Quarterly Report • Oct 31, 2011
Quarterly Report
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| H1 20111 € '000 |
H1 20101 € '000 |
Change in% |
|
|---|---|---|---|
| Earnings | |||
| Income | 2,006 | 912 | 120 |
| of which sales revenue | 1,367 | 0 | n/a |
| of which other income | 639 | 912 | (30.0) |
| Operating expenses | (12,407) | (12,477) | (0.6) |
| of which research and development costs | (8,755) | (10,195) | (14.1) |
| Operating result | (10,402) | (11,565) | (10.1) |
| Earnings before tax | (10,620) | (11,552) | (8.1) |
| Net loss for the period | (10,621) | (11,556) | (8.1) |
| Earnings per share in € | (0.54) | (0.73) | (25.9) |
| Balance sheet as of the end of the period | |||
| Total assets | 28,125 | 6,747 | 316.9 |
| Cash and cash equivalents | 13,516 | 3,309 | 308.5 |
| Equity | (980) | 142 | n/a |
| Equity ratio 2 in% |
(3.5) | 2.1 | n/a |
| Cash flow statement | |||
| Cash flow from operating activities | 1,668 | (8,382) | n/a |
| Cash flow from investing activities | (98) | (4) | n/a |
| Cash flow from financing activities | 9,972 | 8,283 | 20.4 |
| Employees (number) | |||
| Employees as of the end of the period 3 | 118 | 72 | 63.9 |
| Employees – average for the reporting period 3 | 93 | 72 | 29.2 |
1 The reporting period begins on 1 December and ends on 31 May
2 Equity/total assets
3 Including WILEX Inc. and Heidelberg Pharma AG (2011) and members of the Executive Management Board
The strategic acquisitions of Heidelberg Pharma AG and Oncogene Science (through WILEX Inc.) have expanded our business model. In addition to developing therapeutic and diagnostic products, we are now also active in the areas of in vitro diagnostic tests, preclinical contract research and ADC technology. As a result, the financial reporting of the WILEX Group will cover three segments in future: Therapeutics (Rx), Diagnostics (Dx) and Customer Specific Research (Cx).
Our commercialisation strategy for the therapeutic agent RENCAREX® was very successful in the second quarter. WILEX granted the exclusive US commercial rights for RENCAREX® to Prometheus Laboratories Inc., a US-based pharmaceutical company. In addition to upfront and milestone payments plus royalties, this alliance, which has a volume of more than USD 145 million, contains another important strategic component: WILEX may either claim the European commercial rights to a product in the portfolio of Prometheus that is already on the market or, alternatively, receive a compensation payment of USD 20 million after 12 months. Our financial outlook for 2011 has improved due to the alliance with Prometheus.
The pre-BLA meeting for the imaging diagnostic candidate REDECTANE® took place in the second quarter. The FDA confirmed during the discussions at this meeting that the Phase III REDECT trial delivers reasonable evidence of the diagnostic efficacy and safety of REDECTANE®. Two issues remain to be resolved by WILEX and its partner Ion Beam Applications S.A., Louvain-la-Neuve, Belgium (IBA). The FDA suggested that WILEX and IBA might consider an outcomes based study to provide additional evidence of clinical benefit before BLA filing. WILEX and IBA agree with the FDA that a trial with a clinical benefit outcome could represent the next logical step in REDECTANE's development. WILEX, IBA and external medical advisors however are of the opinion that such a trial should be conducted as a Phase IV trial after market approval. WILEX and IBA will first discuss the trial design and strategy with the Medical Advisory Board and subsequently with the FDA. The second set of issues discussed with the FDA concerns matters related to the manufacturing of REDECTANE®. WILEX and IBA will make the required data available to the FDA in the next months.
The acquisition of Heidelberg Pharma AG was recorded in the Commercial Register in March. In the next months, we will push ahead with integrating the company into the Group and pursuing licence agreements for products of the ADC platform technology.
Our Annual General Meeting took place in May with more than 70% of the share capital represented. The Annual General Meeting adopted all of the proposed resolutions with a large majority.
We thank you for the trust you have placed in us and look forward to your continuing support.
Munich, 14 July 2011
Peter Llewellyn-Davies Chief Financial Officer
WILEX AG is a biopharmaceutical company focused on oncology with an attractive portfolio of therapeutic and diagnostic products for the targeted treatment and detection of various types of cancer. The compounds are based on antibodies and small molecules. They are designed to inhibit tumour growth with a low side effect profile and prevent metastases.
The founding of WILEX Inc. in late 2010 and the acquisition of Heidelberg Pharma AG, recorded in the Commercial Register in March 2011, has changed the structure of the WILEX Group, resulting in an integrative approach by complementing our product development activities through diagnostic agents, an innovative platform technology and customer specific research.
These new products and technologies enhance both WILEX's profile in oncology and its competitive position. Our combined offering in therapeutics and diagnostics could help oncologists administer targeted treatments to carefully diagnosed patients and offer therapy options tailored to different stages of cancer. The Group will be able to leverage synergies between its business units.
During the first six months of the 2011 financial year, WILEX's management continued to lead the Company based on the corporate goals and strategies set out in its 2010 annual report.
The WILEX Group now reports in three operating segments: Therapeutics (Rx), Diagnostics (Dx) and Customer Specific Research (Cx).
The therapeutic agent RENCAREX® (INN: Girentuximab) is currently in a Phase III registration trial for the adjuvant therapy of non-metastatic clear cell renal cell carcinoma. The ARISER trial conducted at more than 140 trial centres in 14 countries enrolled 864 patients who had either the whole kidney or the diseased part of the kidney removed and who had no detectable metastases after surgery. The process related to the interim analysis for efficacy of RENCAREX® was started in January 2011 after the trial centres reported the 343rd relapse. The interim analysis will be carried out by an Independent Data Monitoring Committee (IDMC) and should provide critical information regarding the endpoint of the trial relevant for approval, namely "disease-free survival".
On 29 April 2011, WILEX signed a licence agreement with Prometheus Laboratories Inc. (Prometheus), San Diego, CA, USA, for the US commercial rights for RENCAREX®. WILEX was paid USD 19 million after concluding this licence agreement. In addition WILEX will have the option of a USD 20 million payment 12 months after signing the agreement or the European commercial rights to an undisclosed Prometheus product. WILEX is entitled to milestone payments and royalties from the sales revenue from RENCAREX® in the United States. Prometheus will co-fund a portion of the ongoing development of RENCAREX®. Overall the agreement has a potential transaction volume of more than USD 145 million plus royalties in the United States.
