News
biopharmaceutical company PAION AG (FSE PA8, ISIN DE000A0B65S3), which specializes in the treatment of
stroke and other thrombotic diseases, today announced its consolidated
financial result for the first half-year 2007.
The revenues of the first six months 2007 in the amount of EUR 2,285k (prior
year's period: EUR 2,868k) resulted as in the prior year's period exclusively
from the reimbursement of development costs by Forest Laboratories, Inc.
and H. Lundbeck A/S. The reduction of the revenues is primarily due to lower
reimbursable costs of the DIAS-2 study in the first half-year 2007 and to the
fact that since the direct inclusion of Lundbeck into the contractual relationship
with the contract manufacturing organisation of Desmoteplase in the second
quarter 2007 Lundbeck directly bears the proportional cost of production
development.
The research and development expenses of the first six months 2007
increased by EUR 775k to EUR 9,632k compared to the corresponding prior
year’s period. The research and development expenses of the reporting
period contain a milestone obligation towards Schering AG as the original
licenser of Desmoteplase. The milestone obligation was proportionally
captured as expense and did not have a cash impact so far. The whole
milestone obligation amounts to EUR 3m and is recorded as provision. Due to
the out-licensing of the development rights of the substance Desmoteplase to
Forest and Lundbeck EUR 2,632k thereof have been recorded as expenses.
The remaining part of the milestone obligation in the amount of EUR 368k was
capitalised as intangible asset.
Compared to the prior year’s period the general and administrative expenses
in the reporting period increased only slightly and amounted to EUR 2,452k
(prior year’s period: EUR 2,277k).
In the first half-year 2007, with EUR 10,932k the net loss for the period was
comparable to the result of the corresponding prior year’s period
(EUR 10,777k). Special items like the milestone obligation towards Schering,
present value adjustments and restructuring measures, have affected the net
loss of the first half-year 2007 by EUR 2,326k, net.
Mainly due to the net loss of the first half-year 2007 the balance sheet total as
of 30 June 2007 decreased by EUR 9,018k to EUR 61,032k compared to
31 December 2006. The equity ratio as of 30 June 2007 reduced to 57.3%
compared to 31 December 2006 (64.9%). As of 30 June 2007, the cut-off date
for the period, PAION remained at a solid cash position of EUR 49,055k.
PAION employed an average of 86 employees in the first half-year 2007
(fiscal year 2006: 77 employees). The current reduction in personnel due to
the results of the DIAS-2 study will have an effect on the average number of
employees only in the coming quarters.
the whole finacial result on paion.de
