MorphoSys AG — Earnings Release 2001

Nov 13, 2001

News Details

Ad-hoc | 13 November 2001 07:31

MorphoSys AG english

MorphoSys Announces Third Quarter Results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MorphoSys Announces Third Quarter Results MorphoSys AG (Neuer Markt: MOR) today reported financial results for its third quarter and nine months ended September 30, 2001. For the first nine months of 2001, MorphoSys generated cumulative revenues of Euro 12.0 million compared to Euro 4.4 million in the same period of the prior year, an increase of 169 percent. In the third quarter of 2001, Company revenues amounted to Euro 4.1 million compared to Euro 1.5 million for the same quarter of the year 2000. Operating expenses including stock based compensation for the first nine months of 2001 increased to Euro 16.5 million from Euro 8.9 million in the year 2000. Cumulative Net Loss after cumulative effect of change in accounting principle for the first nine months of 2001 was significantly lower compared to the same period in the prior year. Cumulative Net Loss for the first nine months decreased by 45% over the prior year and amounted to Euro 3.8 million in 2001 compared to Euro 7.0 million in the year 2000 for the corresponding period. Highlights of the third quarter 2001 included: An agreement with Oridis Biomed, allowing MorphoSys preferred access to one of Europes largest human tissue banks for use in target validation. The first HuCAL antibodies to confirm efficacy in animal models. The achievement of two milestones in the GPC Biotech collaboration. A preliminary favorable ruling in the Griffiths patent dispute against CAT. A successful annual shareholder assembly at which all resolutions were passed by overwhelming majorities. Appointment of Dr. Joerg Reinhardt, Director of Pharmaceutical Development at Novartis AG, to the Companys supervisory board. MorphoSys recently entered discussions with strategic partners, which could potentially impact the magnitude, financing and scope of the Companys product development plans.Details on the product development plans will be disclosed after having finalized the discussions with the said strategic partners. The Companys forthcoming R&D day will therefore be postponed. end of ad-hoc-announcement (c)DGAP 13.11.2001 ——————————————————————————– WKN: 663200; Index: Nemax 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130731 Nov 01