WILEX successfully completed patient recruitment in the Phase II trial of the serine protease inhibitor MESUPRON® (INN: Upamostat) in patients with metastatic, HER2 receptor negative breast cancer in May 2011. In the study 132 patients were enrolled in 20 centres in five countries (Belgium, Brazil, Germany, Israel and USA). This randomised double-blind trial is designed to examine the efficacy of MESUPRON® in combination with the chemotherapeutic agent Capecitabine (Xeloda® Hoffmann-La Roche AG, Basel, Switzerland) compared to Capecitabine alone. The patients receive the drugs in first-line treatment following the occurrence of metastases. The study evaluates the objective response rate, overall survival, safety and tolerance as well as pharmacokinetics. WILEX anticipates that data from this trial will be available in 2012.
MESUPRON® was also successfully tested in a Phase II trial in the locally advanced, inoperable and non-metastatic pancreatic cancer indication; final data from this trial were presented in the summer of 2010.
WILEX acquired an MEK inhibitor from UCB Pharma S.A., Brussels, Belgium, as a preclinical project and started clinical development under the code WX-554. The mitogen-activated protein kinase (MEK) has been shown to play a central role in signal transduction. The MEK signalling pathway is over expressed in more than 30% of cancers, resulting in increased tumour growth and proliferation. The first Phase I trial was successfully completed in the summer of 2010. The 25 volunteers in the dose escalation trial safely tolerated the intravenously administered WX-554.
WILEX will start a further Phase I trial with the oral agent WX-554 in volunteers and a Phase I/II dose escalation trial in patients in the next months.
The PI3K inhibitor, which was also acquired from UCB, is making progress in development. The phosphatidylinositol-3 kinase/protein kinase (PI3K) signalling pathway sends a "growth" signal to the nucleus of a tumour cell. An inhibitor for the PI3K signalling pathway is of great therapeutic interest. In the first half-year the GMP (good manufacturing practice) synthesis development began and the first toxicity studies of WX-037 were completed.
Two antibody-based projects acquired from UCB are currently in the research phase. The aim is to identify a specific antibody in each case that binds to a new target structure and thus might affect the growth of tumour cells from various types of cancer.
A phase III registration trial for the imaging diagnostic candidate REDECTANE® (INN: 124I-Girentuximab) was completed and positive final data were announced in May 2010. The trial has shown that REDECTANE® with positron emission tomography (PET) and computer tomography (CT) is clearly superior to the use of diagnostic CT alone in diagnosing clear cell renal cell carcinomas. In the trial, 226 patients were examined with REDECTANE® PET/CT as well as with a diagnostic CT prior to kidney surgery.
On 17 June 2011, WILEX and its partner IBA released information on the pre-BLA meeting with the Food and Drug Administration (FDA) and the next steps in the approval process for REDECTANE®. Pre-BLA meetings serve to discuss the application for approval of a product and the approval process in advance of filing. The FDA confirmed during the discussions at this meeting that the Phase III REDECT trial delivers reasonable evidence of the diagnostic efficacy and safety of REDECTANE®. Two issues remain to be resolved by WILEX and its partner IBA. The FDA suggested that WILEX and IBA might consider an outcomes based study to provide additional evidence of clinical benefit before BLA filing. WILEX and IBA agree with the FDA that a trial with a clinical benefit outcome could represent the next logical step in REDECTANE's development. WILEX, IBA and external medical advisors however are of the opinion that such a trial should be conducted as a Phase IV trial after market approval. WILEX and IBA will first discuss the trial design and strategy with the Medical Advisory Board and subsequently with the FDA. The second set of issues discussed with the FDA concerns matters related to the manufacturing of REDECTANE®. WILEX and IBA will make the required data available to the FDA in the next months.
At the same time, WILEX is also preparing marketing activities in the United States in cooperation with its partner IBA. This includes not only conducting in-depth market research but also expanding and maintaining our contacts to oncologists and urologists (key opinion leaders).
WILEX Inc. has been marketing diagnostic tests in oncology since November 2010 under the brand name Oncogene Science with the aim of supporting treatment regimens for cancer patients worldwide.
WILEX Inc. currently offers seven in vitro diagnostic tests for a variety of oncological targets or genes. The HER2/neu ELISA assay is the only FDA-approved in vitro diagnostic blood test for quantifying the serum HER2/neu level in women with metastatic breast cancer as a criterion for a suitable therapy. WILEX Inc. offers ELISA diagnostic tests to detect CA IX, uPA, PAI-1, EGFr and TIMP for research purposes. An IHC test is also offered for the CA IX antigen. A differentiation is made between enzyme linked immunoassays (ELISA) and immunohistochemical (IHC) assays. ELISA assays are used to detect antigens or proteins in the blood for instance. Measuring proteins in the blood and using the respective bioanalytical methods could increase the likelihood of successfully predicting whether a patient will respond to a particular therapy. At the same time, the progression of the disease could be monitored. IHC assays are histological examinations of tissue.
WILEX Inc. took important steps in the first six months of 2011 towards launching its business activities. The company succeeded in acquiring important customers and expanding its customer base. ISO certification, which is a prerequisite for WILEX Inc. to manufacture and sell the diagnostic tests as well as the changeover of the product range to WILEX Inc. are ongoing and are expected to be completed in the next weeks.
The acquisition of Heidelberg Pharma AG was completed on 17 March 2011. This company has two business units, both of which are part of the Customer Specific Research segment.
The first area comprises an innovative platform technology for therapeutic antibodies (antibody drug conjugates, ADC). This ADC technology has the potential to enhance and improve the efficacy of many antibody-based therapies, including those currently marketed. Heidelberg Pharma aims to enter into customer specific collaborative partnerships with research institutes as well as pharmaceutical and biotech companies and performs contract work related to manufacturing, optimising and profiling new ADCs. These collaborations take place under technology cooperation agreements and product licences, in many cases preceded by material transfer agreements. Heidelberg Pharma plans to use these cooperation deals to tap into short and long-term potential for generating sales revenue and creating added value. Several material transfer agreements have already been signed with third parties.
