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ABLYNX ANNOUNCES 2014 FULL YEAR RESULTS

GHENT, Belgium, Feb. 26, 2015 (GLOBE NEWSWIRE) -- Ablynx [Euronext Brussels: ABLX] today announced its consolidated results for 2014, which have been prepared in accordance with IFRS as adopted by the European Union.

The FY14 results will be discussed during a webcast presentation today at 3 pm CET, 9 am EST
The webcast may be accessed on the home page of the Ablynx website at www.ablynx.com or by clicking here. To participate in the Q&A, please dial +32(0)2 404 06 62 with confirmation code 9002858

Operating highlights

  • Achieved positive results from six clinical studies, including clinical proof-of-concept Phase II data for its anti-vWF Nanobody, caplacizumab, in patients with acquired TTP
  • Announced the initiation of four clinical studies, two wholly-owned and two partnered programmes (Merck Serono and AbbVie)
  • In February, further validated the discovery platform through a major discovery and licensing agreement with Merck & Co. in the field of immuno-oncology (with a focus on multi-specific Nanobodies) with an upfront payment of €20 million, €10.7 million in research funding and up to €1.7 billion in potential milestone payments and royalties. Made encouraging progress with a number of programmes since the start of this collaboration
  • In June, presented positive pre-clinical proof-of-concept data for Nanobodies targeting the potassium voltage-gated ion channel, Kv1.3, in a rat model
  • In September, signed a second licensing deal with the Chinese biopharmaceutical company, Eddingpharm, this time for the development and commercialisation of the anti-TNFa Nanobody, ozoralizumab, in Greater China in all indications, including RA
  • In November, presented strong in vivo proof-of-concept data for its inhaled anti-RSV Nanobody, ALX-0171, in a neonatal lamb model of RSV infection in infants
  • In November, strengthened the management team with the appointment of Johan Heylen from GSK as Chief Commercial Officer

Financial highlights

  • Cash received from collaborations of €30.1 million (2013: €157.6 million)
  • Growth in total income of 37% to €49.3 million (2013: €35.9 million)
  • Net loss for the period reduced by 35% to €12.7 million (2013: €19.5 million)
  • Net cash burn of €34.1 million, excluding the net proceeds from the private placement of new shares
  • In July, raised €41.7 million in a private placement of new shares (accelerated book building procedure)
  • At 31st December 2014, strong financial position of €206.2 million in cash, cash equivalents, restricted cash and short-term investments (2013: €200.4 million)

Commenting on the 2014 results, Dr Edwin Moses, CEO of Ablynx, said:

"This was yet another very important year for Ablynx as we continued to make good progress with our lead clinical programmes and took our first steps towards establishing an infrastructure to enable our own commercialisation of certain Nanobody programmes. With a well-balanced pipeline of partnered and wholly-owned later-stage clinical assets and various innovative early stage programmes, we are entering an exciting period during which we will continue to focus on delivering sustainable value to all our stakeholders."

Financial review

Key figures

(€ million) 2014 2013 % change
Total revenue and grant income 49.3 35.9 37%
R&D income 47.7 33.2 44%
Grant income 1.6 2.8 (43%)
Operating expenses (65.5) (53.7) 22%
R&D (54.5) (43.7) 25%
G&A (11.0) (10.0) 11%
Other operating income/(expense) 0.0 0.1 -
Operating result (16.2) (17.7) 8%
Net financial result 3.5 (1.8) -
Net result (12.7) (19.5) 35%
Net cash (burn)/inflow excluding ABO proceeds (34.1) 107.6
Net cash inflow 5.8 137.6 (96%)
Cash at year end * 206.2 (1) 200.4 (2) 3%

(1) including €2.0 million in restricted cash
(2) including €2.3 million in restricted cash
* defined as liquidity position in the cash flow statement

About Ablynx

Ablynx is a biopharmaceutical company engaged in the development of Nanobodies®, proprietary therapeutic proteins based on single-domain antibody fragments, which combine the advantages of conventional antibody drugs with some of the features of small-molecule drugs. Ablynx is dedicated to creating new medicines which will make a real difference to society. Today, the Company has more than 30 proprietary and partnered programmes in development in therapeutic areas including inflammation, haematology, oncology and respiratory disease. The Company has collaborations and significant partnerships with pharmaceutical companies including AbbVie, Boehringer Ingelheim, Eddingpharm, Merck & Co, Merck Serono and Novartis. The Company is headquartered in Ghent, Belgium. More information can be found on www.ablynx.com.

For more information, please contact
Ablynx:
Dr Edwin Moses
CEO
t: +32 (0)9 262 00 07
m: +32 (0)473 39 50 68
e: edwin.moses@ablynx.com

Marieke Vermeersch
Associate Director Investor Relations
t: +32 (0)9 262 00 82
m: +32 (0)479 49 06 03
e: marieke.vermeersch@ablynx.com
Follow us on Twitter @AblynxABLX

Ablynx media relations Consilium Strategic Communications:
Mary-Jane Elliott, Jonathan Birt, Amber Bielecka, Lindsey Neville
t: +44 203 709 5700
e: ablynx@consilium-comms.com

Complete version of the press release http://hugin.info/137912/R/1897290/673345.pdf

HUG#1897290

Source: Ablynx