements except as required by
law. For a more detailed description of the risk factors and uncertainties
affecting AMT, refer to the prospectus of AMT’s initial public offering on
SOURCE Amsterdam Molecular Therapeutics B.V