The second business unit of Heidelberg Pharma AG reports increasing sales revenue and comprises customer specific preclinical contract research related to cancer as well as inflammatory and autoimmune diseases. The company uses, for example, human tumour implant models based on human tumour cells to conduct in-depth studies of potential cancer products. In the field of inflammatory and autoimmune diseases, Heidelberg Pharma offers a broad range of models and methods for examining the mechanisms of new compounds. In bioanalytics, the company studies the pharmacokinetic characteristics of substances from in vitro and in vivo experiments. Heidelberg Pharma's molecular biology unit specializes in in vitro profiling of substances.
In the Company's view there have been no significant changes in the market environment for antibodies, small molecules and diagnostic tests. See pages 27 to 30 of the 2010 annual report for further details.
Demand for new treatment alternatives based on antibodies and small molecules will remain high. New and innovative technologies such as the ADC technology have opened new perspectives for the industry. The ADC technology platform has attracted the attention of major pharmaceutical companies because it offers a very interesting combination of a targeted approach and a high degree of efficacy.
The WILEX Group, comprising WILEX AG and the subsidiaries WILEX Inc. and Heidelberg Pharma AG, reports consolidated figures for the first six months of the 2011 financial year (1 December 2010 to 31 May 2011). Heidelberg Pharma AG has been consolidated since 17 March 2011. The comparative figures for the first half of 2010 still concern the separate financial statements of WILEX AG without its subsidiaries because they were not acquired until the end of the given reporting period. The balance sheet as of 30 November 2010 contains only the assets and liabilities of WILEX AG and WILEX Inc. As a result, the previous year's figures are not directly comparable with the current consolidated figures for the first six months of 2011.
The WILEX Group now reports on the following three operating segments: The Therapeutics segment comprises RENCAREX®, MESUPRON®, WX-554, WX-037 as well as all preclinical and research activities of WILEX AG. The Diagnostics segment includes WILEX AG's imaging diagnostic candidate REDECTANE® and the in vitro diagnostics of WILEX Inc. The Customer Specific Research segment is made up of the ADC platform technology and the preclinical service business.
A total of €2.0 million (previous year: €912k) in income was generated in the reporting period. In the first half of 2011, the WILEX Group generated sales revenue of €1.4 million (previous year: €0k). The revenue from deferred income in the Therapeutics segment relating to the Prometheus transaction of €898k accounts for a large portion of that amount. The Diagnostics segment accounts for €141k of the sales revenue, and the Customer Specific Research segment for €328k.
Other income was €639k (previous year: €912k). This arises from prepayments received for research projects accrued and recognised as other income in line with project costs using the percentage-of-completion (PoC) method. The decrease compared to 2010 stems mainly from the fact that all income from the licence agreements with Esteve and IBA has now been realised in full because the key milestones for both the ARISER trial and the REDECT trial have been achieved. At €64k, it was therefore substantially lower compared to the previous year (€675k). The income of €258k from US Department of Defense grants for the uPA programme was higher compared to the previous year (€231k). Other grants in the amount of €281k (previous year: €0k) are related to the consolidation of Heidelberg Pharma. Income from the reversal of other provisions was €36k (previous year: €7k).
Operating expenses including depreciation and amortisation were €12.41 million and thus comparable to the previous year (€12.48 million).
Research and development costs at just under 71% account for the majority of operating expenses. They were €8.75 million in the first half of 2011 and thus 14.1% lower than 2010 (€10.19 million). This decrease stems from the progress of the clinical trials and the resulting decrease in WILEX's expenditures.
The ongoing clinical development of the monoclonal antibody Girentuximab (for RENCAREX® and REDECTANE®) accounted for 52.3% of research and development costs. As expected and reflecting the progress of the two Phase III trials, this figure was lower than 2010 in absolute terms but slightly higher in relative terms than the previous year's 47.9%. The uPA programme involving the small-molecule drug candidate MESUPRON® – specifically, the Phase II breast cancer trial – accounted for 29.4% of the research and development costs (previous year 32.7%). Costs fell compared to the previous year because the Phase II trial involving patients with pancreatic cancer, which incurred expenditures the previous year, has been completed. The other projects, which mainly comprise the programmes acquired from UCB, account for 18.3% of research and development costs. Expenditures have declined compared to the previous year (19.4%) because in 2010 they contained the costs for the Phase I trial of WX-554, which was successfully completed in the summer of 2010. Compared to 2010, the Cx segment also generated research and development costs in the first half of 2011.
The WILEX Group for the first time incurred €979k in manufacturing, service and distribution costs in the first half of 2011 in connection with the consolidation of its subsidiaries (previous year: €0k). These operating expenditures arose in connection with the manufacture and distribution of in vitro diagnostics by WILEX Inc. and the provision of contract research by Heidelberg Pharma AG.
Administrative costs rose by 17.1% to €2.67 million (previous year: €2.28 million) due mainly to the consolidation of our subsidiaries' expenses as well as transaction costs in connection with the acquisition of Heidelberg Pharma AG.
Pages 18 and 19
The WILEX Group posted a loss of €10.62 million for the first six months of 2011. This represents an improvement of 8.1% (€11.56 million) compared to the previous year, largely due to higher income and lower research and development costs. Earnings per share improved to €–0.54 (previous year: €–0.73).
The segments contribute to WILEX Group's loss as follows: Therapeutics posted a segment result of €–6.75 million (i. e. 63.5%), Diagnostics €–3.56 million (33.6%) and Customer Specific Research €–128 k (1.2%). Other activities not attributable to any one segment resulted in a loss of €181k, corresponding to 1.7% of the loss for the period. Further information regarding the segment reporting are available on pages 18 and 19.
The WILEX Group had cash and cash equivalents of €13.52 million (30 November 2010: €1.94 million, 31 May 2010: €3.31 million) at the close of the first half of 2011.
The increase compared to the 2010 reporting date stems from two transactions:
Finance costs rose to €223k in the reporting period (previous year: €4k) owing to this shareholder loan. Finance income declined due to the use of cash as planned. The financial result of the WILEX Group in the first half of 2011 thus was €–218k (previous year: €13k).
The Company does not use any off balance sheet financial instruments.
The net cash flow from operating activities during the reporting year was €1.67 million (previous year: €–8.38 million) due essentially to payments by Prometheus for the US licence rights for RENCAREX®. At € 98k (previous year: € 4k), the net cash used in investing activities was related mainly to investments in laboratory and office equipment. The net cash flow from financing activities was €9.97 million due to the shareholder loan from dievini and UCB (previous year: €8.28 million).
