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4SC AG — Earnings Release 2010
May 11, 2010
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Earnings Release
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Corporate | 11 May 2010 07:30
4SC Announces Financial Results for the First Quarter 2010
4SC AG / Quarter Results
11.05.2010 07:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
Planegg-Martinsried, Germany, 11 May, 2010 - 4SC AG (Frankfurt, Prime
Standard: VSC), a drug discovery and development company focused on
autoimmune and cancer indications, today announced its financial results in
accordance with International Financial Reporting Standards (IFRS) for the
quarter ended 31 March 2010.
Highlights of the First Quarter 2010
-
Phase II study commenced to assess the efficacy of resminostat in the
indication Hodgkin's lymphoma - first patient recruited -
Commenced two Phase I studies with the multi-kinase inhibitor 4SC-203 and
the Eg5 Inhibitor 4SC-205 -
Colon cancer selected as the third indication for resminostat; initiated
preparations for a Phase I/II study in combination with a standard
chemotherapy (FOLFIRI-regimen)
Dr Ulrich Dauer, CEO of 4SC, commented on the course of business: 'In the
first quarter of 2010, we continued our 2009 growth trajectory and drove
forward our clinical activities. The excellent progress we made in the
ongoing Phase II studies and the commencement of three new clinical
programmes substantiate the consistent execution of our development
strategy and reinforce our positioning as an attractive partner to biotech
and pharmaceutical companies.'
Overview of Quarterly Results:
In the first quarter of 2010, 4SC generated revenue of EUR0.3 million from
research collaborations, down from EUR0.5 million for the same period in
2009. Total operating expenses came to EUR5.6 million, compared with EUR4.4
million in the prior-year quarter. This rise is largely attributable to an
increase in research and development costs of around one-third to EUR4.5
million (first quarter of 2009: EUR3.4 million), which in turn is primarily
due to the continued development of 4SC's product pipeline and the doubling
of the number of ongoing clinical studies from three in the first quarter
of 2009 to six at present.
The decline in revenue coupled with higher expenses yielded an operating
loss of EUR5.3 million for the period from January to March 2010,
contrasting with a loss of EUR3.9 million in the prior-year period. As
anticipated, the net loss for the period rose to EUR5.3 million, up from
EUR3.7 million in the first quarter of 2009.
At EUR-0.14, earnings per share remained virtually unchanged on the
prior-year figure of EUR-0.13. Funds totalled EUR31.0 million as at 31
March 2010 (31 December 2009: EUR35.6 million).
Considerable Expansion of the Clinical Pipeline
4SC further increased the value of its product pipeline in the first
quarter of 2010 and recorded numerous positive developments in its clinical
programmes. Three new clinical studies were initiated in the field of
oncology in the first quarter alone. Specifically, one Phase II study with
resminostat for treating Hodgkin's lymphoma (HL), one Phase I study with
4SC-203 in healthy volunteers and another Phase I study with 4SC-205 on
patients with solid tumours or malignant lymphomas were initiated.
In January, with the commencement of the new Phase II study in HL, another
potential indication was developed for the oncology compound resminostat,
which is under evaluation for its efficacy against hepatocellular carcinoma
(HCC) since last year. Also in Q1, preparations began for Phase I/II
studies to examine resminostat for the treatment of patients with colon
cancer, which is the third target indication chosen for this histone
deacetylase (HDAC) inhibitor compound. The anticipated colon cancer study
will evaluate the efficacy and tolerability of resminostat in combination
with an established, frequently used form of chemotherapy, the FOLFIRI
regimen, as a second-line treatment in patients with KRAS tumour mutations.
4SC also commenced two Phase I studies in the first quarter of 2010. In
January 2010, dosing of the first healthy volunteers commenced for the
multi-kinase inhibitor 4SC-203. February saw the treatment of the first
cancer patient with the Eg5 kinesin inhibitor 4SC-205.
Outlook
Due to the recent expansion of the product pipeline, 4SC's portfolio
currently comprises a total of four drugs in six clinical studies as well
as two further drug candidates in preclinical development. Several of these
drug products will reach key milestones in the short to medium term.
Vidofludimus is due to report results for the Phase IIa study in
inflammatory bowel disease (IBD) in the second half of 2010, while the
results from the Phase IIb study in rheumatoid arthritis (RA) are expected
at the end of 2010. Phase I results for the compound 4SC-203 are also
anticipated towards the end of 2010. The Phase II trials in HCC and HL with
resminostat will continue to advance in 2010 and are expected to yield
value-enhancing clinical results in 2011, the same as for 4SC-205. In
addition, the launch of the colon cancer study with resminostat and the
preparation of 4SC-202 for clinical development will enhance the
sustainability of the Company's product pipeline in the next twelve months.
The complete quarterly report will be available from 9am today at
www.4sc.com/investors.
Conference call
The senior management team of 4SC will host a conference call at 3pm CET
(9am EST) today to inform about the results for the quarter and all
important developments in the reporting period.
Dial-in numbers:
0800 10 12 072 (Germany)
0800 358 0886 (UK)
+1 877 941 8633 (USA)
+49 6958 999 0806 (other countries)
Conference ID:
4293702
Approximately two hours after the live presentation, an audio replay of the
conference will be available on the 'investors' section of www.4sc.com.
For more information, please contact:
4SC AG
Yvonne Alexander
Investor Relations & Public Relations
Tel.: +49 (0) 89 70 07 63 66
[email protected]
MC Services (Europe)
Stefan Riedel
Tel.: +49 (0) 89 21 02 28 40
[email protected]
The Trout Group (USA)
Chad Rubin
Tel.: +1 646 378 2947
[email protected]
About 4SC
4SC AG (ISIN DE0005753818) is a drug discovery and development company
focused on autoimmune and cancer indications. Vidofludimus (4SC-101), a
small molecule, is currently in a Phase IIb study in rheumatoid arthritis
and a Phase IIa exploratory study in inflammatory bowel disease. The
company's lead oncology compound, resminostat (4SC-201), a pan histone
deacetylase (HDAC) inhibitor, is in Phase II trials in hepatocellular
carcinoma and Hodgkin's lymphoma. Two further oncology compounds, 4SC-203
and 4SC-205 are in Phase I studies. 4SC develops drug candidates until
proof-of-concept in order to generate value creating partnerships with the
pharmaceutical industry in return for advance and milestone payments as
well as royalties.
Founded in 1997, 4SC has 94 employees and has been listed on the Prime
Standard of the Frankfurt Stock Exchange since December 2005.
For further information, please visit www.4sc.com.
Legal Note
This document may contain projections or estimates relating to plans and
objectives relating to our future operations, products, or services; future
financial results; or assumptions underlying or relating to any such
statements; each of which constitutes a forward-looking statement subject
to risks and uncertainties, many of which are beyond our control. Actual
results could differ materially, depending on a number of factors.
11.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: 4SC AG
Am Klopferspitz 19a
82152 Martinsried
Deutschland
Phone: +49 (0)89 7007 63-0
Fax: +49 (0)89 7007 63-29
E-mail: [email protected]
Internet: www.4sc.de
ISIN: DE0005753818
WKN: 575381
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service