Total net inflow of cash and cash equivalents was €11.57 million (previous year: €–102k). This corresponds to an average cash inflow of €1.93 million per month during the first quarter of 2011 (previous year: €–17k). Adjusted for the effects of the shareholder loan granted in the first half of 2011 and the licence payment from Prometheus, WILEX's average use of cash per month fell to €1.97 million (previous year: €2.23 million, adjusted for the rights issue and the second milestone payment from UCB).
Total assets as of 31 May 2011 amounted to €28,12 million (30 November 2010: €5.59 million).
Non-current assets rose to €12.55 million as at 31 May 2011 due to the consolidation of Heidelberg Pharma (30 November 2010: €2.19 million). Goodwill of €8.92 million accounts for the greater part of this amount. This is the mathematical difference between the transaction price on the acquisition of Heidelberg Pharma and the sum of the preliminary carrying amounts in its opening balance sheet. This amount is attributable to a yet to be determined goodwill value as of the acquisition date and yet to be identified intangible assets, such as patents. As no final purchase price allocation was carried out at the time this half-yearly financial report was prepared, the difference cannot be specified or explained in more detail at this time. This difference will be reported in full as goodwill for the time being and adjusted retrospectively. Intangible assets – mainly licence fees from cooperation agreements – rose to €1.78 million (30 November 2010: €1.17 million), and property, plant and equipment (mainly laboratory and office equipment) rose to €1.69 million (30 November 2010: €0.86 million). The other non-current assets comprise the asset value of the reinsurance policy related to a pension obligation as well as an escrow account in favour of the landlord, which is blocked to the Company. At €163k they differ only slightly from the previous year's figure (€162k).
Current assets including cash and cash equivalents as of 31 May 2011 were €15.57 million, up significantly from the close of the 2010 financial year (€3.40 million). See also the explanation of cash and cash equivalents on pages 8 and 9 of this report. The other receivables rose to €0.53 million (30 November 2010: €0.13 million), mainly on account of the Prometheus transaction. In addition WILEX will have the option to claim a USD 20 million payment after 12 months or the European commercial rights to an undisclosed Prometheus product. This leads to a receivable for WILEX, which must be recognised on a pro rata basis within a defined period.
Pages 8 and 9
Pages 19 and 20
The Company's equity situation improved in the second quarter thanks to the non-cash capital increase as a result of acquiring Heidelberg Pharma. Equity at the end of the reporting period was €–0.98 million (30 November 2010: €–1.30 million). The changes in equity are explained in more detail in the notes on pages 19 and 20.
Non-current liabilities as of 31 May 2011 were €7.40 million (30 November 2010: €0.38 million). This increase is mainly due to the increase in other non-current liabilities to €7.24 million (30 November 2010: €276k). It stems largely from the fact that a payment already received in connection with the out-licensing to Prometheus of commercial rights for RENCAREX® must be deferred over a defined period, and the non-current portion (>12 months) thus must be recognised under other non-current liabilities.
Current liabilities also rose substantially to €21.70 million at the close of the reporting period (30 November 2010: €6.5 million). The other current liabilities increased to €19.61 million (30 November 2010: €4.40 million). As well as the aforementioned current deferral of income related to the Prometheus transaction, the shareholder loan from dievini and UCB for a total of €10 million plus interest liabilities is also responsible for the increase. The obligation toward the US Department of Defense was recognised based on its contractually stipulated terms and accrued using a fixed trial endpoint; the corresponding income was reversed in accordance with the rate of progress. No further liabilities were recognised for the Phase III trials of REDECTANE® and RENCAREX® because the trials have been completed as regards to their effect on the balance sheet.
Trade payables amounted to €1.95 million (30 November 2010: €2.04 million).
At the end of the reporting period, a total of 118 people (30 November 2010: 80; 31 May 2010: 72), including Executive Management Board members, were employed by the WILEX Group. The increase compared to the 2010 reporting date is due to the inclusion of Heidelberg Pharma in the second quarter.
The Company has developed a performance-related compensation system for its employees comprising a fixed annual salary and a variable salary component. In addition, a stock option plan enables employees and Executive Management Board members to participate in the Company's success. WILEX has issued a total of 981,125 outstanding options to employees and members of the Executive Management Board. No stock options were exercised to date.
The Company's Annual General Meeting in May 2011 authorised the Executive Management Board to issue, with the approval of the Supervisory Board, up to 1,156,412 new options ("stock options") under the new WILEX Stock Option Plan 2011 valid up to including 1 July 2016. The corresponding amount of new Contingent Capital was created and recorded in the Commercial Register. No stock options under the new WILEX stock option plan were issued to date from this Contingent Capital.
The risks and opportunities that arise in connection with WILEX's business are described in detail on pages 69 to 77 of the Annual Report 2010. They remain unchanged unless noted otherwise. We refer particularly to the financing risks and going concern risks described therein. WILEX uses an IT-based risk management system that complies with the requirements of the German Control and Transparency in Business Act (Gesetz zur Kontrolle und Transparenz im Unternehmensbereich) to monitor 16 different risk areas.
WILEX is exposed to risks typical for the industry, namely those arising from the development and production of drug candidates used in cancer therapies. The time between the commencement of drug development and marketing approval usually spans many years. Even though our portfolio has matured further, there is a continued risk that none of the drug and diagnostic candidates in our current portfolio will receive marketing approval. The FDA's recommendation to consider an outcomes based study before filing the approval application for REDECTANE® in order to obtain additional evidence of the drug's clinical benefit and strengthen our position in the application process carries the risk that the approval of this imaging diagnostic agent will be delayed.
Instead of preparing a report on events after the reporting period, WILEX will in future disclose all events after the reporting period in the notes to the financial statements or additionally directly in the sections related to the product candidates.
WILEX has adjusted the financial guidance it provided in February 2011 for the current financial year taking into account the progress of its projects and the licence agreement for RENCAREX® with Prometheus Laboratories Inc.
Without taking into account the effects of any further license agreements, WILEX expects sales revenue and other income to double to between €9 million and €11 million in the current financial year. Revenue will be generated from the marketing of WILEX Inc.'s diagnostic tests and Heidelberg Pharma's customer specific preclinical contract research, as well as from the deferred income related to the Prometheus transaction recognised on a pro rata basis. Other income is primarily based on income realisation from grants and milestone payments.
Operating expenses in 2011 will be between €26 million and €30 million if business goes as planned. The expenditures also includes those of its two subsidiaries, Heidelberg Pharma AG and WILEX Inc., as well as WILEX AG.
Accordingly, the operating loss of the WILEX Group for the year would be between €16 million and €20 million, compared to a loss of €23.1 million in 2010. The result includes the business activities of both WILEX Inc. and Heidelberg Pharma at between €–2 million and €–3 million based on both entities' revenue and cost planning. Both companies are expected to achieve positive results by the end of 2012.
| Financial overview for the 2010/2011 financial year |
2010 € million |
Guidance 02/2011 € million |
Guidance 07/2011 € million |
|---|---|---|---|
| Sales revenue & other income | 1.3 | 3.0–4.5 | 9.0–11.0 |
| Operating expenses | 24.4 | 28.0–33.0 | 26.0–30.0 |
| Operating result | (23.1) | (24.0) –(29.0) | (16.0) –(20.0) |
| Total funding requirement | 24.8 | 26.0–29.0 | 24.0–27.5 |
| Funds required per month | 2.06 | 2.2–2.5 | 2.0–2.3 |
WILEX continues to prepare the approval application for REDECTANE® jointly with its partner IBA. WILEX and IBA will address the issues raised at the pre-BLA meeting and prepare proposals ready for discussion with the FDA.
The results of the interim analysis in the Phase III ARISER trial of RENCAREX® are expected during the second half of 2011.
Under the agreement with Prometheus, WILEX will review and decide by April 2012 whether or not to take over an approved and marketed product for Europe and establish a European distribution structure (using a well-established specialist for product and brand solutions) or a compensation payment of USD 20 million after 12 months.
The final data of progression-free survival from the Phase II trial of MESUPRON® in HER2 receptor negative breast cancer are expected in 2012.
The Phase I programme for the MEK inhibitor WX-554 will be continued in the second half of 2011 with the orally administered version in healthy volunteers and patients studies.
WILEX Inc. successfully acquired important customers and further expanded its customer base. Regulatory work is expected to be completed in the second half of the year.
Reporting period from 1 December 2010 to 31 May 2011
| H1 2011 € |
H1 2010 € |
|
|---|---|---|
| Revenue | 1,366,743 | 0 |
| Other income | 638,545 | 912,479 |
| Income | 2,005,288 | 912,479 |
| Manufacturing and distribution costs | (978,568) | 0 |
| Research and development costs | (8,754,507) | (10,194,636) |
| Administrative costs | (2,674,352) | (2,282,792) |
| Operating expenses | (12,407,428) | (12,477,429) |
| Operating result | (10,402,139) | (11,564,950) |
| Finance income | 5,229 | 16,921 |
| Finance costs | (222,821) | (3,564) |
| Financial result | (217,592) | 13,357 |
| Earnings before tax | (10,619,731) | (11,551,592) |
| Income tax | (1,602) | (4,367) |
| Net loss for the period | (10,621,333) | (11,555,959) |
| Net currency gain from consolidation | 20,724 | 0 |
| Comprehensive income | (10,600,609) | (11,555,959) |
| Earnings per share | ||
| Basic and diluted earnings per share | (0.54) | (0.73) |
| Average number of shares issued | 19,749,299 | 15,922,080 |
Rounding of exact figures may result in differences.
| Quarterly comparison | Q2 20111 € '000 |
Q1 20111 € '000 |
Q4 20101 € '000 |
Q3 2010 € '000 |
Q2 2010 € '000 |
|---|---|---|---|---|---|
| Revenue | 1,295 | 71 | 0 | 0 | 0 |
| Other income | 378 | 260 | 71 | 331 | 349 |
| Operating expenses | (6,191) | (6,217) | (5,947) | (6,001) | (6,508) |
| Operating result | (4,517) | (5,885) | (5,877) | (5,670) | (6,160) |
| Earnings before tax | (4,667) | (5,953) | (5,875) | (5,665) | (6,157) |
| Net loss for the period | (4,667) | (5,954) | (5,876) | (5,666) | (6,156) |
| Basic and diluted earnings per share in € |
(0.22) | (0.32) | (0.32) | (0.34) | (0.39) |
| Average number of shares issued | 21,056,513 | 18,413,035 | 18,413,035 | 16,678,475 | 15,957,965 |
1 Consolidated
as of 31 May 2011 and as of 30 November 2010
| Assets | 31.05.2011 € |
30.11.2010 € |
|---|---|---|
| Property, plant and equipment | 1,686,119 | 864,376 |
| Intangible assets | 1,779,450 | 1,165,644 |
| Goodwill | 8,924,166 | 0 |
| Other non-current assets | 162,587 | 161,942 |
| Non-current assets | 12,552,323 | 2,191,962 |
| Inventories | 247,673 | 165,599 |
| Other assets and prepayments | 1,099,338 | 1,123,569 |
| Trade receivables | 177,998 | 40,242 |
| Other receivables | 531,739 | 126,401 |
| Cash and cash equivalents | 13,515,922 | 1,943,151 |
| Current assets | 15,572,670 | 3,398,962 |
| Total assets | 28,124,993 | 5,590,924 |
| Equity and liabilities | 31.05.2011 € |
30.11.2010 € |
|---|---|---|
| Subscribed capital | 21,613,035 | 18,413,035 |
| Capital reserve | 135,200,192 | 127,484,817 |
| Accumulated losses | (157,823,676) | (147,202,343) |
| Net currency gain/loss from consolidation | 30,122 | 9,398 |
| Equity | (980,328) | (1,295,093) |
| Pension provisions | 24,890 | 24,410 |
| Lease liabilities | 133,365 | 82,155 |
| Other non-current liabilities | 7,242,314 | 275,651 |
| Non-current liabilities | 7,400,569 | 382,216 |
| Trade payables | 1,953,240 | 2,039,573 |
| Liabilities arising from leases | 137,881 | 57,992 |
| Other current liabilities | 19,613,630 | 4,406,237 |
| Current liabilities | 21,704,752 | 6,503,801 |
| Total equity and liabilities | 28,124,993 | 5,590,924 |
Reporting period from 1 December 2010 to 31 May 2011
| H1 2011 € |
H1 2010 € |
|
|---|---|---|
| Net loss for the period | (10,621,333) | (11,555,959) |
| Adjustment for income statement items | ||
| Measurement of stock options | 67,375 | 404,834 |
| Depreciation/amortisation | 180,654 | 106,249 |
| Increase in pension obligations | 480 | 420 |
| Finance costs | 240,870 | 3,564 |
| Finance income | (26,186) | (16,921) |
| Tax expense | 1,602 | 4,367 |
| 464,794 | 502,513 | |
| Changes in net working capital | ||
| Inventories | 28,361 | 0 |
| Trade receivables | 33,559 | 5,017,864 |
| Other receivables | 113,637 | 126,019 |
| Prepayments | 21,709 | 96,146 |
| Other non-current assets | (395,281) | (603) |
| Trade payables | (2,499) | (143,649) |
| Other liabilities | 12,026,781 | (2,440,009) |
| 11,826,266 | 2,655,769 | |
| Cash flow from operating activities | 1,669,727 | (8,397,677) |
| Finance costs paid | (3,806) | (864) |
| Finance income received | 2,498 | 16,921 |
| Net cash flow from operating activities | 1,668,418 | (8,381,620) |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment | (89,639) | (3,268) |
| Purchase of intangible assets | (7,963) | (559) |
| Net cash flow from investing activities | (97,601) | (3,827) |
| Cash flow from financing activities | ||
| Proceeds from capital increases | 0 | 8,925,823 |
| Capital increase costs | 0 | (632,697) |
| Receipt of shareholder loan | 10,000,000 | 0 |
| Repayment finance leases | (28,444) | (9,893) |
| Net cash flow from financing activities | 9,971,557 | 8,283,232 |
| Influence of foreign exchange effects on cash and cash equivalents | 30,397 | 0 |
| Net change in cash and cash equivalents | 11,572,771 | (102,215) |
| Cash and cash equivalents | ||
| at beginning of period | 1,943,151 | 3,411,063 |
| at end of period | 13,515,922 | 3,308,849 |
Reporting period from 1 December 2010 to 31 May 2011
| Capital reserve | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Subscribed capital € |
Capital measures/ premium € |
easure ment of stock options € |
Currency translation differences € |
Accumulated losses € |
Total € |
|
| As of | 111,172,673 | 2,194,945 | |||||
| 1 December 2009 | 13,780,935 | 13,780,935 | 113,367,618 | 0 | (124,103,716) | 3,044,837 | |
| Measurement of stock options |
404,834 | 404,834 | |||||
| Net loss for the period |
(11,555,959) | (11,555,959) | |||||
| Capital increase after accounting for capital pro |
|||||||
| curement costs | 2,177,030 | 2,177,030 | 6,071,080 | 8,248,110 | |||
| Net change in equity |
(2,903,014) | ||||||
| 117,243,754 | 2,599,779 | ||||||
| As of 31 M ay 2010 |
15,957,965 | 15,957,965 | 119,843,533 | 0 | (135,659,675) | 141,823 |
| Capital reserve | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Subscribed capital € |
Capital measures/ premium € |
easure ment of stock options € |
Currency translation differences € |
Accumulated losses € |
Total € |
|
| As of | 124,819,448 | 2,665,370 | |||||
| 1 December 2010 | 18,413,035 | 18,413,035 | 127,484,817 | 9,398 | (147,202,343) | (1,295,093) | |
| Measurement of stock options |
67,375 | 67,375 | |||||
| Net currency gain/loss from consolidation |
20,724 | 20,724 | |||||
| Net loss for the period |
(10,621,333) | (10,621,333) | |||||
| Capital increase after accounting for capital pro curement costs |
3,200,000 | 3,200,000 | 7,648,000 | 10,848,00 | |||
| Net change in equity |
314,765 | ||||||
| 132,467,448 | 2,732,744 | ||||||
| As of 31 M ay 2011 |
21,613,035 | 21,613,035 | 135,200,192 | 30,122 | (157,823,676) | (980,328) |
With the exception of segment reporting, these interim financial statements as of 31 May 2011 were prepared in accordance with the same accounting policies as the consolidated financial statements as of 30 November 2010. The consolidated financial statements as of 31 May include WILEX AG, Munich, Germany, WILEX Inc., Cambridge, MA, USA, Heidelberg Pharma AG, Ladenburg, Germany – jointly the "Group".
Comparability with the previous year's figures is neither given nor available due to the change in the Group structure.
The Company's earnings, assets and liabilities, and financial position as well as individual items of the financial statements for the first six months are explained in detail in the interim management report. The Company's business activities are not subject to seasonal or macroeconomic influences.
The interim financial statements reproduced in this report were generally prepared in accordance with the International Financial Reporting Standards (IFRS) endorsed by the European Union, specifically in accordance with IAS 34 "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB) and in compliance with the Interpretations of the Standing Interpretations Committee (SIC) and the International Financial Reporting Interpretations Committee (IFRIC). These interim financial statements must be read in the context of the IFRS consolidated financial statements as of 30 November 2010 published by WILEX AG for the 2010 financial year.
The interim financial statements were not subjected to a review. Pursuant to our Declaration of Compliance from 14 February 2011 with Section 7.1.2 of the German Corporate Governance Code, both the interim financial statements and the interim management report for the Group were discussed with the Supervisory Board's Audit Committee before being published. The half-yearly financial report was approved for publication by the Executive Management Board on 14 July 2011.
WILEX began disclosing different reportable operating segments in the financial report on the first quarter of 2011. An operating segment is a component of an entity (the Group) that engages in business activities, generates both sales revenue and income and incurs expenses. Its operating performance is regularly reviewed by the entity's managing directors or Executive Management Board. Financial information is available for each individual operating segment by definition. The Group's management structure and structure of its intragroup reporting form the basis for segmentation. Segment result and segment assets contain components that may be directly attributable to a single segment or allocated to all segments on a reasonable basis. The segment reporting of the WILEX Group was adjusted in this interim report in connection with the acquisition of Heidelberg Pharma AG, which took effect during the second quarter of 2011.
The WILEX Group comprises three operating segments, each of which is explained below, along with its core business and core projects.
The Therapeutics segment generated sales revenue of €898k and posted a loss of €6,747k in the first half of the financial year. WILEX develops therapeutic products for the targeted treatment of various types of cancer. The compounds are based on antibodies and small molecules aimed at inhibiting tumour growth and preventing metastases while displaying a low side effect profile. The Therapeutics segment comprises the following programmes: RENCAREX®, MESUPRON®, WX-554, WX-037 as well as all preclinical and research activities of WILEX AG.
The Diagnostics segment generated €141 in sales revenue and posted a loss of €3,563k. WILEX Inc.'s acquisition of Oncogene Science in November 2010 added in vitro diagnostics to the Company's portfolio. WILEX Inc. focuses on the production and marketing of a multitude of in vitro diagnostics related to oncology. It is the objective of WILEX to offer approved tests for the clinical, oncological and immunodiagnostic market in order to improve treatment for cancer patients worldwide.
WILEX AG's imaging diagnostic candidate REDECTANE®, which has completed the Phase III registration trial and for which positive final data were announced in May 2010, is also allocated to the Diagnostics segment.
The Customer Specific Research segment contributed sales revenue of €328k and a loss of €128k to consolidated earnings. The acquisition of Heidelberg Pharma AG was completed in March 2011. This company has two business units, both of which are part of the Customer Specific Research segment.
The first comprises an innovative platform technology for therapeutic antibodies (antibody drug conjugates, ADC). Heidelberg Pharma aims at entering into collaborative partnerships with research institutes as well as pharmaceutical and biotech companies and performs contract work related to manufacturing, optimising and profiling new ADCs.
The second business unit comprises preclinical work on drug metabolism, pharmacology and pharmacokinetics especially in oncology.
There was no intersegment sales revenue.
The segment results were as follows:
| Segment results | Rx H1 2011 € '000* |
Dx H1 2011 € '000* |
Cx H1 2011 € '000* |
Not allocated € '000* |
Consoli dation Group € '000* |
Group € '000* |
|---|---|---|---|---|---|---|
| Sales revenue (total) | 898 | 141 | 328 | 0 | 0 | 1,367 |
| External sales revenue | 898 | 141 | 328 | 0 | 0 | 1,367 |
| Intersegment sales revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Segment result before taxes | (6,747) | (3,563) | (128) | (181) | 0 | (10,620) |
| Total assets | 1,467 | 1,704 | 13,508 | 14,591 | (3,145) | 28,125 |
* rounded
The acquisition of Heidelberg Pharma, which constitutes the Cx segment along with the non-allocated assets, largely determined the allocation of segment assets pursuant to IAS 34. The company contributed property, plant and equipment; intangible assets; cash and cash equivalents; as well as goodwill recognised on a preliminary basis (see note D) in the Segment Cx. The non-allocated portion of total assets essentially represents non-current assets, such as cash and cash equivalents not attributable to a specific segment.
On 3 November 2010, WILEX signed an agreement, with the approval of the Supervisory Board, with all shareholders of Heidelberg Pharma AG regarding the acquisition of all shares in Heidelberg Pharma AG in return for WILEX shares. Following the Extraordinary General Meeting's approval on 15 December 2010 and the recording of the capital increase in the Commercial Register on 17 March 2011, WILEX acquired all of the shares in Heidelberg Pharma AG by way of a non-cash capital increase in return for 3,200,000 new WILEX shares subject to the exclusion of shareholders' subscription rights. The purchase price of €19.20 million for 100% of the shares in Heidelberg Pharma AG is equivalent to a price of €6.00 per newly issued WILEX share, which is a premium of around 25% on the share's closing price on 1 November 2010. This corresponds to a conversion ratio of 5.75:1 in relation to the enterprise values of WILEX AG and Heidelberg Pharma AG.
Upon recording in the Commercial Register on 17 March 2011 ("acquisition date"), Heidelberg Pharma AG became a whollyowned subsidiary of WILEX AG and thus an integral part of the WILEX Group. In contrast to WILEX Inc., which has been fully consolidated in accordance with IAS 27 since the previous financial year, given the date of its founding and the launch of its operations, the figures for Heidelberg Pharma were not consolidated until this consolidated interim report following the company's integration into the Group.
Under IFRS 3 Business Combinations, the purchase method shall be used to recognise and measure at fair value all identifiable assets acquired and liabilities assumed in connection with a business combination. According to IFRS 3.37 the fair value in terms of the transaction value of the consideration transferred, i.e. 3.2 million shares, at the closing price of WILEX's share on 17 March 2011 (€ 3.39) is applied. Thus, an amount of € 10.8 million (€ 3.39 x 3.2 million shares) are recognized in the IFRS financial statements.
WILEX consolidated its new business activities on a preliminary basis and will carry out the purchase price allocation in the course of the financial year. The outcome of that could result in an adjustment to the goodwill determined in measuring the transaction; pursuant to IFRS 3.45 any adjustments of the provisional amounts shall be made within 12 months from the acquisition date. The goodwill shall largely be allocated to the innovative conjugate platform technology for therapeutic antibodies as well as expected synergies from the integration of Heidelberg Pharma into the WILEX Group and the new staff's expertise.
The table shows the identifiable provisional assets and liabilities from the acquisition as of 17 March 2011. Given that the purchase price allocation has not yet been carried out, it is assumed that all carrying amounts shown in the preliminary opening balance sheet of Heidelberg Pharma AG prepared as of the acquisition date correspond to the fair value.
| Preliminary carrying amounts (fair value) as of the date of acquisition € '000* |
|
|---|---|
| Property, plant and equipment | 859 |
| Intangible assets | 704 |
| Inventories | 120 |
| Trade receivables | 172 |
| Other receivables | 121 |
| Cash and cash equivalents | 885 |
| Non-current liabilities | (89) |
| Trade payables | (352) |
| Other current liabilities | (496) |
| Total preliminary carrying amount (fair value) of the identified assets |
1,924 |
* rounded
The difference between the transaction price (€ 10.8 million; see note C) and the total preliminary carrying amount shown in the opening balance sheet (€ 1.9 million) amounts to € 8.9 million. This amount is attributable to a yet to be determined goodwill as of the acquisition date and yet to be identified intangible assets, such as patents. At the time this half-yearly financial report was published the purchase price allocation to identify and value the acquired assets had not been completed. Therefore the difference cannot be specified or explained in more detail.
The Company incurred €0.2 million in acquisition-related costs, mainly fees for the enterprise valuation and legal advice. All acquisition-related costs incurred by the reporting date are contained in the consolidated income statement by date of incurrence.
Additional disclosures required under IFRS 3.B64 such as the total amount of goodwill that is expected to be deductible for tax purposes or an estimate of the range of outcomes (undiscounted), as well as pro forma disclosures on the acquiree, were not made because the period of time between the completion of the transaction and publication of this half-yearly financial report was too short.
Equity at the end of the reporting period was €–0.98 million (30 November 2010: €–1.30 million). A total of 3,200,000 new WILEX shares were issued to the existing shareholders of Heidelberg Pharma AG as part of the takeover. The Company's subscribed capital increased from €18.41 million by €3.20 million to €21.61 million as a result of the non-cash capital increase. The capital reserve was €135.20 million (30 November 2010: €127.48 million) and the losses accumulated since the Company's foundation totalled €157.82 million (30 November 2010: €147.20 million). The Company recognised a currency gain of €30 k in equity in connection with the consolidation of its US subsidiary. The equity ratio at the end of the six-month period was –3.49% (30 November 2010: –23.2%).
The following reportable purchases were made by members of the Supervisory Board during the first half of 2011.
| Name | Date | Trans action |
arket place |
Price € |
Number | Volume € |
|---|---|---|---|---|---|---|
| Purchase/ | ||||||
| Professor | Subscription | |||||
| Christof Hettich* | 15.12.2010 | obligation | OTC | 6.00 | 135,218 | 811,308.00 |
* NewMarket Venture Verwaltungs GmbH, to which Professor Christof Hettich is attributed, is the entity responsible for making the disclosure. The obligation to subscribe for the shares was triggered by the resolution of the Extraordinary General Meeting of WILEX AG on 15 December 2010 to increase the Company's share capital by €3,200,000 in return for the contribution of all shares in Heidelberg Pharma AG, Ladenburg.
The loan from WILEX AG to WILEX Inc., which has been in place since 30 November 2010, was increased to a credit line of up to USD 1,500k in the second quarter of 2011. All other provisions of the agreement remain unchanged.
No other relationships to related parties exist.
On 17 June 2011, WILEX and its partner IBA announced that the pre-BLA meeting for the imaging diagnostic agent REDECTANE® took place in the second quarter of 2011 and reported on the issues which were discussed with the FDA and must be resolved by WILEX and IBA.
The FDA confirmed during the discussions at the pre-BLA meeting that the Phase III REDECT trial delivers reasonable evidence of the diagnostic efficacy and safety of REDECTANE®. Two issues remain to be resolved by WILEX and IBA. The FDA has suggested that WILEX and IBA consider conducting an outcomes based study to obtain additional evidence of the product's clinical benefit and thus strengthen their position in the approval process. WILEX and IBA will first discuss the trial design and strategy with the medical advisory board and subsequently with the FDA. With respect to the manufacturing of REDECTANE®, the FDA has requested additional data on process validation and product characterisation. WILEX and IBA will make the required data available to the FDA in the next months.
"To the best of our knowledge, and in accordance with the applicable reporting principles, the financial statements for the first six months give a true and fair view of the assets, liabilities, financial position and profit or loss of the WILEX Group, and the interim management report includes a fair review of the development and performance of the business and the position of the WILEX Group, together with a description of the material opportunities and risks associated with the expected development of the WILEX Group."
Munich, 14 July 2011/14 October 2011
Executive Management Board
Professor Olaf G. Wilhelm Peter Llewellyn-Davies Dr Paul Bevan Dr Thomas Borcholte
WILEX's share started the year 2011 at a price of €4.60. It lost value in March but recovered during the second quarter. The share closed at €4.22 on 30 June 2011, down by 8% compared to the start of the year. The DAX Subsector Biotechnology Index lost 9%. The NASDAQ Biotechnology Index performed well, gaining 13% in the first half of the year.
| Key share figures | |||
|---|---|---|---|
| as of the end of the reporting period | H1 2011 | H1 2010 | |
| Shares issued | Number | 21,613,035 | 15,957,965 |
| Market capitalisation | € million | 104.737 | 71.170 |
| Closing price (XETRA) | € | 4.85 | 4.46 |
| High (all stock exchanges) | € | 5.32 (20.05.11) |
4.53 (01.12.09) |
| Low (all stock exchanges) | € | 3.02 (16.03.11) |
3.37 (09.03.10) |
| Volatility (260 days, XETRA) | % | 58.1 | 68.4 |
| Average daily trading volume 1 | Shares | 31,690 | 29,950 |
| Average daily trading volume 1 | € | 139,460 | 118,183 |
| Earnings per share | € | (0.54) | (0.73)2 |
1 all stock exchanges
2 based on an average of 21,613,035 shares outstanding
Source: Bloomberg
At 31,690 shares, the average daily trading volume of WILEX's shares in the first six months of the current financial year increased compared to the previous year (29,950 shares). The market capitalisation at the end of the reporting period was €104 million.
The shareholder structure is as follows after completing the Heidelberg Pharma transaction:
WILEX invited its shareholders to its Annual General Meeting on 18 May 2011. Shareholders and proxies representing a total of 16,147,676 shares (corresponding to an equivalent number of votes) out of WILEX AG's share capital of €21,613,035.00 (which is denominated in 21,613,035 no par value bearer shares) were present at the time of voting at the Annual General Meeting. This corresponds to 74.71% of the Company's share capital.
Besides customary resolutions serving to approve the actions of the Company's corporate bodies, appointing the auditor and amending the Company's Articles of Association in the light of new laws, the Annual General Meeting also voted on reducing Contingent Capital II from 2005, granting subscription rights (stock options) as well as creating new Contingent Capital 2011/1 including the corresponding amendment of the Articles of Association. All proposed resolutions were adopted by majorities of more than 99%.
| 9-month Financial Report 2011 | |
|---|---|
| Conferences | Place | Event |
|---|---|---|
| 13 September 2011 | Zurich | German Healthcare Conference |
| 13/14 September 2011 | Zurich | Sachs Annual Biotech in Europe Investor Forum |
| 27/28 September 2011 | London | Jefferies 2011 Global Life Sciences Conference |
| 21/23 November 2011 | Frankfurt/Main | Equity Forum |
Grillparzerstr. 10 81675 Munich, Germany Tel. +49(0)89–413138–0 Fax +49(0)89–413138–99 www.wilex.com [email protected]
Fax +49(0)89–413138–98 Fax +49(0)89–413138–99 E-mail: [email protected] E-mail: [email protected]
Chief Financial Officer Senior Manager Corporate Communications Tel. +49(0)89–413138–20 Tel. +49(0)89–413138–126
Responsible for the project: Katja Arnold, WILEX AG
Published by: WILEX AG, Grillparzerstr. 10, 81675 Munich, Germany Design by: Annika Häussler, Artdirektion und Grafikdesign, Hamburg
This Half-yearly Financial Report was corrected in connection with the ad hoc release published on 14 October 2011. It is also published in German and is available for download from our website at www.wilex.com.
The English translation of the Half-yearly Financial Report is provided for convenience only. The German original is definitive.
As of: 14 July 2011/14 October 2011
WILEX AG Grillparzerstr. 10 · 81675 Munich · Germany · www.wilex.com
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